First Manuscript: 11:05 Updated: 12:18
RMB breaks 7! The New Taiwan dollar plunged more than 1.5 points (photographed by reporter Chen Meiying)
[Reporter Chen Meiying/Taipei Report]The offshore renminbi has been in violation for more than 2 years. After the sharp depreciation of 7 yuan to 1 US dollar yesterday, the onshore renminbi also fell below the 7 yuan integer price in early trading. Affected by this, the originally weak New Taiwan dollar The exchange rate against the US dollar dived again, smashing 1.64 points, hitting a minimum of 31.294 yuan, and temporarily closing at 31.286 yuan at noon, a heavy depreciation of 1.56 points. The transaction volume of Taipei Foreign Exchange Brokerage Company was 867 million US dollars. The depreciation of the New Taiwan Dollar cannot be stopped, and the next step may be to depreciate to the price of 31.5 yuan.
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With the U.S. inflation rate rising faster than market expectations in August, various sectors predict that the Federal Reserve will raise interest rates by 3 yards next week, and some investment banks even predict that the Fed may raise interest rates by 4 yards at a time, and the federal benchmark interest rate will rise above 4% by the end of the year. The panic in the market has accelerated the flow of funds to the US dollar, and non-US currencies have been losing key price levels since this week. After the exchange rate of the New Taiwan dollar against the US dollar fell below the 31 yuan mark on the 14th, today with the renminbi slumped, it re-depreciated by more than 1.5 points in early trading to 31.2 yuan. The price also fell.
Observing the major Asian currencies, after the yen depreciated below 144.95 yuan against the US dollar, Japanese officials increased the decibel “verbal intervention”. The market also reported that the Bank of Japan was already preparing for the intervention in the exchange rate. Today, the exchange rate of the yen against the US dollar is roughly around 143 yuan. tidy. The Korean won also stabilized slightly today after breaking the bottom yesterday, but the renminbi joined the ranks of competitive devaluation, and the renminbi, regardless of the onshore price or FOB price, all depreciated below the 7 yuan barrier and continued to decline.
Taiwan stocks fell by more than 100 points today due to the linkage of US stocks, showing a double-kill situation for stocks and foreign exchanges.
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