After breaking through the psychological level of 7 on Sept. 15, the depreciation accelerated, surpassing 7.2 in less than two weeks.
On September 28, the spot exchange rate of RMB against the US dollar fell below 7.18, 7.19, 7.20, 7.21, 7.22, 7.23, 7.24 and 7.25 in intraday trading, with the onshore RMB as low as 7.2507 and closing at 7.1995, and the offshore RMB against the US dollar as low as 7.2672. It was the first time since February 2008 that the yuan fell below 7.2 to the dollar.
And that’s not all.
On Friday, October 21, the spot exchange rate of the renminbi against the US dollar fell below 7.24 and 7.25 in intraday trading, and closed at 7.2494 at 16:30, down 117 basis points from the previous trading day. The closing price surpassed the Sept. 28 low in the current round of renminbi depreciation against the dollar and was the lowest since mid-January 2008.
Then!
On Monday, Oct. 24, the onshore yuan fell more than 350 points to a low of 7.2630 against the dollar.
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