On January 11th, Beijing time, both onshore renminbi and offshore renminbi broke the 6.75 mark, and the intraday gains expanded by nearly 400 basis points. As of the close, the onshore renminbi against the US dollar was reported at 6.7482, and the offshore renminbi against the US dollar was currently reported at 6.7476.
Zhao Ying, chief strategy officer of Haoying International, said in an interview with Phoenix.com that today, the RMB has broken through the four barriers of 6.78, 6.77, 6.76 and 6.75. The main reason is that the US dollar has suffered a sell-off.
First of all, recently, many senior officials of the Fed have turned to the doves in a collective manner. Powell’s speech also rarely shows the dovish tendency. It can be seen that the Fed believes that there is a large risk of economic growth, and the contraction in 2019 tends to be cautious.
The cme observation tool shows that the Fed’s interest rate hike by 25 basis points in the first half of the year is less than 15.7%, which means that the Fed’s rate hike in 2019 may be lower than twice expected in December 2018.
Secondly,Global stock marketThe volatility has intensified, and the market has entered a safe-haven mode. The yen and the Swiss franc have appreciated a lot. The Japanese yen has a higher weight in the US dollar index.currencyThe sharp appreciation will inevitably lead to a lower US dollar index.
(Article source: Phoenix Network)