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RMB in Severe Crisis? Major Devaluation Amid Putin’s $4.5 Billion Sale Shocks China’s Central Bank

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The Chinese Renminbi (RMB) experienced a wild plunge against the US dollar on June 30, 2023, with the onshore RMB falling below the significant level of 7.27, and the offshore RMB breaking through the resistance level of 7.28, setting a new historical record. Meanwhile, Russia has dumped as much as 4.5 billion US dollars worth of RMB within the year, resulting in a shrinkage of a whole third of its RMB reserves.
In an attempt to curb the sharp depreciation of the Renminbi, China's central bank set a higher-than-expected mid-rate, aiming to hold its ground amidst the tumultuous foreign exchange market. However, the impact of this storm far exceeded expectations, causing even the leadership of the Chinese central bank to be shaken.
#renminbi #chinaeconomy #chinaobserver
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