The onshore yuan hit a new low since January 2008.

(AFP)

[Financial Channel/Comprehensive Report] Asian currencies continued to depreciate today. It was reported that Chinese state-owned banks intervened today and sold the US dollar to slow down the decline. It was still difficult to face the arrogance of the bears. Finally, the onshore RMB closed down 117 points to close at 1 US dollar. Against 7.2494 yuan, the lowest since January 2008.

The South China Morning Post reported that the central parity rate set by the People's Bank of China (Central Bank) was quoted at 7.1186 today, a slight increase of 2 points from the previous day.

The market did not care, and the renminbi continued to depreciate.

The onshore renminbi opened at 7.2320 and at 7.2462 at midday, and closed down 117 points at 7.2494 yuan, a new low since January 14, 2008.

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The report pointed out that although Chinese state-owned banks entered the market today and sold the dollar to defend the 7.25 level, traders believe that as the dollar continues to strengthen and the Fed has not given up its hawkish stance, the yuan will remain weak and the exchange rate may drop this year. To the price of 7.4-7.5 yuan against the US dollar.

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