The offshore renminbi depreciated to 7.3735 against the US dollar yesterday, the lowest price since the Hong Kong Clearing Bank was allowed to open renminbi accounts freely in 2010.

(Reuters)

[Compiled by Wei Guojin/Comprehensive Report] After Chinese President Xi Jinping secured three consecutive terms, investors fled the Chinese market at an unprecedented speed.

According to Bloomberg data, overseas investors sold a net 17.9 billion yuan (about 79.2 billion Taiwan dollars) of Chinese company stocks through China-Hong Kong Stock Connect on the 24th, setting a record of selling, and Chinese stocks listed in the United States also plummeted. , the Nasdaq Golden Dragon China Index fell 14 on the day.

4%, the largest single-day drop, and the market value instantly evaporated by 73.4 billion US dollars (about 2.37 trillion Taiwan dollars).

Onshore yuan hits 15-year low against U.S. dollar

Hong Kong's Hang Seng fell again yesterday after its biggest one-day drop since the financial tsunami on the 24th.

1%, the Shanghai and Shenzhen 300 also continued to fall ○.

16%.

The renminbi hit a 15-year low against the dollar yesterday, and the onshore renminbi depreciated again.

Six percent reported seven.

3,084 against the US dollar, the lowest since December 2007; the offshore renminbi fell to 7.

Three-seven-three-five to one U.S. dollar was the lowest since the Hong Kong Clearing Bank was allowed to freely open renminbi accounts in 2010.

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Although U.S. stocks continued to rise on Monday due to the possibility of slowing interest rate hikes by the Federal Reserve (Fed) and encouraging corporate earnings reports, Chinese concept stocks were sold off, and the market value of the largest five Chinese concept stocks ADR lost more than $52 billion in market value (about 1.68 trillion Taiwan dollars), Alibaba's American Depositary Receipts (ADR) plummeted 12%, and the trading price has been lower than the 2014 initial public offering (IPO) of $68 per share, Baidu, JD.com, and Pinduoduo also saw double-digit declines; at 10:00 p.m. Taiwan time on Tuesday, Alibaba’s ADR continued to fall.

13%, Baidu, JD.com, and Pinduoduo rebounded by about 2% to 4%.

between seven percent.

"The risk premium in China has increased substantially in the minds of global investors," said Mr. Thornston, a portfolio manager at William Blair Investment Management, who are skeptical about China's future economic policies under Xi and his leadership.

Investors have always wanted Beijing to loosen its zero-zero policy, and now face a leader who prioritizes ideology and state over economic growth, investors have to redo the adjustment, according to China Beige Book chief executive Mueller.

"This moment will be a very negative mark in Chinese history," a hedge fund manager who is bearish on China, referring to the sight of former Chinese President Hu Jintao being "exited"; he said he sold more Offshore RMB, and increased bearish bets on Hang Seng listed companies and H shares.

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