The Chinese yuan fell over a hundred points against the US dollar on the spot

Huitong Network3month1Daily News - Wednesday(3month1day)The RMB/USD fell by over 100 points on the spot, but the fluctuation range is still relatively limited. Traders said that US President Trump's congressional speech boosted the US index, but major banks made moves to settle foreign exchange, resulting in a stable decline in the Chinese yuan. As the "Two Sessions" approach, it is expected that it will be difficult to break through in the short term1The fluctuation range maintained since mid month.

They also stated that the US Composite Index strongly suppressed offshore renminbi, causing the price difference between the two regions to narrow at one point30Point around; Subsequently, the offshore area was suspected to have been intervened, and the difference between the two locations widened again. The expectation of the Federal Reserve raising interest rates has significantly increased, and Trump's economic policy has not yet provided more details, which still requires continuous attention.
The Chinese yuan fell by over a hundred points, and the price difference between the two strong US dollars narrowed significantly at one point
"Even if you know the meeting is about to take place, the big bank will definitely smash the US dollar. There's no need to confront him," said a trader at a Chinese owned bank.

Some Chinese bank traders have also expressed that the stability of the foreign exchange market is still the main focus as the two sessions approach. If the exchange rate reaches a new high or a new low at this time, it is not appropriate to attract topics, and the topic will still be given to the "reform" aspect.

In the global currency market, the US dollar rose slightly on Wednesday due to expectations of a rate hike this month triggered by speeches from Federal Reserve officials; Meanwhile, President Trump's speech in Congress did not provide the details of stimulus policies as some investors had anticipated.

And the speeches of New York Fed Chairman Dudley and San Francisco Fed Chairman Williams both raised the bar3The Federal Reserve's interest rate hike expectations for the month are based onFED WATCH money marketfuturesThe market is now showing,3The probability of monthly interest rate hikes has risen to nearly70%At the beginning of the week, it was only less than30%。
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