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Last night, European and American stock markets closed down collectively, and the RMB soared nearly 900 points.

The yuan surges

Last night, the offshore renminbi (CNH) continued to soar against the U.S. dollar, breaking through the 7.17 mark, up nearly 900 points from Thursday's New York closing, and overall trading in the range of 7.2521 yuan to 7.1437 yuan during the session.

The renminbi rose sharply, while the US dollar fell sharply. The latest data showed that the US dollar fell below 104.

In addition to the RMB, the Japanese yen also continued to rise strongly. Previously, the Bank of Japan held a monetary policy meeting and decided to adjust the current policy interest rate of 0% to 0.1% to 0.25%. This rate hike is the first rate hike since the negative interest rate policy was lifted in March this year.

European and American markets plummeted

European and American markets fell sharply, among which the Dow JonesDown 1.51%,S&P 500Down 1.84%,NasdaqDown 2.43%.Intel fell 26.06%, its biggest drop since at least 1982, while Amazon fell 8.78%, leading the Dow. Tesla fell 4.24% and Google fell 2.4%.

Chinese concept stocks generally fell.Bit NumberDown 12.87%,Canadian SolarDown 7.35%.

This week, the Dow Jones Industrial Average fell 2.1%, the S&P 500 fell 2.06%, and the Nasdaq fell 3.35%. Among them, the S&P 500 and the Nasdaq both recorded their third consecutive week of decline. The three major European stock indices closed sharply lower, with the German DAX index falling 2.33%.

Gold and silver prices once plunged.

The Fed speaks out on weak data

On the news front, the U.S. non-farm payrolls increased by 114,000 in July, compared with expectations of 175,000, and the previous value was revised from 206,000 to 179,000. The U.S. unemployment rate was 4.3% in July, compared with expectations of 4.1% and the previous value of 4.1%.

U.S. factory orders fell 3.3% month-on-month in June, in line with expectations for a 2.9% drop and up from a previous reading of 0.5%.

The final value of U.S. durable goods orders in June fell 6.7% month-on-month, in line with expectations for a 6.6% drop and a preliminary 6.6% drop. The final value in May rose 0.1%.

Fed's Goolsbee said the employment data showed that the cooling trend in the labor market continued. If inflation and the job market continue to cool, the Fed should cut interest rates.

Fed's Barkin said that although the 114,000 non-farm payrolls data is not ideal, it is still a "reasonable number." If the economy weakens rapidly, it would be typical for the Fed to cut interest rates sharply.

Editor: Peng Bo

Proofreading: Ran Yanqing