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After a strong rebound, the RMB exchange rate has "receded" somewhat.

On August 9, the central parity rate of RMB against the US dollar was raised to 7.1449, up 11 basis points, reaching a new high in more than a week. The onshore and offshore RMB against the US dollar also adjusted back. At the close of the day, the onshore market quoted 7.1688, down 65 basis points from the previous trading day, and the offshore quoted 7.1770, down 79 basis points from the previous trading day.

Image source: Tuchong Creative

Prior to this, affected by factors such as the unexpectedly weaker U.S. non-farm payrolls data, the weak and declining RMB staged a strong rebound in early August, rising by more than 1,500 points in two trading days. The onshore and offshore markets rose from the 7.3 mark to around 7.1.

At a time when global assets are experiencing a rapid "shrinkage", the rapid recovery of the RMB exchange rate reflects the international market's confidence in the Chinese economy and is also conducive to attracting long-term capital inflows to a certain extent. But on the other hand, the sharp rebound of the RMB has also added new challenges to the already severe export market.

Renegotiate the price of foreign trade orders