The onshore RMB has fallen below the 7.0 mark successively, what is the impact on the export drive?

According to the Shanghai Securities News China Securities Network, on September 16, the exchange rate of the onshore renminbi against the US dollar fell to 80 points, falling below the "7" mark for the first time in more than two years. Break the 7.01 mark.

The dollar index was down 0.16% at 109.61, but remained near a two-year high of 110.79.

   The last time the yuan fell below 7 against the dollar was in early 2020 at the start of the COVID-19 outbreak, and before that during the trade war with the U.S. in August 2019. On a trade-weighted basis, however, the yuan is about where it was at the end of December, according to the CFETS RMB Index.

The continuous improvement of the RMB exchange rate formation mechanism will increase the flexibility of the RMB exchange rate, and two-way fluctuations in the exchange rate against the US dollar are the norm. For export-oriented enterprises, it is necessary to establish the concept of exchange rate risk neutrality, actively use derivatives, do a good job in exchange rate risk management, and maintain normal production and operation.

   Under the multiple blessings of the recovery of economic growth, controllable inflation and sufficient policy space, the stability of the RMB exchange rate still has a strong material basis.

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