Bounce is coming! The onshore and offshore RMB exchange rates once recovered to 7.21 and 7.22 USD exchange rates | RMB | offshore
After a sharp drop on the first trading day after the Dragon Boat Festival holiday, the renminbi rebounded against the US dollar.
On June 27th, the spot exchange rate of the Chinese yuan against the US dollar rose sharply after opening. Wind data showed that it briefly rose to 7.2062 during the trading session, followed by a narrowing of the rise in the spot exchange rate of the Chinese yuan against the US dollar. On the previous trading day, the spot exchange rate of the Chinese yuan against the US dollar closed at 7.2219 at 16:30 and closed at 7.2425 in the evening.
![Bounce is coming! The onshore and offshore RMB exchange rates once recovered to 7.21 and 7.22 USD exchange rates | RMB | offshore](https://a5qu.com/upload/images/12c646d35a45c7a8388c34875801eb49.jpg)
The exchange rate of the Chinese yuan against the US dollar has also rebounded in the offshore market.
On June 27th, the offshore RMB/USD exchange rate, which reflects the expectations of international investors, rose sharply during the day, rebounding by over 300 points to 7.2142, and then the increase slightly declined.
![Bounce is coming! The onshore and offshore RMB exchange rates once recovered to 7.21 and 7.22 USD exchange rates | RMB | offshore](https://a5qu.com/upload/images/da9c59f69e4d6b2c54521608fb0617be.jpg)
Galaxy Securities pointed out in its research report that compared to the depreciation of the Chinese yuan against the US dollar last year, there has been no fundamental change in global geopolitical risks this time, and it is difficult for the US dollar index to return to a high of 114; China has already emerged from the epidemic, and although the expectation of economic recovery has decreased, policy combinations have been gradually introduced, and endogenous recovery does indeed require some time. Therefore, even though there have been many factors driving the RMB exchange rate to overshoot recently, it is difficult for the RMB to continue to break through against the US dollar in this round.