RMB rebound in both places and recovery in 7 cases
In the eyes of market participants, the recent devaluation of RMB is on the one hand a normal callback after the signing of the first phase of economic and trade agreement between China and the United States before the Spring Festival. On the other hand, the U.S. dollar index has continued to strengthen in recent trading days. Other non-U.S. currencies such as euro, pound and yen have all been devalued. The small decline of RMB against the U.S. dollar is also on the go.
Xie Yaxuan, chief Macro Analyst of China Merchants Securities, believes that from the offshore market to the onshore market, investors have three concerns: first, the development prospect of the epidemic is uncertain; second, international investors consider selling Chinese stocks and bond assets due to hedging; third, the extension of the Spring Festival holiday has a negative impact on Februarys foreign trade data.