At about 19:00 on September 15, Beijing time, the offshore RMB exchange rate against the US dollar was 7.0050 yuan, falling below the "seven threshold" and the lowest was 7.0183 yuan. After 19:00, the exchange rate of offshore RMB against the US dollar was around 7. As of press release, the report was 7.013 yuan.

In fact, this is not the first time that the RMB exchange rate has broken 7. It is understood that in 2019 and 2020, the offshore RMB exchange rate against the US dollar broke 7 twice. On September 3, 2019, the offshore RMB exchange rate dropped to 7.1962 yuan at the lowest level and 7.1954 yuan at the lowest level on May 27, 2020.

Two years later, the offshore RMB exchange rate against the US dollar broke "7" again, hitting a new low since August 2020.

It is worth mentioning that in 2019 and 2020, the RMB exchange rate quickly returned to above 7 yuan after breaking 7, and there was a round of appreciation. Recently, the People's Bank of China has repeatedly released the signal of "stabilizing the exchange rate", reducing the foreign exchange reserve ratio of financial institutions by 2 percentage points to 6% since September 15.

On September 5, Liu Guoqiang, Vice President of the People's Bank of China, stressed at the regular briefing of the State Council on policies that, at present, China's foreign exchange market is operating normally, cross-border capital flows are orderly, and the spillover effect of the US monetary policy has an impact, but the impact is controllable.

Liu Guoqiang believes that the long-term trend of the RMB should be clear, and the recognition of the RMB by the world will continue to increase in the future, which is a long-term trend. In the short term, two-way volatility is a normal situation. There is two-way volatility, and there will be no "unilateral market".