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Three people familiar with the situation said Monday that China's currency authorities let the renminbi fall below the key 7 yuan level against the dollar so that the market could finally take into account concerns about the Sino-US trade war and slowing economic growth.
The RMB closed down 936 points against the US dollar at 7.0352 yuan on Monday, a new low since March 25, 2008; the one-day decline of 1.33% was the biggest since the August 11, 2015 exchange rate reform; this morning, the RMB intermediate price fell below 6.9, directly pulling down the offshore and onshore RMB below 7 yuan.
President Trump announced that he would impose a 10% tariff on the remaining $300 billion of Chinese imports from September 1. The move suddenly broke a short one-month cease-fire in a protracted trade war.
A policy source told Reuters, "We have made some arrangements, and we have held serious discussions internally, including the choice of time points, how to guide the market, and so on. Generally speaking, Trump suddenly threatened to raise taxes again. The RMB took this opportunity to break through 7. Regulating the "half push and half push" allowed this to happen. Assuming that the tariff was levied on the ground, it could also hedge the impact. At present, foreign trade itself is relatively weak. From this point of view, it is not necessarily a bad thing.
The People's Bank of China did not immediately comment on the report, but earlier in the day said that the RMB exchange rate could remain basically stable at a reasonable and balanced level.


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