Offshore RMB staging a reversal
Offshore RMB on June 2 to continue to fluctuate and staged a big reversal. At 12:00 against the dollar reported 6.7908 yuan, compared with yesterday’s devaluation 408 pips, the lowest we have had seen is 6.7941. Onshore RMB performance is relatively stable, noon reporting 6.8148 yuan. A slight depreciation of 65 points yesterday, the lowest had seen 6.8191 yuan.
Hong Kong Money Field Association announced that June 2 offshore RMB interest rates fell significantly. Overnight rallies from yesterday up to 42.815 PCT, down to today’s 8.6755 PCT; one week, two weeks, one-month interest rates were down to 14.801%, 11.8455 PCT, and 9.64767 PCT.
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