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The exchange rate of the RMB against the dollar fell below the 7.2 threshold for the first time since February 2008
Under the continuous interest rate increase by the Federal Reserve, the dollar index rises strongly, breaking the 114 threshold and hitting a new high in nearly 20 years. The RMB exchange rate against the dollar continues to decline.On September 28th, the exchange rate of onshore and offshore RMB against the dollar both fell below the 7.24 threshold, falling more than 800 basis points within the day. Among them, the onshore RMB exchange rate against the dollar fell below the 7.2 threshold for the first time since February 2008.
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