The US cut interest rates immediately, and the RMB appreciated

On August 29, the RMB exchange rate continued to soar, with both the offshore and onshore RMB against the US dollar rising above 7.09! As of 19:00, the offshore RMB against the US dollar rose by more than 400 points during the day, currently at 7.0902, a new high since August 5, and the onshore RMB against the US dollar at 7.0935.