1. The onshore and offshore RMB exchange rates against the US dollar both reached a new high in three and a half years. Overnight, the onshore RMB closed at 6.3438 against the US dollar, up 220 basis points from the previous trading day; The offshore RMB against the US dollar approached the 6.33 mark, with the highest reported at 6.3307. Both onshore and offshore RMB hit a new high since May 2018. Yesterday, the central parity rate of RMB against the US dollar was 6.3677, up 61 basis points.
2. According to Shanghai Securities News, in the view of insiders, maintaining a high outlook in foreign trade and strong demand for foreign exchange settlement by market players are the main driving force supporting the strength of the current round of RMB exchange rate. The exchange rate itself is affected by many factors, such as fundamentals, market supply and demand, domestic and foreign monetary policies, international capital liquidity and so on. There is no definite law between its trend and the implementation of RRR reduction. For some time to come, the RMB is expected to show a strong shock pattern near a reasonable equilibrium level.
3. The first covid-19 virus neutralizing antibody combination therapy drug with independent intellectual property rights in China was approved for listing. The State Drug Administration approved the registration application of the combined therapy drugs ambacizumab injection (brii-196) and romistumab injection (brii-198) of covid-19 virus neutralizing antibody of Tengsheng Huachuang Pharmaceutical Technology (Beijing) Co., Ltd.
