Fluctuations in the Renminbi exchange rate and the decline of the broader market may be related to the actions of global central banks, the unexpected interest rate cut by the Swiss National Bank, the performance of US economic data, and adjustments in market expectations regarding inflation and interest rate cuts. These factors collectively impacted the foreign exchange market and stock market, leading to volatility in the Renminbi exchange rate and a decline in A-share markets.

According to the content of the link you provided, on March 22, 2024, the exchange rate of the Renminbi experienced a significant fluctuation. Here are the details:

1. The US dollar exchange rate against the offshore renminbi broke through: The yuan weakened at the opening of the day, with the dollar versus the offshore renminbi rising above 7.24 to 7.24926 and rising above 7.22 to 7.22360 against the onshore renminbi during intraday trading, both breaking through highs since November 17, 2023. As of the time this reporter from Caiyun Society reported, the dollar versus the offshore renminbi broke through the 7.26 level, falling to a low of 7.2639, and the trend has not stopped.

2. PBOC Midpoint Adjustment: On March 22, the central bank announced that the RMB exchange rate against the US dollar was set at 7.1004, down 62 basis points, with a larger adjustment

3. The A-share market reacted with a decline, influenced by various factors; all three major indices opened and closed lower, with falls exceeding 1%

4. Reasons for Forex Market Volatility: A senior currency trader from an investment firm in Hong Kong stated that forex market volatility is primarily due to the US dollar being boosted by the Swiss National Bank’s unexpected interest rate cut, combined with a strong US economy and persistent inflation which may delay interest rate cuts, leading to an increase in the US Dollar Index

5. Global Central Bank Updates: This week is a “super central bank week” for global markets, as central banks in the United States, Japan, the UK, Australia, and many other countries will announce interest rate decisions this week. The Swiss National Bank unexpectedly announced an interest rate cut, becoming the first G10 central bank to do so since the outbreak of the pandemic, which disrupted market equilibrium.

6. Guangda Bank’s Financial Markets Research Department researcher Zhou Maohua stated that, although the renminbi has experienced some fluctuations recently, the overall magnitude is significantly smaller than that of major currencies such as the US dollar. Short-term volatility will not change the year’s trend of a steady and upward trajectory for the renminbi.