On Wednesday (June 17) at the close of trading in New York (Thursday 04:59 Beijing time), the offshore renminbi (CNH) was quoted at 6.7762 yuan per dollar, down 196 points from Tuesday’s close in New York, with intraday trading ranging between 6.7539 and 6.7816 yuan.
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After the Federal Reserve announced no change and disclosed the Summary of Economic Projections (SEP), the market accelerated its decline; after Federal Reserve Chairman Walsh's press conference, it sped up its drop again, hitting a daily low at 03:39 as the market absorbed the prospect of further rate hikes.
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