Glitch Leads to 7.48 USD-RMB Exchange Rate, Panic Ensues

By That's, December 6, 2016

1 0

Relax, guys. The RMB did not collapse last night.

A glitch in some exchange rate systems yesterday led to reports of an incorrect rate for a few hours, which in turn caused a minor meltdown among forex watchers.

Overnight, the rate on some platforms shot up from 6.86 to as high as 7.48, before dropping back down to 6.87.

USD-RMB Exchange Rate
The exchange rate as reported by

Some initially speculated that Chinese markets had crashed, or that a certain phone call and some tweets had to do with it.

But it appears the rate was misreported by one broker and then widely disseminated by accident. Oops.

The rate is back to normal... for the time being.

Bloomberg Exchange

Bloomberg Exchange
The rate as of 10.54am CST (December 6, 2016), according to Bloomberg.

Move on, nothing to see here.

[Top image via]

more news

China Records First Coronavirus Death Since May as Cases Surge

The country suffered its biggest daily jump in infections in more than 10 months

International Students’ Quest to Return to China Amid Covid Crisis

China is typically home to just under 500,000 international students annually.

This Day in History: Google Announces Exit from China Market

Google's China-based search webpage, launched in 2006, had a turbulent time operating on the Chinese mainland.

China Doesn't Want You To Travel During Spring Festival

There are fears that travel during the holidays will exacerbate the latest wave of infections.

Explainer: Why Winter is the Most Polluted Time of Year in China

’Tis the season for pollution and facemasks.

What is China’s New 14+7 Day Extended Quarantine Policy?

And don't even ask us about the 14+7+7 and 14+14 policies.

Mystery Pneumonia Cases Rise to 59 in China

The pneumonia outbreak has yet to be identified, however the health commission has ruled out a link to SARS.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With

Weekly updates to your email inbox every Wednesday


Download previous issues

Never miss an issue of That's Magazines!

Visit the archives