HSBC: The Renminbi Will Not Appreciate Appreciably In 2010.
HSBC Holdings (HSBC) predicts that the renminbi will not appreciably increase in 2010, partly because of changes in macroeconomic and market conditions, a large number of macroeconomic risks in the euro area, and a devaluation of the euro.
More importantly, the market recognizes that the appreciation of the renminbi has always been limited, HSBC said.
US dollar / renminbi rose higher in the afternoon on Monday (June 7th), following the upward trend of US dollar against major currencies in offshore markets.
The US dollar / RMB reported 6.8306, before closing at 6.8288.
Since the outbreak of the global financial crisis in mid 2008, the RMB exchange rate has been keeping a close eye on the US dollar.
The bank believes that the domestic discussion on RMB exchange rate policy will change, and how to control the flexibility of the exchange rate mechanism by changing the level of RMB exchange rate.
HSBC expects the two-way fluctuation of the US dollar / RMB spot rate and the daily median price will increase.
On Monday, the US dollar / RMB non deliverable forward also rose to 6.8050/6.8100 from last Friday's closing price 6.7600/6.7640, and the central bank's median price rose slightly from 6.8281 on Friday to 6.8283.
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