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The Central Parity Of RMB Against The US Dollar Has Risen By More Than 20% Since The Exchange Rate Reform.

2010/9/14 18:08:00 42

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Following

Last Friday

After the middle price hit a new high of exchange rate reform yesterday,

RMB

The central parity of the US dollar has risen by 116 basis points to 6.7509 yuan.

Since the two exchange reform was launched in June this year, the yuan has appreciated by 1.17%, and the cumulative appreciation since the reform.

Range

More than 20%.

It is worth noting that in the last four trading days, the central parity of RMB continued to rise by 400 points, which was maintained at a relatively stable level, such as the US dollar index and the main exchange rate of the euro.

In the past month, the change in the central parity of RMB against the US dollar has been closely related to the performance of the US dollar index in the international market.

A foreign exchange trader at a state-owned bank told reporters that the central parity of RMB has recently hit a new high after the previous pullback. This may be the decision of the decision makers to dispel the market's unilateral fluctuation of the RMB. Therefore, they believe that the trend of the central parity of RMB may be callback again.

The market has little response to the new high of the central parity of RMB.

The traders said there was not much demand for foreign exchange settlement and sale recently.

Yesterday, the RMB against the US dollar in the domestic spot market closed 6.7618.

The NDF (offshore non deliverable forward) market, which is reported in the US dollar NDF price range for 6.6441 a year, is further down than last week's closing price of 6.6555, which represents the overseas market that RMB will appreciate 1.61% against the US dollar in a year.

The expectation of RMB appreciation in the NDF market has obviously expanded since last week.

Analysts believe that the newly released China trade data should help reduce the pressure of RMB appreciation.

Last Friday's figures showed that China's exports grew by 34.4% in August compared with the previous quarter, and the growth rate was 32.9%, slower than expected 38.1%, while China's trade surplus in August was 20 billion 30 million US dollars, not only lower than the 28 billion 700 million US dollars in July, but also far less than the 30 billion US dollars expected by economists.

Because of the callback of exports, analysts believe that the appreciation rate of the RMB against the US dollar is expected to rise by 1.0%~1.5% on a year-on-year basis. The new exchange rate policy that can be expected in the future should be the further expansion of the RMB against the US dollar.