From China

Recently, the RMB exchange rate against the US dollar has reached a new high. The market is worried that the rate of appreciation will be too fast, which will stimulate "

In April, the speed of RMB appreciation accelerated significantly compared with that in March. During the period, only a slight adjustment was made in April 12th. On that day, the central parity of RMB against the US dollar was 6.5440, down 39 basis points from the previous trading day.

12 days ago, the central parity of RMB against the US dollar reached a new high of 7 consecutive trading days.

Since the beginning of this year, the renminbi has appreciated by 1.24% against the US dollar.

The renminbi has appreciated by 4.39% against the US dollar since the yuan was reunited from the US dollar in June 19th last year.

In contrast, most of the other currencies in the basket of currencies are in a downward trend.

It is estimated that as of April 11th, the middle price of the euro was depreciated by 7.34% and 4.69% against the pound.

Overall, the appreciation of the renminbi is relatively mild.

After the central bank raised interest rates again, the market's confidence in RMB is rising. The slow appreciation of RMB will continue to be the main direction of the market in the near future.

Morgan, managing director of JP Li Jing and chairman of global market operations in China, said the renminbi will appreciate steadily.

The industry expects that the appreciation will reach 5% - 7% in the year.

In addition, overseas market expectations for RMB appreciation have been enhanced.

This week, the 1 - year NDF closed at 6.3700, 2.63% higher than the current exchange rate.

The short term rapid appreciation of the RMB against the US dollar stimulated the entry of "hot money".

The latest statistics of the State Administration of foreign exchange show that the net inflow pressure of foreign exchange is quite obvious.

Data show that in February 2011, the bank settled on behalf of the foreign exchange amounted to 90 billion US dollars, and the sale of foreign exchange on behalf of the bank was US $65 billion 100 million, and the surpluses of foreign exchange sales on behalf of the banks amounted to US $24 billion 900 million.

In the 1-2 month of 2011, the total amount of foreign exchange generated by the bank's clients was $240 billion 300 million, and the sale of foreign exchange was $147 billion. The total amount of sales and foreign exchange accumulated by the bank's clients was $93 billion 300 million.

In February 2011, the bank's foreign currency income was $129 billion 900 million, the external payment was $120 billion 600 million, and the bank's foreign currency receipts and payments amounted to $9 billion 300 million.

In the 1-2 month of 2011, the total foreign income earned by bank agents was US $316 billion 600 million, and the external payment was US $271 billion 300 million. The total amount of foreign payments received by banks on behalf of the clients was $45 billion 300 million.

However, the safe said that it would crack down on the "hot money" inflow and improve the plan to cope with the abnormal flow of cross-border capital, so as to maintain a high pressure against the "hot money".

The 2010 China balance of payments report released by the China foreign exchange administration also shows that in 2010, the net inflow of hot money was 35 billion 500 million US dollars, which accounted for 0.6% of the GDP of that year, which was not enough to cause the threat of asset price bubbles.