In the rest of the world

At the same time, the euro and Australian dollar surged across the board.

Yesterday, the euro surged to 1.4879, hitting a new high since the beginning of December 2009, and the commodity currency Australian dollar surged to 1.0947, a 29 year high.

Asian Currency

With the decline of the US dollar, Asian currencies are also accelerating appreciation. Yesterday, Malaysia's currency ringgit hit a new high since September 1997. Won won a new high since August 2008, and Singapore dollar rose to a record high of 1.2297 to 1 dollars.

Yesterday, the RMB exchange rate also rose with many Asian currencies. Yesterday, the central parity of RMB against the US dollar was 6.5051, setting a new high since 2005.

Acceleration of RMB appreciation

Since the beginning of the year, the renminbi has appreciated by 1.76% against the US dollar. Since the yuan was reunited from the US dollar in June 19th last year, the renminbi has appreciated by 4.96% against the US dollar in more than 10 months.

Obviously, the RMB has returned to the pace of appreciation before the financial crisis.

At present, most institutions also expect that the annual appreciation of RMB will reach 4% to 6%.

However, as the euro, Australian dollar and other non US dollar currencies appreciate faster than the US dollar, the renminbi is traded against these currencies.