After more than 3 months of devaluation, last Friday, the US dollar / a href= "//m.pmae.cn" > RMB < /a > closed at 6.2107, and the RMB rose to 0.64% per week, which made the RMB rise to a new high in two and a half years, making the market begin to guess whether the RMB depreciation market has ended.

< /p >

< p style= "text-align: center" > < img border= "0" align= "center" alt= "" src= "" /uploadimages/201406/16/20140616035005_sj.JPG "/" < > > "

< p > < strong > the main reason for the rise of RMB in the current round: < /strong > /p >

< p > first, the Chinese economy has bottomed out after the recent announcement of China's < a href= "//m.pmae.cn/news/index_c.asp" > the manufacturing industry < /a > purchasing managers' index and the support of the new economic data of February 2009 since the May trade surplus.

< /p >

< p > in addition, under the implementation of the steady growth measures such as directional drop in and refinancing, the financial system has been injected more funds, which also makes the subjective desire to rely on the depreciation of the RMB to stimulate the economy greatly reduced.

< /p >

Finally, from the international perspective, the negative interest rate policy of the European Central Bank will promote the return of international capital to emerging economies, especially China.

< /p >

< p > due to the withdrawal of us quantitative easing and the increasing rate of US dollar interest rate cycles, the beginning of the rise of the US dollar will greatly relieve the pressure of RMB appreciation, thus gradually forming the situation of "a href=" //m.pmae.cn/news/index_s.asp "two-way volatility /a."

I believe that the two-way fluctuation of RMB will gradually become a norm.

China should seize this opportunity to advance the target of exchange rate marketization reform, and set up the exchange rate formation mechanism determined by market supply and demand as soon as possible.

< /p >