The renminbi rebounded slightly against the US dollar on Friday (March 6th) for fourth consecutive trading days, continuing the reverse trend of the intermediate price of Thursday and a slight drop, narrowing the offshore and offshore spot price to 70 points. Traders said that during the two sessions, the stability of the regulators and the narrowing of the offshore price differentials cut short strength.

The US dollar / RMB inquiry system was reported at 6.2648 noon, 6.2662 on Thursday, and offshore dollar / RMB traded at 6.2718, narrowing to 70 points against the onshore price difference. The central parity of US dollar / RMB central bank was 6.1533, and Thursday's middle price was 6.1528.

In the overseas non deliverable forward foreign exchange (NDF) market, the US dollar / Renminbi one year variety is newly reported at 6.3835/6.3885, ending on Thursday at 6.3945. The latest offshore dollar / RMB spot report in Hongkong was 6.2715/6.2720, and the last trading day was 6.2731.

Traders pointed out that funds in early trading were very busy, and there were more foreign exchange settlement. The US dollar index fell overnight, and the direction of the intra day opening price was in line with the US dollar trend.

In a 2015 government work report, Premier Li Keqiang of the State Council said that the RMB exchange rate should be kept at a reasonable and balanced level and the two-way floating elasticity of the RMB exchange rate should be enhanced.

Before and after the Spring Festival, the spot exchange rate of RMB against the US dollar continued to close to the "limit". In view of the weakening of the RMB exchange rate and the worry of devaluation, the central bank vice president and the Secretary for foreign trade, Yi Gang, gave a clear answer to reporters' questions during the two sessions: if the US dollar is the first strong currency in the world, the renminbi is the second strong currency; the renminbi is the renminbi. exchange rate Basically, it can remain stable.

From the beginning of 2014 to now, though RMB There has been a certain depreciation of the US dollar, but relative to others. Mainstream currency All of them show different degrees of appreciation, representing a 9.06% rise in the RMB real index (CNYR) for the basket of currencies, which has almost appreciated all the non US dollar mainstream currencies in the world.

In the international currency market, the US dollar index is hovering around the 11 year high on Friday. If the US's non farm employment report, which is released later in the day, supports the Fed's interest rate increase in the coming months, the index may continue to rise.

Beijing time 13:33, the US dollar / Renminbi reported 6.2641.

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Goldman Sachs economist Song Yu and others said in a report that China's trade surplus reached a record high last weekend, which has become a factor restricting the devaluation of the RMB. This partly explains the relative stability of the RMB's intermediate price in the past few trading days.

Goldman Sachs economists continue to point out that in view of the weakness of China's domestic economy, the bank still expects that the central parity of RMB will further decline in March.

Economists in the bank said that China's exports unexpectedly increased significantly in February, and imports were particularly low, including the huge distortion caused by the Spring Festival and the sharp decline in commodity import prices, especially oil prices.

The Spring Festival effect has caused an unexpectedly large increase in export growth, which is more than Goldman expects. The overall growth momentum may be weak. In March, the export growth may have at least a slight decline in the distortion effect, Goldman Sachs estimated that the year-on-year growth rate may fall to the number of units. Goldman Sachs economists also said that China's domestic demand is expected to increase after easing policy, and import growth or slightly improved in March.