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RMB To The US Dollar Exchange Rate For Three Consecutive Days

2010/9/17 9:19:00 41

14, announced by China Foreign Exchange Trading Center

RMB

Against US dollar

exchange rate

The median price rose 131 basis points to 6.7378, and the inter-bank spot market closed at 6.7463, both of which hit a new high since 2005.

At this point, the central parity of the RMB against the US dollar has hit a record high since three consecutive trading days.

Since September, the trend of RMB appreciation is obvious.

On the 10 day, the central parity of the RMB against the US dollar rose by 192 basis points on a single day, reaching 6.7625.

On the 13 day, it rose 116 basis points to 6.7509.

Analysts believe that China's economic data released recently show that the economy is better than expected, while the US dollar index is down, both pushing up the RMB to us dollar exchange rate.

Traders said that from the current market quotation, the market for RMB.

appreciation

Still cautious.

The forward market also shows that the appreciation rate for the renminbi is not high enough.

At 17:36 on the 14 th of Beijing time, the overseas non deliverable forward (NDF) foreign exchange market was priced at 6.6550 yuan a year in the US dollar / RMB, and the RMB exchange rate in the domestic market was 525 basis points in the one-year term of the RMB exchange rate, equivalent to that in the market that RMB would reach 6.6938 yuan against the US dollar in one year.

Analysts say that China's economic fundamentals do not support a substantial appreciation of the yuan against the US dollar.

Since the central bank announced the further reform of the RMB exchange rate formation mechanism in June 19th, the RMB has appreciated slightly, the two-way floating characteristics are obvious, and the exchange rate elasticity has been significantly enhanced.

In September 14th, the central parity of the RMB against the US dollar was calculated, and since June 19th, when the reunification was reaffirmed, the yuan rose to 1.3% against the US dollar.

Since the reform, the cumulative appreciation has exceeded 20%.

Liu Yuhui, director of the China economic evaluation center of the Financial Research Institute of the Chinese Academy of Social Sciences, expects that the appreciation of the RMB based on market demand will help improve the efficiency of resource allocation and improve the external environment.

It is expected that the broad fluctuation of the RMB against the US dollar will become the norm in the near future.

In the medium to long term, China's macroeconomic trend will still be the main driving force for the RMB exchange rate.