The RMB Closed Against The Pound And Broke The 10 Pass.

The US dollar is gradually getting rid of the days of devaluation brought about by the sharp cut in interest rates, and this week, the central parity of the RMB against the US dollar went down first and then rose.

China's foreign exchange trading center data show that last week's 5 trading days, the central parity of RMB against the US dollar has always stood above 6.836, with a slight appreciation of only 15 basis points.

Compared with the US dollar, the trend of the pound's depreciation has increased.

On the 5 trading day, the RMB went up to 1600 basis points for the middle price of the pound exchange rate and went to the edge of "breaking 10" again.

During the economic recession, the negative data of each country's economy become the key factor that affects the short-term change of its exchange rate level.

Overall, the recent US economic situation has not been too optimistic or pessimistic. This is an important reason for its recent exchange rate stabilization.

According to the data, the number of Americans applying for unemployment in the previous week has reached a 26 year high. This shows that the pace of layoffs has not slowed down, and the outlook for the job market is still very bleak.

But the good news is that the number of mortgage applications in the United States increased significantly during the week, while durable goods orders declined in November but better than expected.

Compared with other currencies such as the US dollar and the euro, sterling has become one of the worst performing currencies in the current foreign exchange market. The more severe recession in the UK economy is an important reason for its poor exchange rate performance.

The credit crunch accelerated the recession.

Data released by the National Bureau of statistics on 23 may show that the UK economy has shrunk dramatically in the third quarter, the biggest drop since 1990, and mortgage lending has dropped to its lowest level in 14 years.

In addition, the Bank of England is likely to further lower interest rates next month, which will undoubtedly strengthen investor expectations for the continued decline in the pound.

Looking back on the trend of exchange rate throughout the year, with the rebound of the US dollar, the RMB exchange rate has eased out of the pace of appreciation against the US dollar, but has accelerated the pace of appreciation of the euro and pound sterling.

Figures show that the appreciation rate of RMB against the US dollar has reached 6.5% throughout the year, of which 6.1% has appreciated in the first half and less than 0.5% in the second half.

The cumulative appreciation of RMB against the euro and sterling was 12% and 42% respectively, especially in the second half of the year, especially since the outbreak of the financial turmoil in Wall Street.