RMB Exchange Rate "Open Up" To Create A High &Nbsp; Decoupling The US Dollar Trend
Continuation of the previous one
paction
On the 2 day, the central parity of RMB against the US dollar and the closing price both hit a new high since the exchange rate reform.
Insiders said that at present, the trend of RMB exchange rate from a single peg to the US dollar and reference to a basket of currencies is clearer.
China's foreign exchange trading center yesterday released the renminbi against the US dollar.
exchange rate
The median price was 6.772, up 138 basis points from the previous trading day. It broke through the 6.78 integer pass at one stroke, and again hit the new high since 2005.
Market participants believe that the rise in the Yuan's central price is the result of a fall in the overnight dollar.
1, the US released the economic data far below market expectations, the overnight market dollar against other major currencies showed a downward trend.
To a certain extent, this reflects the trend of RMB gradually starting to refer to a basket of currencies.
On the 2 day, the central parity of RMB against other currencies was 1 euros to RMB 8.4741 yuan, 100 yen to RMB 7.7169 yuan, 1 Hong Kong dollars to RMB 0.86938 yuan, 1 pounds to RMB 10.2758 yuan.
Earlier, a spokesman for the central bank said that with the continuous improvement of opening up to the outside world, China's main
Economy and trade
Partners have shown marked diversification.
At the same time, capital exchanges also show diversified and multi regional characteristics.
Against this background, if the RMB exchange rate is pegged to the single currency change, it will not meet the needs of diversification of trade and investment currency, nor can it reflect the actual level of exchange rate.
The basket of currencies consisting of multiple currencies and their changes can more accurately reflect the true exchange rate level.
Therefore, we need to adjust the market supply and demand with reference to a basket of currencies, which is conducive to the formation of a more scientific and reasonable exchange rate level.
Affected by the rise in the middle price, the yuan also rose sharply in the spot market. Yesterday, the yuan closed at 6.7711 yuan against the US dollar, which has reached a new high since the three exchange day in 2005.
The forward market performance is still not strong last week.
In the RMB foreign exchange forward market, the one-year US dollar discount to the RMB was 975 basis points, a slight increase of 50 basis points compared with the previous trading day.
As of press release, in the overseas non deliverable forward (NDF) market, the US dollar traded against RMB for about 6.6680 yuan a year, compared with 6.6630 yuan last day.
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