The Renminbi Appreciated More Than 3 Months, About 2%&Nbsp; &Nbsp; &Nbsp; &Nbsp; The Weaker Dollar Pushed The Renminbi Higher.
The last 4 trading days of September,
RMB
The middle price of the US dollar edged up around 6.7, and again hit a new high since 2005.
Spot market
Closing price
As a matter of fact, since September, the RMB has risen 1.74% against the US dollar, and has also hit the biggest monthly increase since the reform.
The renminbi appreciated by about 2% in 3 months.
In June 19th, the people's Bank of China announced the further promotion of RMB.
exchange rate
Since the reform of the formation mechanism, the RMB has appreciated slightly, the characteristics of two-way floating are obvious, and the exchange rate elasticity has been significantly enhanced.
Especially since September, the appreciation has increased significantly.
Taking the central parity of the RMB against the US dollar as a figure, there were 9 new trading days since September.
At the spot market closing price, the exchange rate of RMB against the US dollar closed at 6.6912 in the last trading day in September, compared with the closing price of 6.8074 on the last trading day of August, and the exchange rate of RMB against the US dollar rose by 1.74% in September, the largest monthly increase since 2005.
The central bank reiterated that over the past three months, the RMB exchange rate has appreciated by about 2% against the US dollar.
Weakening US dollar drives RMB higher
The recent market expectation of further easing monetary policy in the US has pushed the US dollar to weaken continuously.
On Tuesday, the US consumer confidence index released in September was the lowest since February, and the housing price index also fell from last month.
The market is worried that negative data will prompt the Federal Reserve to take control measures such as buying Treasury bonds.
Affected by this, the US dollar index weakened significantly, directly pulling the RMB exchange rate against the US dollar on Wednesday.
In September 29th, the US House of Representatives passed the "monetary reform to promote a fair trade act", aiming to impose special tariffs on countries that underestimate the exchange rate of their currencies.
The bill may open the door to countervailing actions by Chinese industries or enterprises on the basis of the so-called RMB undervaluation.
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