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RMB Enters The 6.4 Era Steadily

2011/5/30 16:34:00 37

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As the US dollar continues to fall, the RMB exchange rate has reached a new high in recent years, and has steadily entered the 6.4 era.

According to the latest data from China foreign exchange trading center, the exchange rate of RMB against the US dollar was 6.4856 on Monday (30), and it hit a new high since 2005. The previous trading day was 6.4898.

Last week, the central parity of RMB against the US dollar first suppressed, and the whole week showed a sharp upward trend.

In the first two

paction

Back in the day, the central parity of RMB has risen continuously since last Wednesday, breaking through the 6.50 and 6.49 two pass, and has reached a new high since Thursday and Zhou Wulian's foreign exchange reform.

Although the central parity of RMB against the US dollar broke through the 6.49 pass, the spot market exchange rate dropped.

Market participants pointed out that there are still large variables in the current European debt problem, and the trend between the US dollar and the euro will be repeated. At that time, the turbulence in the international foreign exchange market will have an impact on the trend of the RMB.

The recent trend of RMB is mainly affected.

International exchange market

The impact of the fluctuations, European debt worries continued to support the dollar rebound and the pressure on the RMB exchange rate. Now, despite the slight easing of European debt, the Greek side may still be able to make waves again, making it difficult for the market to dispel worries.

At the same time, when the Federal Reserve's quantitative easing monetary policy is about to end, the economic performance of the United States has also attracted the attention of investors. A series of weak economic data has led to a rebound in the US dollar, boosting the rise of the renminbi.

This week, the United States will usher in a key May non farm employment report, which is the key basis for the Federal Reserve to formulate the next stage of monetary policy. Therefore, it will play an important guiding role in the trend of the US dollar and foreign exchange market, and may decide the short-term trend of the RMB.

The recent appreciation of the RMB exchange rate has also been approved by the US side.

In the report of the international economic and exchange rate policy, which was released by the US Treasury on the 27 day for the main trade targets, the US main trading partners, including China, did not manipulate the currency exchange rate to gain unfair trade advantage.

The report pointed out that China began to reestablish the RMB exchange rate formation mechanism reform in June last year. In the past year, the RMB continued to appreciate against the US dollar. China did not conform to the definition of currency manipulator.

Since the reform of the RMB exchange rate regime was reformed in June last year, the RMB has appreciated by 5.1% against the US dollar at the end of April this year.

At nominal exchange rates, this appreciation is equivalent to about 6% of the adult rate.

If we take into account inflation, China's inflation rate is much higher than that of the United States, and the appreciation of the renminbi will be more substantial against the US dollar, with an annual appreciation of about 9%.

Tengtai, vice president and chief economist of Minsheng securities, said in a speech at Fudan University on 28 July that the RMB exchange rate against the US dollar will rise to 6.13 at the end of this year, and the appreciation will exceed expectations.

Recently, domestic financial officials pointed out that "improving the RMB exchange rate formation mechanism, enhancing exchange rate flexibility and slowing import inflation pressure" also strengthened the market's expectation of RMB appreciation.

In anticipation of the accelerated appreciation of the renminbi, the voice of expanding the daily average volatility of the RMB exchange rate has risen again. Many people in the industry have expressed their views on different occasions.

RMB rate

The expectation of further expansion is needed.

The people's Bank of China authorized the China foreign exchange trading center to announce that 1 US dollars to RMB 6.4856 yuan, 1 euros to RMB 9.2679 yuan, 100 yen to RMB 8.0168 yuan, 1 Hong Kong dollars to RMB 0.83353 yuan, 1 pounds to RMB 10.6889 yuan, and RMB 1 yuan to 1 ringgit, RMB yuan to Russia ruble.