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The Hatred Of The United States And The Renminbi

2011/10/12 15:24:00 20

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US Senate ignored the opposition vote to push the renminbi appreciation bill

On the 11 day of the Senate, the US Senate passed the "2011 currency exchange rate supervision reform bill", without regard to the strong opposition at home and abroad, with 63 votes in favour and 35 votes against it.

The main content of the bill is that the United States government needs the so-called "undervalued exchange rate".

Trade

Partners impose punitive tariffs.

It is widely believed that the move is mainly aimed at China, which is aimed at forcing the renminbi to accelerate appreciation.

After approval by the Senate, the bill needs to be passed in the house of Representatives and signed by President Obama.

This obvious trade protectionism bill has aroused many people's objections in the United States.

US President Obama said 6 days that he was worried that the bill might not be in line with international treaties and obligations, but could not be supported by the world trade organization.

Bona, the speaker of the house of Representatives, said he did not approve of the bill and thought it would be a "dangerous" move.

Cui Tiankai, Vice Minister of foreign affairs of China, said on 10 th that the motion of the US Senate does not reflect the realities of Sino US economic and trade relations, but also brings harmful factors to the future development of bilateral economic and trade relations.

The central parity of RMB against the US dollar broke 6.35 first.

The 11 day data of China Foreign Exchange Trading Center show that the central parity of RMB against the US dollar is 6.3483, the first time to break through 6.35, and the exchange rate reform has reached a new high since then.

Since the reform in 2005, the central parity of RMB against the US dollar has appreciated by more than 30%.

Analysts believe that the overnight dollar index fell 1.42%, which is an important reason to push the RMB exchange rate on the 11 day to become stronger.

It is expected that the renminbi will continue to appreciate slightly against the US dollar in the future, and its elasticity will be further enhanced.

RMB appreciation

exchange rate

The intermediate price has a new high impact. On the 11 day, the inter-bank foreign exchange market opened a 6.3400 higher spot exchange rate against the US dollar.

At the close, the spot exchange rate of RMB against the US dollar was 6.3750, down 0.42% from the previous trading day, and there was a hang upside down with the middle price of that day.

On the offshore market, the RMB exchange rate of RMB against the US dollar in the 1 year NDF (offshore non deliverable forward) on the 11 day was trading at 6.35 front-line, unchanged from the previous trading day.

Statistics show that as of October 11th, the RMB pair

US dollar exchange rate

This year, it has appreciated 4.32%.

Among them, the second half has appreciated by 1.94%.

Since the RMB exchange rate reform in 2005, the RMB has appreciated 30.27% against the US dollar.