RMB Four Consecutive Days To Refresh The New High

The latest data of < p > < strong > /strong > < a href= "http://www.91se91.com/news/ > China foreign exchange trading center < /a > show that the central parity of RMB against the US dollar rose slightly again today to 6.1100, up 14 basis points from the previous trading day, and has been refreshing since the four consecutive trading day.

< /p >

< p > the people's Bank of China authorized the China foreign exchange trading center to announce that the RMB exchange rate in the interbank foreign exchange market in December 11, 2013 was RMB 1 yuan to RMB 6.1100 yuan, 1 euro to RMB 8.4095 yuan, 100 yen to RMB 5.9291 yuan, 1 Hong Kong dollar to RMB 0.78805 yuan, 1 pounds to RMB 10.0488 yuan, 1 Australian dollar to RMB 1 yuan, Canadian dollar to RMB RMB yuan, RMB yuan to lringgit, RMB yuan to Russia ruble.

< /p >

< p > on the previous trading day, the central parity rate of RMB against a href= "http://www.91se91.com/news/" > US dollar < /a > was 6.1114.

< /p >

< p > overnight international exchange market, the main non US currencies have been strong, and the US dollar has been losing ground, continuing the recent decline.

The central parity of RMB against the dollar continued to rise to the 6.11 level, and the spot exchange rate remained strong to close to the 6.07 pass.

< /p >

< p > < strong > RMB exchange rate is even higher than /strong > /p >

< p > by the latest phase of foreign trade data to stimulate the good, the RMB exchange rate for three consecutive days of record high, the spot market has also maintained a strong.

According to market traders, the central bank seems to have suspended the intervention in the foreign exchange market.

Should the RMB exchange rate start a new round of appreciation? < /p >

< p > December 10th, the yuan added 6.1114 to the US dollar, which set the high point since the exchange reform, and the total appreciation of the RMB nearly 200 basis points during the nearly three trading dates.

< /p >

Ye Yaoting, senior foreign exchange analyst at Bank of communications, said: "the rise in the RMB intermediate price is swift and violent and is mainly stimulated by the strong trade data just released by customs." P

< /p >

< p > China's export growth rate in November is much higher than the market expectation, reaching 12.7%, while the import growth rate has slowed down, resulting in the trade surplus of the month reached an astonishing 33 billion 800 million US dollars.

Zhou Hao, an economist at ANZ bank, expects that China's trade surplus will hit a peak since 2008, which has caused a great pressure on the renminbi.

< /p >

At the same time, some people in the industry questioned the above foreign trade data. < p >

Bai Ming, deputy director of the International Market Research Institute of the international trade and Economic Cooperation Institute of the Ministry of Commerce, judged that "there may be hot money in the mantle of trade, resulting in a sharp increase in foreign exchange holdings and the promotion of RMB appreciation."

< /p >

< p > > merchants a href= "http://www.91se91.com/news/" > Bank < /a > senior foreign exchange analyst Liu Dongliang also observed that the recent behavior of corporate arbitrage financing has shown signs of renewed activity in the market.

Banks and enterprises can postpone the purchase and payment of foreign exchange through long-term trade financing, enlarge the scale of foreign exchange holdings and the scale of foreign exchange settlement and sale, so as to maintain the renminbi position and take advantage of domestic and foreign spreads and foreign exchange differences.

< /p >

< p > however, the Arbitrage Behavior of enterprises has entered the vision of regulators.

In December 7th, the State Administration of foreign exchange issued the notice of the State Administration of foreign exchange on improving the foreign exchange management of banking trade financing, and clearly strengthened supervision over the false trade financing activities jointly undertaken by commercial banks and enterprises.

< /p >

< p > RMB's performance in the spot market is also strong when the central parity of RMB keeps rising.

< /p >

< p > 10, the spot exchange rate of RMB against the US dollar runs in the 6.0713-6.0735 range.

Analysts at the risk control center of the exchange rate predict that the short-term resistance of the RMB to the US dollar will be 6.0650 and its support will be 6.0825.

< /p >

< p > foreign exchange traders of China Merchants Bank believe that the recent upward trend of RMB in the spot market is, on the one hand, a strong central price and a signal of release, and on the other hand, it has great relations with the intervention of the central bank.

< /p >

"P": "the central bank is actually implementing the argument of reducing market intervention. However, this does not mean that the formation mechanism of the RMB intermediate price will change immediately, and the marketization of RMB exchange rate will still be controlled progressively, and the weakening of the role of the central parity will be a major trend."

Liu Dongliang said, "the renminbi is still quite wide from the free floating exchange rate system."

< /p >

< p > as for the time to expand the amplitude of the day, analysts say that this will start again after the marketization of the formation mechanism of the central parity of RMB.

< /p >

< p > however, from the historical experience, a new high RMB rate does not mean that a new round of appreciation will be launched.

Liu Dongliang told reporters that "the central parity of RMB has jumped several hundred basis points before, and then a slight depreciation."

< /p >