The Renminbi Closed At 6.1284 Against The Dollar.

Interbank market RMB versus US dollar Spot exchange rate closed at 6.1284, down 29 points under the influence of the depreciation of the intermediate price, closing at 6.1255 yesterday. China's currency exchange center announced today that the central parity of RMB against the US dollar was 6.1224, devalued by 32 points.

　 US dollar to RMB inquiry chart

The spot exchange rate of RMB against the US dollar edged up 11 points, and the depreciation trend of 6 consecutive trading days ended.

This week, in addition to a slight appreciation of the Thai baht and won, the RMB depreciated to other major currencies such as the euro, resulting in a continued decline in the nominal effective exchange rate of RMB, which fell from 113.7 in the previous week to 113.5.

Since 2014, whether offshore or onshore, RMB The middle price is in a state of depreciation. In just over a month, the central parity of RMB against the US dollar has fallen by 223 basis points this year. Since February 17th, spot exchange rate has depreciated more than 700 points near 6.06. Tuesday also fell by 260 basis points on a single day, the biggest single day decline since January 28, 2011.

For the recent devaluation trend of the RMB exchange rate, the famous commentator Ye Tan believes that the Central Bank of China has won a great victory in the war, which not only changed the expectation of unilateral appreciation of the RMB market, but also made investors lose heavily in the use of highly leveraged RMB structured products, and after that, the central bank recovered the dominant price of RMB.

In recent years, cross-border Arbitrage fund There is a trend of accelerating expansion in the near future. All parties in the market speculated that the central bank intended to devalue the renminbi and beat up arbitrage funds. The central bank intends to create two-way volatility expectations to achieve the expansion of the exchange rate range. According to the analysis, the unexpected and derogatory revaluation of the current renminbi is in line with the characteristics of the "Tobin tax" previously described by the relevant central bank officials: counter cyclical regulation and marketization of price mechanism.

The head of relevant departments of the State Administration of foreign exchange replied that the RMB exchange rate in the domestic and foreign markets did fluctuate in two directions recently. In this regard, we should look at the following aspects: first, the recent trend of RMB exchange rate is the result of the adjustment of the early Yuan Trading Strategy by the market players. Two, the fluctuation of exchange rate is a normal fluctuation compared with the fluctuation of developed and emerging market currencies.