RMB's Spot Purchase Rose Sharply.

The spot exchange rate of RMB against the US dollar rose on Tuesday (April 1st), after a slight rise in the middle price after four consecutive drops. In the market, the settlement of foreign exchange is heavier, and the trading remains cautious.

At the close, the US dollar / Renminbi inquiry system closed at 6.2063, compared with the previous one. Trading day Reduce 110 points.

"Everyone is scared by the suspicion that the central bank [micro-blog] intervened in buying [US dollars], and they dare not throw their positions easily." One foreign trader said.

Data released by Hongkong Finance Association show that in April 1st dollar The fixed price of RMB (Hongkong) spot exchange rate is 6.2025/40.

And when the appreciation began to accelerate near noon, once hit the 6.1988 yuan day high position, that is, suspected intervention in the large purchase of foreign exchange, but only played a role in limiting the continued increase, did not guide the RMB devaluation within days.

A joint-stock trader said that the exchange of foreign exchange is still quite a lot, if not large line purchase of foreign exchange, 6.20 yuan may really form a breakthrough, feeling that the regulatory layer still wants to stabilize here.

In March, China's official manufacturing PMI rebounded less than the same period in the previous year, and the HSBC manufacturing PMI value fell to a eight month low, which means that the Chinese economy is facing more heavy downward pressure.

Zhu Haibin, chief economist of JP Morgan, said in his research report that the central bank will maintain a neutral monetary and credit policy, but will adopt some fine-tuning measures to support the growth policy. This has reflected in the expansion of the RMB exchange rate volatility, including allowing the depreciation of the RMB to support the export industry in a short period of time, but it is not expected to form a devaluation trend.

Judging from recent market conditions, Regulators In the past, the maintenance of specific price in the short term is being diluted, and the focus of attention has been tilted to the market expectation management. The broad oscillation of one hundred or two hundred points within the day has gradually become normal. When the market does not have obvious unilateral expectations, the suspected intervention sale also decreases correspondingly.

In the offshore market, the 1 year US dollar / RMB non deliverable forwards reported RMB 6.2235/70 yuan.

In the global market, the yen weakened on Tuesday, but the US dollar failed to benefit significantly as Japan's consumption tax rose today.

The Hong Kong dollar / Renminbi inquiry system closed at 0.80002, down 14 points from the previous trading day, and the 100 yen / RMB inquiry system closed at 6.0060, a decrease of 322 points compared with the previous trading day; the euro / Renminbi inquiry system was reduced by 8.5585; compared with the previous trading day, it reduced by 15 points; the pound / Renminbi inquiry system was 10.3471, an increase of 65 points compared with the previous day; the Australian dollar / Renminbi inquiry system was 5.7491, an increase of 103 points compared with the previous trading day; the Canadian dollar / Renminbi inquiry system was at the level of 5.7491, an increase of the number of points on the previous day; the New Zealand dollar / RMB inquiry system was closed to the spot, which was reduced by less than the previous trading day.