The RMB Exchange Rate Against The US Dollar Has Depreciated By 3.12% During The Year.

< p > the latest data from China Foreign Exchange Trading Center show that in April 22nd, the central parity of RMB against the US dollar was 6.1610, down 19 basis points from the previous trading day, and the central parity of RMB against the US dollar fell for third consecutive trading days, setting a new low in the year.

At the same time, the spot exchange rate of the yuan opened at 6.2310, down 36 basis points from the previous trading day, and dropped to 6.2400 in the intraday trading, breaking the low level for nearly 14 months.

At the beginning of this year, the RMB exchange rate against the US dollar at the 6.05 level has depreciated by 3.12%.

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< p > since the beginning of this year, the trend of continued depreciation of the "a href=" http://www.91se91.com/news/index_c.asp "RMB > /a > US dollar is obvious.

The central parity of the yuan against the US dollar has fallen by 680 basis points compared with the new high in January, 14.

Especially in the two week after February 19th this year, the RMB exchange rate continued to depreciate sharply.

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Zhang Ming, director of the International Investment Research Institute of the Institute of world economics and politics, Chinese Academy of Social Sciences, pointed out that the long term unilateral appreciation cycle of "a href=" http://www.91se91.com/news/index_c.asp "RMB" /a "against the US dollar is coming to an end." P "

"According to my calculations, if the RMB starts to strengthen again against the US dollar in the two quarter of this year, it will probably approach 1:6 near the end of this year, which may be a very important turning point.

This is not to say that the exchange rate will definitely depreciate after 6, but that the two-way fluctuation will be greater after 1:6. "

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< p > data released by the people's Bank of China last week showed that foreign exchange accounted for 189 billion 200 million yuan in financial institutions in March, a substantial increase from 128 billion 200 million yuan last month, better than expected in the market.

Market participants generally believe that although the March a href= "http://www.91se91.com/news/index_c.asp" > foreign exchange < /a > a substantial increase in the proportion of foreign exchange accounted for a surplus of factors, but the overall still reflects the characteristics of cross-border capital inflows.

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< p > analysis pointed out that the purpose of the reform is to expand the volatility and reduce the arbitrage space. In March, the central bank raised the exchange rate fluctuation range from 1% to 2%. With the deepening of the reform of the RMB exchange rate formation mechanism and the decisive role of the market, the two-way fluctuation of the RMB exchange rate will become the norm.

The two-way fluctuation of the RMB exchange rate at a balanced and reasonable level is conducive to promoting the balance of payments, improving the foreign-related economic environment and guarding against financial risks.

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< p > Yu Yongding, member of the Chinese Academy of Social Sciences, said that the current RMB exchange rate floating should continue to increase, and the central bank should try its best to reduce its intervention.

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< p > Yu Yongding thinks that there are two ways to open RMB capital account at present: one is to continue to maintain capital control, and the other is to allow the RMB exchange rate to float sufficiently. Two.

"External shocks can be offset by changes in exchange rates, and the central bank can also maintain an independent monetary policy."

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