RMB Spot Fell Late To Accelerate

The spot exchange rate of RMB against the US dollar went up and down on Wednesday. Traders said that the recent rapid changes in the market price, led to cautious mood warming, coupled with tomorrow's April trade data institutions have different expectations, all the trend of today's RMB twists and turns, the late market is due to the purchase of foreign exchange increased sharply.

Today, the yuan closed at 6.2343 on the spot, and after the end of the market fell below the 6.23 pass, the decline was exacerbated, with the lowest intraday rate of 6.2377. The renminbi closed at 6.2257 on the previous trading day.

The people's Bank of China announced on Wednesday that the central parity of RMB against the US dollar was 6.1542, an increase of 23 points from 6.1565 on the previous trading day.

A foreign bank trader also said that the renminbi rose little this morning, and there were many profit margins that allowed us dollar to rebound. Moreover, the current market factors are intertwined, and today's purchase of foreign exchange is more than the first two days, offshore RMB pairs. Spot It also has a pressing effect, so it was quickly pulled down.

Yu Yongding, a member of the Chinese Academy of Social Sciences, recently said that the depreciation of the renminbi in the first quarter was mainly the result of intervention by the central bank. From now on, China's "double surplus" situation will not change. Under such circumstances, the depreciation of the renminbi will not become a long-term trend.

Today, Offshore CNH and RMB At the same pace, the depreciation is obvious. Beijing time 16:45 points, CNH reported 6.2345.

The General Administration of Customs will announce the April foreign trade data on Thursday. Li Huiyong, chief macroeconomic analyst at Shenyang Wanguo Securities Research Institute, predicted that the trade surplus of US $8 billion in April would be much smaller than that of March's trade surplus of US $7 billion 710 million.

The monetary policy implementation report released by the people's Bank of China on 6 May said that the future reform of the RMB exchange rate formation mechanism will continue to move towards marketization, increase the market's determination of exchange rate and promote the balance of international payments.

According to the development of foreign exchange market and the economic and financial situation, the two-way floating elasticity of RMB exchange rate is enhanced, and the central bank basically withdraws from normal foreign exchange intervention. We should keep the RMB exchange rate basically stable at a reasonable and balanced level. We should pay close attention to the impact of changes in the international situation on capital flows and strengthen effective monitoring of cross-border capital.