Whether The RMB Exchange Rate Is Underestimated: The Market Has The Final Say.

< p > 6.1653, this is the RMB intermediate quotation quoted by the China foreign exchange trading center in May 14th, which is 17 basis points lower than the 6.1636 on the previous issue date, and once again refreshed for nearly 8 months.

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< p > since February this year, the RMB exchange rate has changed two times last year, showing a continuation of the depreciation trend.

According to statistics, as of now, the exchange rate of RMB against the US dollar in the spot market has depreciated by 3.4%, or even surpassed that of last year, and the appreciation rate last year was 2.91%.

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In the face of the depreciation of the RMB exchange rate and the positive response of the market, P is far from being able to sit still in the US on the other side of the ocean.

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In May 9th, the US Treasury Secretary Jacob Lu, who was scheduled to visit China, said publicly in an interview with Bloomberg that he would press China's top leaders during his visit to China, asking China to allow the market to play a bigger role in deciding the RMB exchange rate. P

He also claimed that China's exchange rate reform has "regressed" in recent months, and the recent devaluation of the renminbi has worried the US side.

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< p > May 13th, Jacob Lu visited Beijing and met with Chinese leaders.

On the same day, senior US Treasury officials said after the talks that the US side raised concerns about the lack of pparency in the RMB a href= "http://www.91se91.com/news/index_cj.asp" > depreciation and /a intervention.

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"P", "the RMB exchange rate is undervalued" is undoubtedly the same old tune.

In April this year, the US Treasury announced the "international economic and exchange rate policy report" submitted to the US Congress. Although it did not list China as a currency manipulator, it criticized China's official intervention in the foreign exchange market.

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< p > although the people in the United States are still interested in talking about this issue, the Chinese people are already accustomed to these allegations, and even can not afford to refute their spirit.

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< p > not to mention the Chinese people. Pedersen, the most authoritative international economic research institute of the United States, said that the Institute has always held a highly undervalued view of RMB, and its research results have been cited by the US Congress as a corroboration of the pressure on China. It has taken the lead in correcting the situation. After studying the global price level data released by the world bank's purchasing power parity, the conclusion that "the renminbi is no longer underestimated" is the conclusion of the study. The conclusion is that the RMB is no longer underestimated in.

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< p > because an important basis of the US pressure on RMB appreciation is that China's current account surplus and economic aggregate ratio exceed the standard. However, to date, China's current account surplus has already been within 2% internationally recognized a href= "http://www.91se91.com/news/index_cj.asp" > trade balance < /a > interval.

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< p > in addition, the efforts made by the Chinese government in pushing forward the marketization reform of the "a href=" http://www.91se91.com/news/index_cj.asp "RMB" /a > exchange rate are obvious to all: since the beginning of this year, the relevant leaders of the central bank have stressed on many occasions and multiple documents that "the central bank will withdraw from normal intervention and strengthen the market to decide the exchange rate". The RMB exchange rate formation mechanism is striding forward toward the market orientation. In March this year, the floating rate of RMB against the US dollar paction rate expanded from 1% to 2%.

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"P >" the two-way fluctuation of the RMB against the US dollar is the real market behavior, which should be enjoyed by all parties.

The US side wants to see that the renminbi will not rise or depreciate, which is neither realistic nor in line with the laws of the market.

Chen Fengying, director of the Institute of world economics of the Institute of modern international relations, admitted in an interview that the downward trend of the RMB exchange rate is the adjustment under the influence of external environment, capital flow changes and the expectation of China's economic growth.

"The Chinese government respects the market dominant position and plays the market role on the issue of RMB exchange rate, and reduces human intervention as much as possible."

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< p > no matter what purpose Jacob Lu is fighting for, we just want to say whether the RMB exchange rate is underestimated or not. The market has the final say.

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