Economic Data Warmer RMB Spot Exchange Rate Rose Slightly

Driven by the rise in the middle price and the favorable economic indicators, the spot exchange rate of the RMB against the US dollar rose slightly, but the market sentiment was not high, and the exchange rate continued to fluctuate in a narrow way.

On the 23 day, the central parity of RMB against the US dollar was 6.1470, up 15 basis points from 22.

Spot exchange rate, the 23 day interbank foreign exchange market RMB against the U. S. dollar slightly lower 6.1420, short of 6.1430 in the lower post - day low shock upward, the tail market to 6.1378, the 22 day closing price up 26 basis points.

Traders said,

The HSBC China's PMI value in September, which was announced earlier in the morning, has been upgraded to a certain level. The direction of the RMB exchange rate has been boosted, but the market direction is still unclear. The exchange rate is quite light, and the fluctuation rate of RMB exchange rate is very limited.

The latest figures show that

China's Manufacturing Purchasing Managers' index (PMI) edged back to 50.5 in early September, the fourth consecutive month in the upper reaches of the boom and fall.

Analysts pointed out that

The leading indicators will improve the market's confidence in the economic growth prospects. However, whether the economic improvement can still be seen after the expected decline in August, remains to be seen.

At the same time, considering the stable surplus trade surplus still has strong support for the RMB exchange rate, the US dollar is in short term consolidation, and there may be inertia buying foreign exchange before eleven long holidays.

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In February 2013, the people's Bank of China authorized the ICBC (601398, Ba Ba) Singapore branch as the clearing bank of RMB business, becoming the first RMB clearing bank designated outside China.

As of June this year, Singapore's RMB deposits reached 254 billion yuan, an increase of 84% over last year.

Liang Xinsong, assistant director of the Singapore monetary authority, said that with the diversification of RMB products, pipelines and services, the RMB will accelerate internationalization in the next five to ten years, on the 22 Singapore International Summit on RMB internationalization.

At present, the renminbi is actively moving out of the world through domestic and foreign trade.

"But from the point of view of international currency, the largest amount of currency settlement is in the field of Finance and investment."

Zhao Xijun said that at present, the internationalization of RMB should adhere to "walking on two legs". On the one hand, we should continue to use our trade advantages to promote the internationalization of RMB. On the other hand, we should expand the use of RMB in finance and investment, increase the innovative ability of financial products, and constantly meet the market demand, which undoubtedly puts forward more urgent requirements for the reform of domestic financial market.

At the Eleventh China ASEAN Expo held in Nanning, Guangxi, the relevant people mentioned that the current RMB "going out" is also faced with problems such as high paction cost, insufficient business innovation and difficult to meet the demand due to the lack of infrastructure.

The overseas Chinese director of Kampuchea Jiahua bank pointed out that although there are more and more Renminbi in Sino Cambodian trade, there are not many Kampuchea banks that can provide RMB clearing business, so the related services are difficult to meet the market demand.

Cao Tong, vice president of the China Import and export bank, said that because of the lack of business innovation, it is difficult to use Renminbi to invest and finance abroad.

Ma Jun, chief economist of the people's Bank of China, believes that for the internationalization of RMB, we should further promote the facilitation of RMB in cross-border trade settlement, establish RMB cross-border payment and settlement system, promote overseas direct investment under personal terms, and encourage the issuance of RMB "panda debt"; in the medium term, we should gradually realize the convertibility of RMB capital account; in the long run, we should promote diversification of the international monetary system.