Li Keqiang Did Not Want To See The Renminbi Continue To Depreciate.

This year, the RMB exchange rate against the US dollar has experienced a roller coaster market from devaluation to appreciation.

The spot exchange rate on the shore was once derogated to 6.2747 in March 3rd, and then rebounded to 6.20 level.

As of today's close, the spot rate of onshore RMB is 6.2051.

Chinese Premier Li Keqiang said: "now

In general, it is at a basically stable level.

I do not want to see the RMB continue to depreciate, because we can not stimulate exports by devaluation, not focus on expanding domestic demand, otherwise China's economic structure will be difficult to adjust.

At present, the appreciation of the renminbi has already formed a certain pressure on exports.

Data released just this week showed that China's exports fell 15% in March, much lower than expected and previous values; imports fell 12.7%, less than expected, but better than the previous value; the trade surplus narrowed to $3 billion 80 million, and February was a record $60 billion 620 million.

Huang Songping, spokesman for the General Administration of customs, explained that the decline in China's exports in March was mainly affected by the Lunar New Year holidays and the weakening global demand.

Exporters face high labor costs and pressure on the RMB exchange rate.

Goldman Sachs commented that exports weakened sharply or led to depreciation of the renminbi.

Goldman Sachs believes that a key reason for the sharp decline in exports is the rapid appreciation of the renminbi against currencies other than the US dollar.

Since the middle of 2014, the real appreciation of the renminbi by trade has been as high as 13%.

However, Wall Street's knowledge has been introduced before.

An economist at DBS bank said

(IMF) the Chinese authorities will make every effort to ensure the stability of the RMB exchange rate before they begin to discuss whether the renminbi will be included in the special drawing rights (SDR) in May.

Economists surveyed by Bloomberg News estimated that China used $33 billion in the first quarter to defend its currency.

For this argument, Goldman Sachs said that the weakening of the real data will not lead to accusations that China deliberately controls the risk of the RMB exchange rate.

Wall Street has reported that Goldman has been short of Renminbi in the past few months.