RMB Exchange Rate Return To 6.49

After experiencing short-term fluctuations, the RMB against the US dollar returned to 6.49 in the offshore and offshore markets on the 17 th.

Market participants have judged that the possibility of short-term stabilization of the RMB against the US dollar will be greater under the Federal Reserve's suspension of interest rate hike and regulation.

On the 17 day, the central parity of RMB against the US dollar was reported at 6.4961, a 211 basis point increase over the previous trading day.

After experiencing the setback in the past two days, the central parity of RMB against the US dollar has returned to the 6.49 line.

On shore spot reference

On the other hand, the whole day also maintained at 6.49, at 10 a.m., the reference exchange rate was reported to 6.4958, and then remained close to 6.49. After 14 p.m., the RMB rose obviously. The 16:30 closing price was 6.4930, entered the night plate paction, 17 points were reported to 6.4864, and the RMB went up further.

In the offshore market,

The spot exchange rate against the US dollar opened at 6.4840, the intraday concussion was larger, the overall shock interval was about 200 points, the market participants judged that there was a suspected intervention, the highest intraday rate of 6.4784, the lowest 6.4986, and the late market times near 6.48.

In view of the latest suspension of interest rate hikes by the Fed, the market participants judged that it was good for the renminbi.

Economist Wang Ran believes that the US dollar strong cycle has ended and it is estimated that the Federal Reserve will raise interest rates once in June and December this year.

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The Bank of England has announced that it will maintain the 0.5% record low interest rate unchanged.

In addition, the Bank of England March asset purchase scale of 375 billion pounds, also in line with expectations.

The Bank of England's committee voted to maintain the current interest rate with a vote of 9:0.

Two weeks ago, Jan Vlieghe, deputy governor of the Bank of England, said: "if data continue to deteriorate, interest rates will be considered."

Before the outcome of the meeting, Dow Ming Securities said that the UK's February PMI figures do not seem to be enough to allow them to consider interest rate cuts, which may be waiting for stronger data. The bank will continue to look for the Bank of England's assessment of the reasons for the weak PMI expected value, especially whether it will express concerns about the impact of Britain's "off Europe" on the economy.

After the Bank of England announced that the interest rate and asset purchase scale remained unchanged, the GBP / US dollar rose 21 points in short term, or expanded to 1%, reporting 1.44, setting a new high.

On Thursday, Hara E, a senior official of the former Japanese finance ministry, said that the outlook for the world economy is not optimistic, and that the yen will be strong.

He believes that if the Japanese yen rises to 105, Japanese officials may intervene orally, and if it rises to 100, the official will really sell the Japanese yen.

The latest CFTC data show that in March 8th, the Japanese yen had 64333 net long contracts, an increase of 59625 compared with the previous week.