The central parity of the RMB against the US dollar returned to the 6.8 range
The central parity of the RMB against the US dollar rose rapidly for two consecutive trading days. According to data from the China Foreign Exchange Trading Center, the central parity of the RMB on the 5th was raised 395 points to 6.8976, the highest since October 8, the biggest increase since August 28. However, the spot closing price of the RMB against the US dollar fell 368 points from the previous closing price of the previous day to 6.9265.
Insiders said that the rise of the renminbi, in addition to the dollar's decline, more importantly, the market is expected to improve. On the one hand, the recent stabilization of the foreign exchange market has been frequent, and the market's expectation of increasing the counter-cyclical adjustment of foreign exchange has increased; on the other hand, with the recent introduction of a series of favorable policies, especially the policy of supporting private enterprises, It has shaken the market's expectations for economic development.
Looking into the future, market participants pointed out that in the short-term, the narrowing of the spread between China and the United States will still have some pressure on the RMB exchange rate, and the RMB is likely to show an ups and downs with the fluctuation of the US dollar. Liu Yu, an analyst at Guosheng, pointed out that by appropriately increasing the exchange rate volatility and achieving two-way exchange rate fluctuations within a certain range, it can effectively prevent the formation of depreciation expectations.
Wang Chunying, spokesman of the State Administration of Foreign Exchange, said recently that in recent years, the RMB exchange rate formation mechanism has been continuously improved, and the two-way floating flexibility of the RMB exchange rate has increased. At the same time, market entities are more rational, exchange rate expectations tend to be diversified, foreign-related transactions are rational and orderly, exchange rate risk management awareness is enhanced, and the adaptability to two-way exchange rate fluctuations is significantly improved.
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