RMB To Us Dollar Spot Exchange Rate "Seven Even Stop"

In December 8th, the people's Bank of China authorized China The latest data released by the foreign exchange trading center show that the central parity of the RMB against the US dollar is 6.3319 yuan, up 23 basis points from the previous trading day. On the same day, the RMB exchange rate against the US dollar touched the limit for seventh consecutive trading days.

Chong Quan, deputy representative of the international trade negotiations of the Ministry of Commerce, said 7. RMB Depreciation indicates that the Chinese government has never manipulated the exchange rate, and the RMB exchange rate fluctuated according to market changes and market demand.

In this regard, experts believe that this means that the degree of marketization of the RMB exchange rate increased. Guo Tianyong, a professor at the school of finance at Central University of Finance and Economics, said that the market has always been accustomed to the appreciation of the renminbi, which is somewhat inappropriate or even panic over the recent devaluation. Devaluation is certainly due to instability in the international market, domestic economic downturn and speculative capital speculation, but its macro risk control also means that the degree of exchange rate marketization is improving. At the same time, moderate depreciation is not only conducive to exports, but also reduces the pressure of international hot money inflow, reducing central bank's basic money supply, and helps to curb capital bubbles.

Insiders said the spot exchange rate fell continuously. China It provides an opportunity to further increase exchange rate flexibility and further improve the RMB exchange rate formation mechanism.

Since the reform in 2005, the renminbi has been moving towards a market oriented exchange rate mechanism linked to a basket of currencies. But in recent years, the global financial market has been highly volatile. dollar The index oscillations are relatively high, and the focus of the RMB exchange rate is always on the US dollar. However, since the second half of this year, the situation has changed, and the correlation between the US dollar and the RMB exchange rate has weakened. The strong strength of the US dollar in September and November did not have a significant impact on the direction of the RMB exchange rate. The recent "seven consecutive falls" in the spot market and the "guiding exchange rate" of the central bank have not shown the trend of being influenced by the US dollar.

Moreover, in November 28th, the China foreign exchange trading center was first put on the market. Bank The foreign exchange market launched the renminbi's transactions against the Australian dollar and the RMB against the Canadian dollar, adding two new members to the basket of currencies.

Since the second half of 2010, the foreign exchange trading center has launched RMB transactions on ringgit, rouble, Australian dollar and Canadian dollar. Up to now, the currency of direct exchange rate with RMB has increased to nine. Analysts say that when the yuan has experienced a long-term appreciation and is approaching equilibrium level, the marketization of the RMB exchange rate is another important step forward.

A foreign exchange trader pointed out that the main currencies in the international foreign exchange market are free convertibility, while in the context of the current RMB still can not be freely convertible, the main objective of the management is to deepen the RMB exchange rate marketization through the introduction of RMB to major currencies in the inter-bank foreign exchange market.

What is more noteworthy is that Tan Yaling, President of China Foreign Exchange Investment Research Institute (micro-blog), said that the short selling of the renminbi was a lot of coming from being short, and being short was a complete strategy, not a hole. Prior to the people When the currency appreciates rapidly, Tan Yaling has also indicated that the renminbi is appreciated, and we must be vigilant against the mistakes of the Japanese yen.