RMB To The U.S. Dollar To Break The 6.47 Pass

Yesterday, the latest data from the China foreign exchange trading center showed that the central parity of RMB against the US dollar was 6.4696, breaking through the 6.47 pass, and the second consecutive trading days hit a new high since the reform.

It is reported that Greece may receive 150 billion euros of new aid funds, making market risk appetite greatly improved.

Against this background, the US dollar retreated and the central parity of RMB against the US dollar rose 6.47 in the first trading day this week, and the second consecutive trading day has hit a new high since the reform.

Expert comment further

"At present, the RMB exchange rate level is in line with the current macroeconomic fundamentals, especially with the acceleration of China's production factor price market process, the price of labor, resources, land and other factors is rising rigidly, and the pressure of rising production costs of export-oriented enterprises will reduce the space for further appreciation of the people's currency."

Senior financial commentators Ma Hong man said.

In terms of inflation appreciation, he believes that there is no strong correlation between exchange rate policy and China's current high inflation.

Theoretically, appreciation will help control prices, but if current appreciation will make hot money inflow more.

Insiders pointed out that although permitted at present

Experts point out that gradual appreciation has attracted capital inflows.

If the exchange rate shows greater flexibility, the short-term and medium-term exchange rate trend will become less clear, which will play a role in restraining the unilateral appreciation expectation and will inhibit capital inflow.

The expert said that the further development of China's foreign exchange market needs further improvement of the market main body's sense of risk avoidance and the development of the hedging market. Only the expansion of the RMB against the US dollar can effectively promote this.