Chen Siqing: The Renminbi Will Not Depreciate All The Time.

　　 RMB to us dollar exchange rate In January, 14 days after the establishment of the new exchange rate reform, the downward trend of the new stock market continued to depreciate. In March 10th, the median price was 6.1312, down 111 basis points from the previous trading day, the biggest decline since July 23, 2012.

At this sensitive time, on the afternoon of March 11th, Bank of China For the first time, the offshore RMB index (ORI) was released to the whole world to reflect the level of RMB internationalization. As the only representative of WeChat's new media, the financial city was invited to attend the conference.

According to calculation, the Bank of China left the coast at the end of 2013. RMB The index is 0.91%, which means that in the international financial market activities such as offshore deposit and loan, the renminbi accounts for only 0.91% of all currencies. Although this figure is significantly higher than the 0.5% in 2012, it is obviously not in line with the important position of my great country in the world economy.

The gap between the US dollar, euro, pound and yen at the end of 2013 is 48.17%, 25.20%, 5.91% and 5.50% respectively.

This shows a cruel reality: the US dollar and the euro still occupy an absolute leading position in the international financial arena, and the road to RMB internationalization is still long.

Another indicator shows that the market still has strong expectations for the high interest rate and appreciation trend of the renminbi. According to the bank estimates, the balance of offshore RMB loans is about 400 billion yuan, not only far from the scale of tens of billions of offshore dollars and euro loans, but also large difference from offshore RMB deposits (nearly 1 trillion and 500 billion). It shows that both enterprises and individuals are more willing to hold renminbi assets rather than liabilities.

Although the Yuan's share in the international market is less than 1%, Yue Yi, vice president of the Bank of China, said that the renminbi's role as an international reserve currency is expected to continue to improve. In recent years, Nigeria, too, South Africa, Belarus, Indonesia and other countries and regions have incorporated Renminbi into their foreign exchange reserves. Russia, Chile, Saudi Arabia and the European Union have indicated that they are actively studying the renminbi as their foreign exchange reserve.

Yue said that the bank will improve the global RMB clearing network and strive to serve as the main bank of RMB clearing for major international financial centers.

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In a speech prepared for the hearing of the Senate Finance Committee yesterday evening, Fisher said that the unemployment rate in the United States is too high and the inflation rate is lower than the target, indicating that the Federal Reserve still needs to implement a loose monetary policy. The US dollar index edged down to 79.62, and the RMB exchange rate weakened slightly against the US dollar index.

On Wednesday, the renminbi closed down against the US dollar, and the intra day volatility remained relatively stable. Some traders said that compared with the ups and downs in the past few days, the transactions in recent days were relatively quiet, and the supply and demand also tended to be balanced. The short-term uncertainty of the market is increasing, and the future direction is not clear. The market is mostly open to customers, and there are not many active operations.

The people's Bank of China authorized the China foreign exchange trading center to announce that the RMB exchange rate in the interbank foreign exchange market in March 11, 2014 was RMB 1 yuan to RMB 6.1327 yuan, 1 euro to RMB 8.5076 yuan, 100 yen to RMB 5.9380 yuan, 1 Hong Kong dollar (7.7638, -0.0004, -0.01%) (7.7615, -0.0006, -0.01%) to 0.79021 yuan, 1 pounds to RMB 1 yuan, Australian dollar to RMB yuan, Canadian dollar to RMB yuan, RMB yuan to the ringgit, RMB yuan to the Russian Russian rouble.