The RMB Exchange Rate Has Risen Nearly Two Hundred Points.

The spot exchange rate against the US dollar continued to rebound from May 1. In May 6th, the spot exchange rate of the RMB against the US dollar rose 198 basis points, hitting a 6.2251 week high of two, which deviated from the slight weakening of the intermediate price.

RMB versus US dollar Spot rate Closing at 6.2257, compared with the closing price of the previous trading day 6.2455, an appreciation of 198 basis points, an increase of 0.32%. The intraday fluctuation range is 6.2251-6.2426, and the maximum amplitude in the day relative to the middle price is 1.40%, with a turnover of US $15 billion 900 million.

Trading personages say, enterprises after holidays Financial arrangement The impact of buying foreign exchange decreased from the end of last month, while the enthusiasm of passenger exchanges has risen. In addition, the position of many US dollars in the current position has also been profitable to liquidation and to push the RMB up.

Some analysts believe that the RMB exchange rate is unlikely to return to the rally in the near future. Two-way fluctuation The situation is quite obvious.

Guan Tao, member of the head of the balance of Payments Division of the State Administration of foreign exchange and member of the "Fifty Member Forum of China's economy", wrote that the RMB exchange rate rise or fall is a normal phenomenon and should not be overinterpreted in its short-term volatility. He also predicted that the cross-border capital flows will remain a two-way oscillation in the future. The two-way fluctuation of the RMB exchange rate will become a new normal.

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On Wednesday (May 7th), the RMB weakened against the US dollar on shore spot exchange rate, failing to continue the fast rebound trend of the first two trading days this week, and deviated from the guideline of the middle price of that day. According to the announcement, on the 7 day, the central parity of RMB against the US dollar was 6.1542, up 23 basis points from the previous day.

Foreign exchange traders pointed out that after the rapid rise of the yuan in early Zhou Dynasty to the early consolidation area, the mood was warms up. In addition, the market worried that the April trade figures that will be announced would have an uncertain effect on the market, leading to a return to the short-term gains. In addition, oil companies in the market to buy dollars at a low level is also one reason for the weakening of the renminbi.

Analysts said that after the relaxation of the daily fluctuation of the RMB market exchange rate, the exchange rate market expected to be divided, which led to a marked increase in the fluctuation of the exchange rate. This is perhaps what the central bank would like to see, because the central bank recently reiterated that the market could play a greater role in the formation of the exchange rate.

However, the guidelines for the middle price can not be ignored. Since April, the central parity has been relatively stable, indicating that although the central bank has tolerated RMB flexibility, it does not want the exchange rate to deviate too much from the middle price level. After a rapid devaluation in April, the RMB will soon be in a concussion pattern.