Since The Reopening Of The Exchange Rate, The Total Appreciation Of RMB Has Exceeded 5%.

In June 19th last year, the exchange rate reform was further pushed forward for nearly a year, and the central parity of RMB against the US dollar increased by more than 5%.

The yuan and the US dollar yesterday also renewed the record high since the reform of the exchange rate system, a sharp rise of 87 basis points, the largest single day volatility in the past 3 weeks, and 1 yuan to the Renminbi for 6.4716 yuan.

Spot market "

"It is a bit surprising that the US dollar has a limited decrease and the renminbi opened early."

A domestic bank foreign exchange analyst trader told reporters.

Yesterday, the first trading of foreign exchange market opened "silent" overnight dollar trend, opened the day before breaking the high point of inquiry, once hit a new high of 6.4634.

On the occasion of the 1st Anniversary reopening of the exchange rate reform, the spot market for several days of calm suddenly opened high. This shows that the "determination" of the recent appreciation of the renminbi is still relatively large in the view of Liu Dongliang, a foreign exchange analyst at China Merchants Bank.

In fact, at the end of the day before yesterday, the market trend of the RMB spot market began to be somewhat "unexpected".

Although the dollar rebounded on that day, the pressure on the renminbi to fall back was adjusted, but the spot market exchange rate suddenly dropped from the bottom to the end.

Some analysts pointed out that the recent report released by the safe on the surplus helped fuel the short-term market expectation of RMB appreciation.

The annual report of the State Administration of foreign exchange, released by the State Administration of foreign exchange on Thursday, predicts that China's balance of payments will continue to show a large surplus in 2011, and that the operation of the balance of payments may show some volatility.

However, the strength of the RMB in the spot market did not last. Although the RMB in the market had broken through the 6.47 pass, it was finally suppressed by the dollar buying, and finally ended in flat market.

since this year on

Since the exchange rate reform was further pushed forward in June 19th last year, the central parity of RMB against the US dollar has risen by more than 5%.

From the present point of view, the revaluation of exchange rate reform is 1st anniversary, and the trend of RMB exchange rate basically reverted to the path determined in 2005.

Over the past year, the RMB has appreciated slightly and gradually to the US dollar, and the elasticity of RMB exchange rate has also been gradually enhanced.

The appreciation of RMB against the US dollar has also accelerated slightly this year.

In its report, the safe pointed out that since 2005, the central parity of the RMB against the US dollar has appreciated by 24.97% since the end of 2010.

At the end of 2010, the central parity of RMB against the US dollar increased by 2055 basis points from the end of 2009, and the appreciation rate was 3%.

According to the initial calculations, the central parity of RMB against the US dollar has risen 2.28% this year.

Some scholars have pointed out that since the reopening of the exchange rate system, the reaping of the renminbi's appreciation has increasingly reflected the reference to a basket of currencies, rather than focusing on the single dollar exchange rate.

Lu Qianjin, an associate professor of the Department of international finance at Fudan University, said that in the past year, the renminbi has been derogating from a basket of currencies, and the renminbi has achieved a balance between a basket of currencies and the US dollar.

Lu Zheng commissar, a senior economist at Xingye Bank, also pointed out that the RMB exchange rate is changing from the past to the US dollar exchange rate and to the relative stability of the exchange rate of a basket of currencies.