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RMB Exchange Rate To New High

2011/9/27 11:58:00 18

In September 26th, the central parity rate of RMB against the US dollar was 6.3735, setting a new high since the reform.

European banking industry in recent years

debt crisis

Dragged down, the Fed's stimulus measures failed to boost the market, and international funds tended to avoid risks.

In September 26th, the renminbi increased against major currencies.

The people's Bank of China authorized the China foreign exchange trading center to announce that the intermediate price of RMB exchange rate in the interbank foreign exchange market was RMB 1 yuan to RMB 6.3735 yuan, 1 euro to 8.5634 yuan, 100 yen to RMB 8.3270 yuan, 1 Hong Kong dollar to 0.81697 yuan, 1 pounds to RMB 9.8499 yuan.

Ding Zhijie, Dean of Finance School of University of International Business and Economics, said that the balance of payments situation and economic fundamentals affected the trend of RMB.

There are too many uncertainties in international financial markets. The main trend of capital flows is avoiding risks.

In August, China's foreign exchange accounted for a substantial rebound, a large number of funds have inflow potential, the pressure on the RMB is relatively large.

He believes that in the short term, the uncertainty of the economic form is too great, and the future trend of the RMB is hard to judge.

Because

European sovereignty

The debt crisis has dragged down the banking sector. Last week, Moodie's company downgraded eight banks in Greece, and rumors of a Greek default are rampant.

Economic recovery in Europe and America is slow and monetary policy has to remain relaxed.

On September 21, the Fed's Conference on interest rates only planned a "twist operation" of the 400 billion dollar term swap.

Risk aversion is strong in the market, and the US dollar has gone far stronger.

The US dollar index continued to rise. Hongkong's one-year dollar price rose against the RMB non deliverable forward market (NDF), and its appreciation was over 2%.

As for the current Renminbi price movements in the domestic exchange rate market deviating from the trend of NDF, Ding Zhijie said: "this upside down reflects the increasing independence of the RMB in the domestic market."

NDF price change is mainly affected by the recent rise in the US dollar index, which does not mean that the renminbi will depreciate in the future.

Dollar pegged

currency

Mainly in the euro, yen, pound, etc., the renminbi is not in the US dollar package.

In recent years, the economic performance of Europe and Japan has been weak. Compared with these currencies, the US dollar has a strong trend.

But compared with strong currencies such as the renminbi, the US dollar performance is still weak.

Last week, the International Monetary Fund (IMF) and major investment banks lowered global economic growth expectations. The euro area of financial data company Markit and China's September HSBC Manufacturing Purchasing Managers Index (PMI) preview were worse than expected.

Affected by the slow recovery of economic recovery, crude oil, non-ferrous metals, chemical industry and other varieties showed a marked downward trend.

As of September 23rd closing, New York Mercantile Exchange delivered crude oil futures in November fell 0.82% to 79.85 dollars per barrel, which is the international oil price since November last year for the first time to stay below 80 dollars per barrel level.

London metal copper zinc tin nickel lead and other weekly decline were 15%.

Market panic has brought gold prices down.

In September 23rd, gold futures for COMEX12 delivery in New York fell by US $101.90, the biggest drop in five days.