On May 26, the central parity rate of the RMB against the US dollar was reported at 6.6766, a depreciation of 216 basis points.
The central parity of the previous trading day was at 6.6550, the closing price of the onshore RMB at 16:30 was at 6.6737, and at 23:30 in the evening trading at 6.6940.
Recently, the renminbi has fluctuated and appreciated against the US dollar, and the central parity rate of the renminbi against the US dollar has also fluctuated and appreciated from 6.7898 on May 13 to 6.6550 on May 25, an appreciation of 1348 basis points during the period.
Where does the driving force behind the recent appreciation of the RMB against the US dollar come from?
According to Securities Daily, the chief economist of CITIC Securities Mingming said that the epidemic situation in some parts of the country has gradually eased, and Shanghai has begun to promote the resumption of work, production and business in stages. At the same time, the policy level has further accelerated the deployment of policies related to stable growth. The rebound in growth expectations supported the RMB exchange rate.
Wang Qing, chief macro analyst at Orient Jincheng, said that the recent domestic epidemic has entered a stage of stable mitigation, with frequent policies to stabilize growth and increased market confidence, which has pushed the exchange rate of the RMB against the US dollar to rebound sharply.
Wang Chunying, deputy director of the State Administration of Foreign Exchange and spokesperson, recently said that at present, market players generally view the recent changes in the RMB exchange rate rationally, and the main transaction behaviors are still rational and orderly.
In recent years, the RMB exchange rate, whether it appreciates or depreciates in stages, is ultimately reflected in a more normalized two-way fluctuation, and generally remains basically stable at a reasonable and balanced level.
"The depreciation of the renminbi to a certain extent is a short-term change in stages. It does not change the overall characteristics of the two-way fluctuation of the renminbi exchange rate and maintaining a basic stability at a reasonable and balanced level." Wang Chunying said that for a super-large economy like my country, the exchange rate The long-term trend is mainly determined by domestic fundamentals.