On May 24, the central parity rate of the RMB against the US dollar was reported at 6.6566, an increase of 190 basis points.
The central parity of the previous trading day was at 6.6756, the closing price of the onshore RMB at 16:30 was at 6.6634, and at 23:30 at night, it was at 6.6488.
Regarding the reason for the sharp rise in the central parity rate of the RMB against the US dollar, according to Securities Daily, Wang Youxin, a senior researcher at the Bank of China Research Institute, said that from the exchange rate changes of a basket of currencies, with the US dollar index falling, the exchange rates of other non-US currencies have rebounded recently. In order to maintain the stability of the exchange rate trend against a basket of currencies, the RMB has also been dynamically adjusted accordingly.
Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, said that the increase in the central parity rate of the RMB against the U.S. dollar reflects the appreciation of the RMB against the U.S. dollar, mainly due to the recent sharp correction in the U.S. dollar index.
Regarding the trend of the RMB exchange rate in the short and medium term, Industrial Research believes that the divergence between the Sino-US economic and policy cycles has not been reversed, and the process of this round of RMB exchange rate revaluation may not be over yet.
The South China Futures Research Report predicts that the RMB exchange rate will fluctuate between 6.64 yuan and 6.80 yuan during the year.