China-Singapore Jingwei client, May 19, China Foreign Exchange Trading Center data shows that on May 19, the central parity of RMB against the US dollar rose by 118 basis points to 7.0912. The central parity of RMB against the US dollar was reported at 7.1030 on the previous trading day.
On the same day, the onshore RMB exchange rate against the US dollar opened higher by more than 100 points, and the offshore RMB against the US dollar fluctuated downward, falling below the 7.12 mark.
Source: Forex Trading Center's official website
The central bank's micro-signal issued on the 14th "Analysis of the Impact of the New Coronary Pneumonia Epidemic on the Global and China's Economy and its Response" pointed out that it will continue to maintain the two-way floating elasticity of the RMB exchange rate and do a good job of stabilizing expectations through multiple channels. Strengthen international policy coordination and effectively prevent and control the impact of international epidemics. At the same time, adhere to the bottom-line thinking, maintain a high degree of vigilance against possible external risks, and make proactive policy reserves to promote the stable operation of the national economy.
The Industrial Research team believes that it is difficult to see the driving factors that reverse the strong dollar in the short term, and the dollar index is likely to remain high and volatile. Near the two sessions, the RMB exchange rate will continue to consolidate. After the precious metal breaks up, there is still a short-term momentum to continue to rise. The rebound in domestic spot demand may continue to promote the convergence of domestic and foreign spreads.
Dongfang Jincheng believes that in the short term, the European and American epidemics will show initial signs of slowing down, which is expected to weaken the hedging demand to a certain extent, but the emerging market epidemic has greater uncertainty, and the high hedging demand is difficult to drop. It is expected that the US dollar index will remain at 96 -100 interval oscillation operation. (Sino-Singapore Jingwei APP)