On July 11, the People's Bank of China authorized the China Foreign Exchange Trading Center to raise the central parity of the RMB against the US dollar by 25 basis points to 6.6234 yuan, which was raised for two consecutive days. However, due to the rebound of the US dollar index and the new changes in the trade situation, the exchange rate of the RMB against the US dollar fell by several hundred points that day.
On the same day, the onshore RMB against the US dollar closed at 6.6674, down 444 points from the previous trading day. In the morning, due to the influence of news factors, the exchange rate of RMB against the US dollar fell sharply in the Hong Kong market, and it quickly fell below the four levels of 6.66, 6.67, 6.68 and 6.69 yuan. As of 19:00, the offshore RMB against the US dollar reported 6.70, down 503 points.
Industry insiders said that the dollar trend is still an important variable affecting the operation of the RMB exchange rate. In recent days, the RMB exchange rate has rebounded, which is also related to the adjustment of the US dollar index. If the dollar continues to strengthen, the yuan will still be under pressure. However, the overall view of RMB depreciation is a short-term fluctuation rather than a long-term trend. China's economic fundamentals support the stability of foreign exchange reserves in the volatility, and the future RMB exchange rate will also be more flexible.
It is worth noting that the panic of some investors seems to have contributed to the fluctuations in the current round of foreign exchange markets. In this regard, Xie Yaxuan, chief macro analyst of China Merchants Securities, believes that the depreciation of the RMB exchange rate should be viewed rationally.
In fact, for the future trend of the renminbi, Guo Shuqing, secretary of the Party Committee of the People's Bank of China and chairman of the China Banking Regulatory Commission, said in an interview with the media that the RMB exchange rate has been adjusted since last year and has entered a reasonable range of two-way volatility. The economic fundamentals determine that it does not exist. The possibility of sharp depreciation.
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