RMB Spot Exchange Rate Rose 6.2, Or A Two-Year High.

"P" China foreign exchange trading center data show that yesterday, the US dollar to RMB a href= "//www.sjfzxm.com/news/index_c.asp" > intermediate price < /a > reported 6.1452, down 23 basis points from the previous trading day.

After the opening of the spot market, the US dollar opened up to the renminbi, and the early trading session was always in the right place. The afternoon was down all the way, with a minimum of 6.1882.

As of yesterday's close, the US dollar reported 6.1888 yuan, or 362 basis points.

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< p > there are traders who said that the signs of a rebound on Friday showed that the mood of the wait-and-see group was rising. After the opening of the middle price yesterday, the customer settlement market gradually gained the upper hand, and the spot exchange rate rose further in the afternoon.

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Liu Weiming, an expert in CITIC Bank's financial market, said in an interview that the two-way fluctuation mechanism has been basically established, and the supply and demand relationship will fluctuate. Yesterday's fluctuation did not exceed the magnitude. After that, the situation will become the norm, and we should be accustomed to it. P

As for the recent trend of RMB, Liu Weiming said that the RMB will continue to adjust mainly in the near future, even if 6.35 or 6.40 are acceptable.

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< p > March 15th, a central bank announcement gave the market a further boost in the two-way fluctuation of the RMB exchange rate.

The central bank announced that since March 17, 2014, the floating rate of RMB to us dollar trading in inter-bank spot foreign exchange market has expanded from 1% to 2%, that is, the daily trading price of RMB against the US dollar in the inter-bank spot foreign exchange market fluctuated within 2% of the middle price of that day.

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< p > Liu Dongliang said that the action of the central bank will make it difficult for the RMB to appreciate unilaterally and the two-way fluctuation will become the main trend. The expansion of the fluctuation range will effectively combat the RMB interest spread paction.

Liu Dongliang believes that for this action, the RMB interest rate will be more market-oriented, and the market will determine the RMB exchange rate.

He said: "I think the central bank will gradually decentralization of the RMB exchange rate to the market, which will also benefit the long-term appreciation of the renminbi."

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Last year, most of the RMB was in the "a href=" //www.sjfzxm.com/news/index_c.asp "one-way appreciation /a" situation, and because of the low lending rate of large numbers of currencies in the background of global quantitative easing (QE), the renminbi became the preferred "hotbed" for some speculators.

However, since entering the 2014, the unilateral appreciation of RMB has been reversed.

Publicly available data show that the US dollar exchange rate has risen from 6.0406 of the lowest price in January 14th to 6.2370 of the recent high price, up 1964 basis points, while the 6.2370 price is the highest price in nearly a year.

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Zhu Guangyao, Vice Minister of finance of China, said in an interview last Sunday that "the purpose of exchange rate reform is not to let the RMB appreciate one way, but to let the market decide the exchange rate level."

The recent weakening of the renminbi is driven by the market, reflecting the relatively weak economic data in China.

The downward trend of RMB is related to the market.

Export figures showed a trade deficit in February, and China had always been in a trade surplus, so the market reaction was normal.

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< p > Reuters quoted the trader of a joint-stock bank in Shanghai yesterday as saying that although the market is crisp and thin, the market on Monday may set the tone for this week, and this week should be the rhythm of the callback.

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< p > Standard Chartered Bank [micro-blog] CEO and Yevgeniy Gavrilenkov, chief economist of Russian Federation savings bank (Yevgeny), have high hopes for the RMB at the China Development Summit held recently.

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P said that in 2012, the yuan had become the seventh largest payment currency in the world, accounting for 7% of the total global trade financing, which has surpassed the euro.

In 2013, the RMB trading volume in the offshore market increased by 13%. At this rate, the renminbi will become the fourth largest payment currency in the world by 2020.

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< p > Gavrilenkov said: "< a href=" //www.sjfzxm.com/news/index_c.asp "> RMB < /a > may become the third largest reserve currency in the world."

"This prediction is based on the level of China's economic development," he said.

Maybe after a long time, the scale of China's GDP will grow to a scale of 14 trillion to 16 trillion dollars, which is almost the same as that of the European Union and the United States.

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Under the dual impetus of the government and the market, the offshore RMB market has been developing rapidly since 2013, and the total assets of offshore renminbi including deposits, certificates of deposit, bonds and loans have nearly doubled since the P.

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< p > Standard Chartered Bank reported New York for the first time as the fifth offshore RMB center. Standard Chartered said New York was included as one of the offshore centers of the RMB global index, mainly due to its increased Renminbi payment and foreign exchange volume.

At the same time, New York is in a favorable time zone and has huge trade with China. Investors' interest in renminbi has been increasing.

At the same time, the use of RMB by American enterprises is on the rise.

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< p > however, insiders also pointed out that the renminbi is in a "growing period" and that it will take some time to fully mature.

The internationalization of RMB is still a long way to go. The advantage is that the Chinese government and the Central Bank of China are actually promoting the process of RMB internationalization.

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