The Renminbi Maintained A Basically Stable Exchange Rate Against A Basket Of Currencies.

In March 31, 2016, the CFETS RMB exchange rate index was 98.14, which was 1.50% lower than that at the end of 2. The RMB exchange rate index, referring to the basket of BIS currencies and the basket of SDR currencies, was 99.08 and 97.61, respectively, which was 1.96% and 0.63% lower than those at the end of 2 months.

This is mainly due to the weak global economic recovery and seasonal factors, which led to weaker trade data in China in February. The US dollar was related to the depreciation of other currencies and the rise of CPI in China in the past two months.

Taking price factors into account, the real effective exchange rate of the RMB still appreciates slightly.

In summary, the yuan has maintained a basically stable exchange rate for a basket of currencies.

The decline in the RMB exchange rate index mainly occurred in the middle of March.

In early March, the CFETS exchange rate index of the renminbi declined somewhat, but the rate of depreciation was relatively small.

In mid March, as the market came

The rate hike is expected to weaken, the US dollar continues to depreciate against other currencies, and by the decline of China's export growth in February, the decrease in the trade surplus in goods and the continuous rise of CPI's year-on-year growth rate, CFETS's exchange rate index has seen a slight depreciation trend, from 99.03 in March 11th to a low point in March 18th's 98.05 month.

Since then, with the market's digestion of trade and price data, the RMB exchange rate index of CFETS has stabilized and slightly appreciated.

Referring to the basket of BIS currencies and the basket of SDR currencies, the RMB exchange rate index is basically the same as that of the CFETS RMB exchange rate index.

Data from every trading day since March are in the US dollar.

In order to maintain a relatively stable exchange rate of RMB against a basket of currencies, the central parity of the RMB against the US dollar is based on the closing price.

On the contrary, it is.

On the basis of keeping market expectations stable and the relative stability of the RMB against a basket of currencies, the mechanism enhanced the elasticity of RMB bilateral exchange rate against the US dollar. In March, the average volatility of the RMB bilateral exchange rate against the US dollar was 0.17%, which was higher than that in February, and far higher than the CFETS exchange rate index, the RMB exchange rate index referring to the BIS basket of currencies, and the average volatility of the RMB exchange rate index of 0.11% yuan, 0.14% and 0.11%, referring to the basket of SDR currencies.

In March, the exchange rate of RMB and the exchange rate of a basket of currencies changed more clearly with the formation mechanism of the central parity of RMB against the US dollar.

The so-called "closing exchange rate + exchange rate changes in a basket of currencies" refers to the market maker's closing price on the basis of the closing date of the previous day, plus the RMB's bilateral adjustment to the US dollar, which is required to maintain a stable 24 hour RMB exchange rate against a basket of currencies.

When making quotations, the market makers not only consider the CFETS RMB exchange rate index, but also refer to the RMB exchange rate index of BIS and SDR currencies basket, so as to eliminate the noise in the exchange rate of Basket Currencies, and also have some filter functions when the international market volatility increases.