RMB To The US Dollar Exchange Rate Intermediate Price 30 Day Intraday Diving, The Renminbi Stability Is Tested Again.

According to the data released by the China foreign exchange trading center on June 30th, the renminbi is against the US dollar.

The median price was 6.6312, up 12 basis points over 29 days.

On the 30 day, a report issued by the Bank of China pointed out that in the second half of this year, wide and two-way fluctuation is the main feature of the RMB exchange rate.

The main reasons are: first, domestic investment in May.

The economic data of the industry and other economic data are not as good as expected. The downward pressure on the macro-economy is still relatively large. Two, the Federal Reserve still has interest rate hikes. It is expected that the US dollar will continue to consolidate in the short term. If the US economic activity improves, inflation picks up and interest rates increase, the US dollar will still have a gradual upward trend, and the pressure of RMB depreciation will be increased.

The central parity of the RMB against the US dollar dived in the 30 day, dropping to 6.7021 from the 6.6600 level, falling by more than 400 basis points in just a few minutes.

Bank of China believes that although there is still devaluation pressure on the RMB exchange rate against the US dollar, there will be no weakening trend and there is still a stable condition for the RMB exchange rate.

One is China.

Long term fundamentals and current account surplus continue to support the strong currency position of the renminbi.

Two, the decline in foreign exchange holdings has narrowed for 5 consecutive months, and the RMB exchange rate is expected to be relatively stable.

Three, the RMB will be included in the SDR basket currency in October 2016. The internationalization of RMB will be further developed and the demand for RMB assets allocation will be further improved.

Four, speed up the opening process of China's bond and stock market will help to promote international capital inflow and improve the supply and demand of foreign exchange market.

24 days

The central parity of RMB has been adjusted for three consecutive days since the referendum, and it has even hit a five and a half year low.

On the 29 day, the trend changed, and the central parity of the RMB against the US dollar rose by more than 200 basis points.

In this regard, it is believed that the impact of Britain's "off Europe" on the RMB exchange rate is gradually easing.

And the day's diving more than 400 points, so that the stability of the RMB will be tested again.