On the 22nd, the exchange rate of RMB against the US dollar broke 6.80, a record high of five years.

Yesterday, the central parity of the RMB against the US dollar was reported at 6.7980, a sharp increase of 295 basis points from the previous trading day, setting a new high since the exchange reform in July 2005.

Analysts said that the renminbi will continue to promote exchange reform, and there is little possibility of further appreciation. The effect of short-term exchange reform will be more reflected in exchange rate fluctuations.

Yesterday, the Intermediate Foreign Exchange Administration’s RMB intermediate offer showed that the central parity of the US dollar against the RMB was 6.7980 yuan. Since July 2008, the central parity of the US dollar against the RMB has been fluctuating within a narrow range of 6.82 to 6.84 yuan. At the same time, the central parity of other foreign currencies against the renminbi also declined to varying degrees. The euro fell from 8.4825 yuan on Monday to 8.3816 yuan; 100 yen fell from 7.5500 yuan to 7.4740 yuan; the pound fell from 10.1338 yuan. To 10.0372 yuan.

At the close of the spot inquiry market yesterday, the RMB closed at 6.7976 against the US dollar, setting a new high since the exchange rate reform in 2005, and the increase was close to the daily floating limit of five thousandths. Yesterday, the central parity of the RMB against the US dollar was similar to the quoted price of the 21st spot inquiry market, indicating that the central parity of the RMB exchange rate reflects the market supply and demand.

A spokesman for the People's Bank of China said on the 19th that according to the domestic and international economic and financial situation and China's international balance of payments, the People's Bank of China decided to further promote the reform of the RMB exchange rate formation mechanism and enhance the flexibility of the RMB exchange rate. He also stated that “the market is based on supply and demand, and adjustments are made with reference to a basket of currencies. Continue to follow the published exchange rate fluctuation range of the foreign exchange market to dynamically manage and adjust the RMB exchange rate fluctuations.”

Financial advice to hold the RMB against the change in the central parity of the RMB against the US dollar. Professor Chen Ping, vice president of Lingnan College of Sun Yat-Sen University and permanent director of the China Finance Association, said in an interview with this newspaper that this is a concrete manifestation of the reform of the exchange rate formation mechanism. It shows that the central bank has returned to the attitude of exchange reform before the financial crisis, and the future exchange rate will more reflect the impact of market supply and demand. However, he believes that at present, the renminbi may only appreciate slightly within the appropriate range, and will not make major adjustments.

In the face of the expected appreciation of the renminbi, senior financial planners suggested in an interview with the New Express reporter that the current currency-holding strategy is to hold the renminbi as the top. Unless the individual has a rigid foreign currency demand, otherwise the currency will be converted into RMB. More suitable financial strategy.

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