On the morning of February 28th, the spot exchange rate of RMB against the US dollar (6.1365, 0.0081, 0.13%) closed at 6.1275, and yesterday's closing price was 6.1284. The China Currency Exchange Center announced that the central parity of the yuan against the US dollar today was 6.1214, an appreciation of 10 points. The spot exchange rate and the middle pair both rose slightly, changing the recent decline.
Since the beginning of this year, the central parity of the RMB has depreciated from 6.0969 to 6.1214, and the depreciation range is about 0.4%. The spot exchange rate has depreciated by 6.13 from the low point of 6.04 in January 13 and the depreciation rate is nearly 1.5%. On Tuesday, it fell 260 basis points in a single day, setting the biggest one-day drop since January 28, 2011.
In this regard, Zong Liang, deputy director of the Institute of International Finance of the Bank of China, said that the change in foreign exchange is determined by the supply and demand situation. The short-term fluctuation of the renminbi is a normal adjustment in the near future. Some people in the market interpret it as related to the downturn of the Chinese economy, which in turn leads to The behavior of market panic is wrong.
The renminbi exchange rate continues to fall, which is closely related to the personal interests of the people. The renminbi is not worth the money. Studying abroad, overseas shopping and overseas travel require more renminbi to exchange foreign currency. According to the maximum amount of RMB depreciation during the year, the exchange of 10,000 US dollars will cost nearly 1,000 RMB. In this context, foreign currency wealth management products are optimistic, and some high net worth customers have begun to consciously increase dollar holdings. A bank staff member said that many customers have already used the total amount of exchanges available for each year, that is, the upper limit of 50,000 US dollars, and gradually increase the allocation of dollar assets through this method.
In addition, according to the Financial Times, analysts and investors warned that if the renminbi continues to fall, Chinese companies may face billions of dollars in losses due to related complex hedging products. Chinese companies and global investors have bought hundreds of billions of dollars worth of structured products that have benefited from the appreciation of the renminbi in the past year, and now the pressure on related products continues to rise as the renminbi has fallen to its lowest level since July last year. Increase.
The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that the central parity of the RMB exchange rate in the inter-bank foreign exchange market on February 28, 2014 was: US$1 to RMB6.1214, 1 Euro to RMB8.3897, 100 yen to RMB6.0022, and HK$1. (7.7610, -0.0001, -0.00%) against RMB 0.78878, 1 pound against RMB 10.2136, 1 Australian dollar against RMB 5.4845, 1 Canadian dollar against RMB 5.4997, RMB 1 to 0.53501 ringgit, RMB 1 On 5.8813 Russian rubles.
Since the beginning of this year, the central parity of the RMB has depreciated from 6.0969 to 6.1214, and the depreciation range is about 0.4%. The spot exchange rate has depreciated by 6.13 from the low point of 6.04 in January 13 and the depreciation rate is nearly 1.5%. On Tuesday, it fell 260 basis points in a single day, setting the biggest one-day drop since January 28, 2011.
In this regard, Zong Liang, deputy director of the Institute of International Finance of the Bank of China, said that the change in foreign exchange is determined by the supply and demand situation. The short-term fluctuation of the renminbi is a normal adjustment in the near future. Some people in the market interpret it as related to the downturn of the Chinese economy, which in turn leads to The behavior of market panic is wrong.
The renminbi exchange rate continues to fall, which is closely related to the personal interests of the people. The renminbi is not worth the money. Studying abroad, overseas shopping and overseas travel require more renminbi to exchange foreign currency. According to the maximum amount of RMB depreciation during the year, the exchange of 10,000 US dollars will cost nearly 1,000 RMB. In this context, foreign currency wealth management products are optimistic, and some high net worth customers have begun to consciously increase dollar holdings. A bank staff member said that many customers have already used the total amount of exchanges available for each year, that is, the upper limit of 50,000 US dollars, and gradually increase the allocation of dollar assets through this method.
In addition, according to the Financial Times, analysts and investors warned that if the renminbi continues to fall, Chinese companies may face billions of dollars in losses due to related complex hedging products. Chinese companies and global investors have bought hundreds of billions of dollars worth of structured products that have benefited from the appreciation of the renminbi in the past year, and now the pressure on related products continues to rise as the renminbi has fallen to its lowest level since July last year. Increase.
The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that the central parity of the RMB exchange rate in the inter-bank foreign exchange market on February 28, 2014 was: US$1 to RMB6.1214, 1 Euro to RMB8.3897, 100 yen to RMB6.0022, and HK$1. (7.7610, -0.0001, -0.00%) against RMB 0.78878, 1 pound against RMB 10.2136, 1 Australian dollar against RMB 5.4845, 1 Canadian dollar against RMB 5.4997, RMB 1 to 0.53501 ringgit, RMB 1 On 5.8813 Russian rubles.
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