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NEWS
The central parity rate rose sharply by 415 basis points
Date:2018-07-05 10:50

On July 5, the central parity rate of the renminbi rose sharply by 415 basis points to 6.6180 against the dollar, ending a two-day period of decline that was the biggest since October 11, 2017.Market, according to people with the RMB exchange rate adjustment pressure release, the market sentiment recover smoothly, on the whole, the current pressure of RMB exchange rate also have support, follow-up is expected to continue the operation of the whole stabilization, two-way volatility structure.

 

In global currency markets, the dollar index continued to wobble in Asian trading on Thursday after plunging 0.28 percent on Wednesday, with New York trading down 0.02 percent at 94.5441.Analysts said investors are now waiting for the minutes of the fed's June meeting on Thursday and Friday's U.S. non-farm payrolls data to confirm policymakers' expectations of two more rate increases this year.

 

The euro fell 0.02% against the dollar on Wednesday to 1.1657.The dollar fell 0.06% against the yen to 110.51.Sterling rose 0.28 per cent to $1.3231.

 

On the RMB side, the spot market was not affected by the reduction in the central parity rate yesterday, and the offshore RMB exchange rate generally continued the strong rebound started on the afternoon of March 3.Look from the disk, 4 domestic inter-bank foreign exchange market, onshore yuan against the dollar briefly to break above the 6.61 level and close to 6.60, the highest reached 6.6001, set up more than 600 points, after a rebound in the dollar have narrowed, and ticket is close at 6.6211, compared with the previous trading day up 461 points.At 23:30 Beijing time, it closed at 6.6330 yuan, up 80 basis points from the previous day and night close.Volume fell $8.409 billion to $23.895 billion.

 

Hong Kong market, the offshore yuan against the dollar yesterday at the spot exchange rate also significantly stronger, from all the way to accelerate the uplink to highs of 6.6136, near 6.67 days or more than 500 points, up to the ticket is submitted to the Beijing time 4, 6.6355, up 306 points, closing at 6.6431, up 0.35%.

 

Analysts pointed out that foreign exchange market supply and demand condition of a stronger dollar index change is a major cause of the current exchange rate depreciation, but this year the dollar continues to uplink space is limited, but the fundamentals and the policy of our country face the have the support, the current RMB exchange rate is expected to keep stable.

 

Cicc believes that the recent adjustment of the RMB is still within a reasonable range, and moderate fluctuations will help release the pressure of RMB depreciation and form the expectation of bilateral fluctuations.Of course, regulators have also sent confidence to the market, helping to stabilise the renminbi in the short term.

 

Uncertainty, "despite the recent face trade stocks remit the adverse situation, double string breaks through key resistance level, but there was no significant deterioration in the current fundamentals, depreciation is more early after the exaltation of adjustment and periodic release of emotions, don't have to panic too much."Socgen research said.

 

The people's bank of China authorizes the China foreign exchange trading center to announce that on July 5, 2018, the central parity rate of the RMB exchange rate in the interbank foreign exchange market is:$1 to 6.6180 yuan, 1 euro to 7.7172 yuan, 100 yen for 5.9910 yuan, hk $1 to 0.84371 yuan, one pound to 8.7555 yuan, 1 yuan to 4.8843 yuan, Australia nz $1 to 4.4741 yuan, 1 Singapore dollar to 4.8489 yuan, the Swiss franc to 6.6691 yuan, 1 1 Canadian dollar to 5.0367 yuan, RMB 1 to 0.61124 ringgit Malaysia,RMB 1 to 9.5654 the Russian ruble, RMB 1 to 2.0675 the South African rand, RMB 1 to 168.44 the won, the united Arab emirates dirhams for 0.55499, RMB 1 RMB 1 to 0.56669 the Saudi riyal, RMB 1 to 42.1486 the forint, RMB 1 to 0.56796 the polish zloty, RMB 1 to 0.9656 kroner, RMB 1 to 1.3268 kronor, RMB 1 to 1.2256 Norwegian krone, RMB 1 to 0.70584 the Turkish lira,One yuan to 2.9365 Mexican pesos, one yuan to 5.0074 baht.

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