In recent days, the RMB has been appreciating continuously, breaking 6.51, 6.50 and 6.49. The spot exchange rate of RMB against the US dollar has been rising unstoppably. And for a week, the yuan has continued to appreciate against the euro. So what's the latest exchange rate of RMB?
As a result, the quotation of CFETS RMB exchange rate index is also rising slightly, which means that the RMB exchange rate is changing to the stage of 'appreciation against a basket of currencies'. At the same time, the exchange rate of RMB against the US dollar continued to appreciate, and China's foreign exchange reserves also rose seven times in August.
Obviously, the central bank introduced counter cyclical factors to manage the exchange rate this year, which was very successful. It greatly reduced the loss of foreign exchange reserves and reversed the wrong consensus expectations of the market to a large extent. However, as a result, many people are wondering whether it is a periodic or a trend appreciation. Despite the differences, the long-term depreciation argument at the end of last year has changed significantly.
How can RMB appreciation affect people's life?
RMB appreciation, back to the '6.4 era'
According to data from China foreign exchange trading center, the central parity rate of RMB against the US dollar today (September 7) was 6.5269, up 42 basis points from the previous trading day. This is the ninth consecutive day that the central bank's will is reflected in the rise of the RMB dollar central parity rate.
As of 19:40, the spot exchange rate of RMB against US dollar rose rapidly, breaking 6.51, 6.50 and 6.49, with the highest appreciation reaching 6.4865, a new high in nearly 16 months; the offshore RMB also rose to 6.50, with the highest value reaching 6.4950.
For a week, the yuan has appreciated not only against the dollar, but also against the euro. The central parity rate of RMB against the euro continued to appreciate from a staged high of 7.9333 on August 29 to 7.7841 today.