Experts Say The Renminbi Is Still Not In The Way Of Depreciation.

< p > April 22nd, China's "a href=" //www.sjfzxm.com/news/index_cj.asp "foreign exchange" /a "trading center announced the central parity of RMB against the US dollar was 6.1610, down 19 basis points from the previous trading day, setting a new low this year.

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< p > this year, the continued depreciation of the RMB against the US dollar is obvious.

Compared with the new high of 14 in January, when the exchange rate of US $1 was 6.0930 yuan, the central parity of the RMB against the US dollar has fallen 680 basis points this year.

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< p > especially in the two week after February 19th this year, the RMB exchange rate continued to depreciate sharply.

The weekly decline of 0.89% in from February 24th to 28th has set a record of the exchange rate reform. Since March, the depreciation trend of the RMB exchange rate has continued. In March 10th, the RMB to us dollar exchange rate < a href= "//www.sjfzxm.com/news/index_cj.asp" > intermediate price < /a > 6.1312, down 111 basis points from the previous trading day.

It is echoing the trend of RMB exchange rate depreciation in domestic foreign exchange market, and the expectation of RMB depreciation in offshore market is becoming more and more obvious.

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< p > however, many domestic experts believe that the RMB has not entered the path of depreciation.

Zong Liang, deputy director of the International Finance Research Institute of Bank of China (601988, Guba), told reporters that the fundamental economic fundamentals that have determined the long-term trend of the RMB exchange rate have not changed fundamentally.

With the decision of the people's Bank of China in March 15th to expand the RMB exchange rate of the foreign exchange market less than a href= "//www.sjfzxm.com/news/index_cj.asp" > US dollar < /a > the floating rate of exchange rate, the future fluctuation of RMB exchange rate should be characterized by a two-way fluctuation rather than a sustained depreciation.

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< p > Zhao Xijun, vice president of the school of Finance and finance of Renmin University of China, said that the recent macroeconomic stability in the United States, the gradual easing of quantitative easing policy, and the global capital flow to the US, the relative appreciation of the US dollar led to the relative depreciation of the renminbi.

In addition, due to seasonal reasons, the export volume is affected by holidays such as Christmas and Spring Festival. There is a certain anomaly in the foreign exchange settlement at the beginning of the year, causing the fluctuation of the RMB exchange rate.

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Yi Xianrong, a researcher at the P research center of the Chinese Academy of Social Sciences, said that after the reform in 2005, the unilateral appreciation of the RMB against the US dollar has reached over 32%.

The proper depreciation of the renminbi can not only block international hot money inflow, crack down on arbitrage of RMB exchange rate, but also ensure that the marketization reform of RMB exchange rate formation mechanism can be carried out smoothly.

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< p > today, the spot exchange rate depreciated sharply in the afternoon, breaking through the previous low of 6.2370 yuan in the previous year, and rebounded after hitting the low of 6.2390 yuan.

The spot closed at 6.2375 yuan, the lowest price since February 21, 2013, 6.2405 yuan.

The low in the previous session was 6.2434 yuan in February 22, 2013.

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< p > offshore market, the 1 year US dollar / RMB non deliverable forwards RMB 6.2665/08 yuan.

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In the global market, the euro fell against the US dollar (1.3792, -0.0001, -0.01%) for nearly two weeks on Tuesday and fell against the yen, after which the European Central Bank will try to contain the euro's further stronger expectations and keep investors away from the currency.

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< p > HK $(7.7526, -0.0008, -0.01%) / RMB inquiry system closed at 0.80442, an increase of 12 points compared with the previous trading day; the 100 yen / RMB inquiry system closed at 6.0817, an increase of 80 points compared with the previous trading day; the euro / RMB inquiry system closed at 8.6130, an increase of 24 points compared with the previous trading day; the pound / Renminbi inquiry system was 10.4858, an increase of 109 points compared with the previous day; the Australian dollar / Renminbi inquiry system was 5.8367, an increase of more than the previous day; the New Zealand dollar / RMB inquiry system was on the offensive, increasing the number of points on the previous day; the Canadian dollar / Renminbi inquiry system was closed at the end of the previous trading day.

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