RMB Spot Rose Sharply In The Past Six Months High

The yuan rose sharply against the US dollar on Wednesday (September 3rd), reaching a high level of nearly half a year, while the middle price continued to depreciate due to the overnight dollar index and refreshed its three month low.

Most of the exchanges between the two exchanges are still cautious.

Traders pointed out that several major banks that bought foreign exchange last week exchanged backhand to increase short-term pressure on RMB appreciation.

However, the central bank has recently sent frequent calls to each trading room to ask passengers to consolidate the purchase of foreign exchange. Banks tend to understand that regulators are reluctant to appreciate the renminbi too quickly, and offshore markets.

The weaker trend also keeps the market relatively cautious.

"We still feel that we will appreciate in the short run. After all, this is a flow market. As long as the trade surplus is going on, the dollar price will go down."

A stock trader said that the purchase of foreign currencies was strong in the first two weeks, but it seems to be changing to backhand settlement recently.

He believes that although the international dollar is strong and the middle price is going in the direction of depreciation, because the RMB exchange rate as a whole reflects the direction of trade flows, there is no reverse paction.

Generally, the trend of fluctuating appreciation.

In addition, the dollar is in flood and interest rates are low.

It may still be replaced by Renminbi, which will increase the pressure of appreciation.

Today the yuan rose 0.13% to 6.1411 yuan, after closing 6.1361 yuan in March 13th.

In the global market, the euro rose almost all of the main currencies on Wednesday. Ukraine said it had reached a cease-fire agreement with Russia, giving some comfort to the euro zone economy, which was hit by the conflict between the two sides.