The central parity of the renminbi against the US dollar broke within 6.27 years or appreciated slightly

Just after the May Day holiday, the central parity of the RMB against the US dollar reached a new height. Yesterday (May 2), the central parity of the RMB against the US dollar was reported at 6.267, up 117 basis points from the previous trading day, and broke through 6.27 for the first time. In the previous two trading days, the central parity of the RMB against the US dollar was 6.2829 and 6.2787, respectively, both of which hit a new high since the exchange rate reform. "This is still a bit of an accident. I expected the RMB to strengthen, but I didn't expect it to be so fast and so fierce." A foreign exchange trader from a state-owned South China region told reporters. Regarding the future trend of the renminbi, relevant traders and analysts have indicated that there may be a slight appreciation during the year, but the bilateral volatility of the renminbi may increase. A foreign exchange trader in East China believes that there is no special news to stimulate the appreciation of the renminbi. The Sino-US dialogue may be one of the reasons. The aforementioned traders in South China believe that the previous news that London Metal intends to provide settlement in RMB is a relatively high-end performance and perhaps a factor in stimulating the appreciation of the renminbi. He also believes that the stock market's two-day harvest has also stimulated the demand for the renminbi currency. The trend of the renminbi as a trading currency is becoming more and more obvious. In addition, political factors may also have an impact. Although the central parity of the RMB has risen, the intraday trading price of the RMB still deviates from the central parity of the RMB. The aforementioned East China trader said that the opening price of the RMB against the US dollar was at a relatively high position in the middle price. The market price of the US dollar was still relatively low. The price has risen to around 6.3040 and the stability has stabilized at 6.3002. Once exceeded 0.6%. He said that the deviations have been relatively large in recent days, and the US dollar is relatively lacking, mainly because of the relatively large buying of the US dollar, which is also a temporary incident. The aforementioned South China traders also believe that the intraday and middle prices of the RMB against the US dollar have deviated in the past few days, but the actual trading price has not changed much. The main factor of the change is the rise in the middle price. For the future trend, the aforementioned East China traders believe that the market price will still be tight with the middle price, and the RMB may still have a small appreciation this year, perhaps around 3%. The aforementioned South China traders said that from the perspective of the overseas NDF market, the market's appreciation of the renminbi is not strong. Wen Tianna, managing director of China Merchants Securities (Hong Kong) Investment Bank, believes that the future trend of the renminbi depends on the demand for renminbi settlement and the situation of China's foreign trade. In terms of China's foreign trade, such a strong renminbi trend for China Foreign trade does not have much benefit. According to previously published data, the total import and export volume of Shenzhen City from January to February was 56.289 billion US dollars, down 3.5% year-on-year. Wen Tianna believes that the current renminbi may still have a small appreciation, and there may be an appreciation within 3% during the year. However, he also believes that the rise in the middle price will not change the market's expectation of a slowdown in the appreciation of the renminbi.

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