[straight news network Beijing, May 11 hearing] (economic information daily) from China foreign exchange trading center data display, May 10, the yuan to the dollar exchange rate middle rate newspaper 6.5233, compared with the previous trading day (5 / 9) the middle price 6.5105 devaluation 128 points. At the same time, the RMB against the U.S. dollar in inquiry trading system to close at 6.5155 yuan, compared with the previous trading day down 87 basis points.

In the offshore market, 10 yuan to the U.S. dollar exchange rate also appeared more obvious shock, fell to 6.54 in the following level, the lowest level since March, and then gradually picked up.

Starting on March 5, in addition to a trading day callback, the central parity of RMB against the U.S. dollar out of the depreciation of the wavelet, the more obvious, many enterprises also began to worry about whether the RMB market will take a turn for the worse ". However, foreign exchange expert Han will division to accept the economic reference news reporter interviewed said that RMB recent continuous devaluation of the main reason that the dollar rebound, as long as the suspension of the rise in the dollar yuan may immediately twisted demoted to rise.

May 3rd to 9, the dollar index rose 1.7%, the RMB against the U.S. dollar spot exchange rate of about 0.5%, the depreciation rate is not large. Although the median price of a large number of depreciation, but also only 1% of the depreciation of the. This magnitude of the devaluation in the 'reference to a basket of currencies' under the institutional framework of regulation, it is entirely possible to expect." Han realignment that RMB to dollar spot rate recently has been strong in the middle price, indicating that the majority of investors on the market is not the RMB devaluation is expected to form a panic. Also, because some companies expect the dollar appreciation is likely to slow, so the choice of settlement rallies. Overall, the foreign exchange market as a whole is balanced, and even some trading foreign exchange surplus.

He said that the offshore RMB shocks do not have to panic. "The offshore renminbi market is more susceptible to speculative forces, once there are some fluctuations in the market will wind sways grass. Authorities on the economic operation of L type speech let some yuan bears have a government will devalue their currency to stimulate economic growth in Lenovo, which is expected to stimulate the weakening of RMB. But it is worth noting that, due to the onshore RMB spot exchange rate market is relatively stable, so that the decline in the value of the offshore market fell to 6.54 after a significant decline in the value of the kinetic energy." Han will say.

Han said that now the market is expected to increase interest rates in June, the U.S. Federal Reserve is expected to cool significantly, the British off the European referendum is likely to be the biggest support for the recent U.S. dollar, the support force of this factor is not as good as the interest rate hike. In addition, CFTC futures position data show that in the speculative position, the U.S. dollar index net long positions have declined for 13 consecutive weeks, the current position is only 1/5 in early 2. Market outlook is not very optimistic about the market outlook. On the whole, the fed in June to raise interest rates in the context of interest rates, the dollar index in the recent high space is not very large, 95-96 range is expected to encounter greater resistance. If so, the spot exchange rate of RMB against the U.S. dollar will encounter greater resistance in the 6.55-6.56 range." He said. 3

(original title: the middle price of the RMB even fell significantly devaluation expectations not formed)

Editor: Xiao Shen

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