[straight news network Beijing on July 20 news] (Beijing Evening News) the China foreign exchange trading center data show that exchange rate of RMB against the U.S. dollar in Beijing time yesterday 23 when 30 points to close at 6.7019, compared with the previous trading day fell 171 points, this is since November 2010, the yuan against the dollar spot prices for the first time below 6.7 mark. This morning the interbank foreign exchange market, the RMB exchange rate middle rate is approaching 6.7 mark, for $1 to RMB 6.6971 yuan, than yesterday a slight depreciation of 10 points, the continuation of the recent declines.

Since June 24th after the British referendum from the European Union, the RMB against the U.S. dollar has been out of the second wave of the rapid depreciation of the market this year. June 24th the central parity of RMB against the U.S. dollar or $1 against the U.S. dollar 6.5776 yuan yesterday, has been reduced to 1 U.S. dollar against 6.6961 yuan, just 20 Yu Tian fell to 1.8%. The bank for International Settlements released the latest data show that June RMB real effective exchange rate index from the previous month fell to 1.64% 123.14, a 20 month low, a decline is 0.86% last month, has been expanded; to 1.31% 11.949 June RMB nominal effective exchange rate index drop, a 20 month low. This year the first wave of RMB rapid devaluation of the market since last December 25 to January 8 this year, the RMB against the U.S. dollar exchange rate middle rate from 6.4713 demoted to 6.5646 and subsequently until early May, intermediate price is always at 6.45 to 6.55 percent between fluctuations, fluctuations relative stability.

Economic researcher at the Bank of China Hong Kong Ltd, said the "de Ou" event after the RMB trend of the new pricing mechanism under the technical depreciation, and the mainland economic fundamentals and capital outflows, etc.. Ba fine that beyond the expectation of "Europe" and nice, France, terrorist attacks, military coups in Turkey off a series of events, to the financial market brings uncertainty and risk aversion in overseas and currency of RMB and other emerging market countries are under pressure. Under the new pricing mechanism, as long as the rise of the dollar, the yuan will have to follow other currencies lower than the dollar, leading to the closing price of the yuan weaker than the middle price. At this time the second day of the middle of the need for the depreciation of the U.S. dollar. On the other hand, the yuan should with reference to a basket of currencies, "de Europe after the dollar go strong, weakening of the basket of currencies, in order to maintain stability in a basket of currencies, the next day the middle price quotation also need to the depreciation of the dollar, so that the formation of the short term wave of RMB depreciation trend.

WeChat public number of RMB transactions and research also believes that this round of devaluation of the macroeconomic background in August 2015 and January 2016 there is a big difference. 2015 year first half of the year, abnormal fluctuations in the stock market, the decline in exports, enterprises are to the inventory process, economic downward pressure larger, and therefore twice before the devaluation is mainly affected by economic fundamentals factors, and the fluctuation is mainly caused by external factors. Standard Chartered Bank's latest forecast that by the end of the third quarter of this year, the RMB against the U.S. dollar exchange rate will remain between 6.70 to 6.71, there will not be much room for depreciation. (reporter Zhang Pinqiu)