The central parity of the yuan against the US dollar broke through 6.39 and hit a new high.

Abstract After a week of callbacks, the RMB exchange rate reached a new high. Yesterday, the central parity of the RMB against the US dollar rose by 91 basis points from the previous trading day, breaking through 6.39 for the first time, at 6.3896, setting a new high since the exchange reform. In the month of August, the yuan is tired against the dollar...

After a week of callbacks, the RMB exchange rate reached a new high. Yesterday, the central parity of the RMB against the US dollar rose by 91 basis points from the previous trading day, breaking through 6.39 for the first time, at 6.3896, setting a new high since the exchange reform. In the month of August, the cumulative appreciation of the RMB against the US dollar was 0.85%. Since the beginning of the year, the cumulative appreciation of the RMB has been 3.63%.

Wang Tao, chief economist of UBS China, said that the Chinese government will gradually increase the flexibility of the RMB exchange rate, allowing the renminbi to appreciate gradually (but approx. 5% per year) against the US dollar, while slowly and steadily expanding the renminbi in the international arena. The scope of use. It is estimated that the appreciation of the RMB against the US dollar in 2011 will be about 5% to 6%, reaching 6.2 by the end of the year, and will increase by 3% to 4% in 2012, reaching 6.0 at the end of the year. The policy of gradual appreciation of the renminbi will not be easily changed due to fluctuations in the monthly foreign trade surplus and CPI inflation rate. However, under this policy framework and direction, the pace of RMB appreciation may be appropriately accelerated or slowed down depending on the situation.  

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