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The central parity rate of RMB against the US dollar broke through 6.80, a five-year high

source： author： 2018-12-21 0
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The central rate of RMB exchange rate was changed yesterday, which broke the 6.80 barrier against the US dollar, reaching a new high since the exchange rate reform in July 2005.


According to the announcement of the central bank, on June 22, the median exchange rate of US dollar and other transaction currencies in the inter-bank foreign exchange market against RMB was: 1 US dollar to RMB 6.7980 yuan, 1 euro to RMB 8.3816 yuan, 100 yen to RMB 7.4740 yuan, 1 Hong Kong dollar to RMB 0.87443 yuan, 1 pound to RMB 10.0372 yuan.


On June 21, the central parity rate of the RMB against the US dollar was 6.8275, unchanged from the previous trading day.


According to the economic and financial situation at home and abroad and China's balance of payments, the people's Bank of China has decided to further promote the reform of the RMB exchange rate formation mechanism and enhance the flexibility of the RMB exchange rate, a spokesman for the central bank said on the 19th.


Zhao Xijun, vice president of the school of Finance and finance of Renmin University of China, said: "the change in the middle rate of the exchange rate on the 22nd is to further promote the reform of the exchange rate formation mechanism. Referring to the specific embodiment of the adjustment of a basket of currencies, the future exchange rate will more reflect the impact of market supply and demand."


At the end of yesterday's spot inquiry market, the RMB closed at 6.7976 against the U.S. dollar, a record high since the exchange rate reform in 2005, with the daily floating limit of 5% up. The middle rate of RMB / USD exchange rate on the 22nd is close to that of the spot inquiry market on the 21st, indicating that the middle rate of RMB exchange rate reflects the implementation of market supply and demand.


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