Abstract Data from the foreign exchange trading center showed that on December 18, the central parity rate of the RMB against the US dollar was quoted at US$6.4814 against the US dollar, down 57 basis points in the previous trading day. This is also the tenth trading day of the RMB mid-price decline, the cumulative decline has reached...
Data from the foreign exchange trading center showed that on December 18, the central parity of the RMB against the US dollar was quoted at US$6.4814 against the US dollar, down 57 basis points in the previous trading day. This is also the tenth consecutive trading day of the RMB mid-price decline, with a cumulative decline of 963 basis points.
The devaluation of the renminbi for several consecutive days has undoubtedly been affected by the Fed’s interest rate hike “bootsâ€. According to analysts at Yinhua.com, the US dollar has continued to strengthen in the near term. On November 2, the central parity of the RMB against the US dollar was 6.335, and as of December 18, the RMB had depreciated by 2.33% against the US dollar. After the interest rate "boots" landed, the market expects the Fed to raise interest rates continuously after the year. The institutional research report generally gives the Fed a forecast of 2 to 4 interest rate hikes in 2016. In this case, the US dollar will be inevitable in the medium and long term. Strong.
According to industry insiders, it is expected that the renminbi volatility will continue to expand in the short term, but the renminbi is more moderately depreciated under the guidance of the central bank. In the medium and long term, the renminbi will continue to stabilize against the next basket of trade items, and there is no room for significant depreciation. The central bank’s website also previously stated that the RMB exchange rate has the basis for maintaining a stable basis for a basket of currencies. According to the article, in the short term, the effect of the RMB on a basket of currency adjustments has already been reflected. From the perspective of medium and long-term fundamentals, the RMB exchange rate is conditionally maintained at a reasonable and balanced level.
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