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The Intermediate Price Of RMB Rose 349 Points To 6.756, A New High Since Late July Last Year.
- Jan 14, 2019 -

Introduction: The intermediate price of RMB against US dollar rose 349 points to 6.7560, the highest since July 19, 2018.

Tencent Financial News reported on January 14 that the RMB intermediate price rose 349 points to 6.7560, a new high since late July 2018, with an average price of 6.7909 on the previous trading day. The official closing price was 6.7482 on the previous trading day and 6.7666 on the previous day and night.

The renminbi rose 1.65% a week.

Last week, the renminbi exchange rate rose by 1.65%, the biggest weekly increase since the "exchange rate reform" in 2005. Analysts pointed out that the possibility of the renminbi "breaking 7" is unlikely, and it will fluctuate more bidirectionally in the future.

Several analysts pointed out that the strong trend of the RMB exchange rate was mainly influenced by the downward factors of the dollar index. Last Wednesday, the minutes of the December 2018 interest rate meeting released by the Federal Reserve showed that Fed officials were more cautious about further interest rate hikes. They also pointed out that the Fed was patient with further tightening policies, which led to lower market expectations for Fed interest rate hikes and subsequently depressed the dollar index.

The Formation Mechanism of RMB Intermediate Price

The RMB exchange rate intermediate price refers to the exchange rate intermediate price of RMB against the US dollar and other major foreign exchange currencies calculated and issued daily by the trading center under the authorization of the People's Bank of China.

The formation of the intermediate price of RMB to US dollar exchange rate is that the trading center inquires foreign exchange market makers before the opening of the daily inter-bank foreign exchange market. Foreign exchange market makers make quotations on the basis of the closing exchange rate of the inter-bank foreign exchange market of the previous day, taking into account the supply and demand of foreign exchange and the changes in the exchange rates of major international currencies. After removing the highest and lowest quotations, the exchange center weighted average the remaining quotations of market makers to get the mid-price of RMB to US dollar exchange rate on the same day. The weight is determined by the trading center according to the quoter's trading volume and quotation situation in the inter-bank foreign exchange market.

The RMB-Hong Kong dollar exchange rate intermediate price is determined by the trading center according to the RMB-US dollar exchange rate intermediate price on the same day and the Hong Kong dollar-US dollar exchange rate arbitrage on the international foreign exchange market at 9:00 a.m.

The intermediate exchange rate of RMB against Euro, Japanese Yen, Pound Sterling, Australian Dollar, New Zealand Dollar, Singapore Dollar, Swiss Franc, Canadian Dollar, Lingit, Russian Rubble, Rand, Korean Dollar, Emirates Dirham, Saudi Arabia, Hungary Flynn, Polish Zloty, Danish Krone, Swedish Krone, Norwegian Krone, Turkish Lira, Mexican Peso and Baht of Thailand has been formed. The way is: before the opening of the daily inter-bank foreign exchange market, the trading centre inquires the market makers of the corresponding currencies in the inter-bank foreign exchange market. After removing the highest and lowest quotations, the remaining market makers make an average quotation and get the RMB against the euro, Japanese yen, pound sterling, Australian dollar, New Zealand dollar, Singapore dollar, Swiss franc, Canadian dollar, Lingit, Russian rouble and Landmark on that day. Intermediate exchange rates of Tehran, Korean won, United Arab Emirates Dirham, Saudi Arabia, Hungary Flynn, Poland Zloti, Danish krona, Swedish krona, Norwegian krona, Turkish lira, Mexican peso and Thai baht.