All The Way Up 6.9! The Renminbi Is Rising Like A Rainbow!

Remember nearly 7.2 of last August's exchange rate against the US dollar?

Time switch In January 7th this year, the RMB exchange rate broke through several important technical points, reaching the strongest level in nearly 5 months. The closing price of the offshore RMB at 16:30 on the day was 6.9376 yuan, up 369 points from the previous day's closing price, setting a new high in more than 5 months since August 2, 2019. Offshore renminbi rose to 6.93 yuan as of 18, and rose to 6.9298 yuan, up nearly 400 points from the previous day's closing price.

Since the beginning of the year, the yuan has continued to rise. Wind data show that Last week (January 5th -1 11), the offshore renminbi rose 525 basis points against the US dollar, and the week rose 0.75%.

In January 13th, the offshore and offshore RMB went all the way up and down, 6.9 times.

On the day, the offshore and offshore RMB exchange rate rose sharply to recover the 6.90 pass. At the time of the author's contribution, the RMB exchange rate rose to 6.8975 against the US dollar, and the offshore RMB exchange rate rose to 6.8906 against the US dollar, which rose more than 200 points, both of which hit a new high since August 2019.

On shore Renminbi trend

offshore the people Currency trend

On the same day, the China foreign exchange trading center data showed that the RMB raised 88 basis points against the US dollar and reported 6.9263. The median price of the last trading day was 6.9351, and the onshore RMB was closed at 6.9290 on the previous trading day.

Insiders pointed out that the recent rise in the value of the renminbi against the US dollar has resulted in the extinction of geopolitical haze, as well as a number of reasons for the increase in foreign exchange settlement, the warming of the trade situation and the rise of investor risk preference.

China and the United States expect to sign the first stage economic and trade agreement in January 15th. The Commonwealth Bank of Australia says that the renminbi may continue to appreciate before the agreement is signed.

On January 12th, at the "2020 China economic trend annual meeting" held by the economic daily news, Pan Gongsheng, vice president of the people's Bank of China and director of the State Administration of foreign exchange, delivered a keynote speech around China's foreign exchange situation and monetary policy. He said he would continue to implement a prudent monetary policy and create a favorable monetary and financial environment for the promotion of high quality economic development.

Lian Ping, chief economist at the bank, said that at least in 2020, the RMB exchange rate would be a process of appreciation, but it is difficult to appreciate significantly.