(Shanghai Comprehensive News) After the RMB fell against the US dollar to the lowest level in 2023, China is adopting measures such as the long -term market exchanged for the US dollar to stabilize the RMB exchange rate.
Reuters reported on Friday (May 19) that four traders revealed that China's major state -owned banks conducted exchange transactions against the US dollar in the shore forward market.The report believes that state -owned banks have reduced the depreciation of the RMB by reducing the supply of RMB for the US dollar.
On Wednesday (May 17), the offshore RMB exchange rate, which can be freely traded, once fell 0.3%, until $ 1 against RMB 7.02 (S $ 1.35, the same below), the first time this year fell below the 7 yuan mark.According to Bloomberg data, the decline continued until Friday morning, and the offshore RMB fell below 7.07 yuan, which was the lowest point of five months.At 3 pm Beijing time, the offshore RMB rose slightly from the previous day to 7.04 yuan, and the RMB on the shore also rose to the first line of 7.03 yuan.
1 US dollar can be exchanged for more than 7 yuan. "Break 7" has always been regarded as an important psychological and technical gateway by the market, and is an important signal for the depreciation of the RMB.
The Wall Street Journal reports that China's recent economic data has disappointed the market participants who have previously been looking forward to more stable economic recovery, and the outbound travel activities have improved, which exacerbates the pressure of the RMB exchange rate.
Li Gang, a research director of China Foreign Exchange Investment Research Institute, published an article on Sina Finance on the 19th that because China's economic sub -data in April showed the growth pressure, the outflow of foreign capital led to the oversupply of RMB is the key to depreciation.
He said that in the current environment of unstable economic growth, boosting foreign demand and controlling Chinese capital's willingness to invest in foreign investment is the focus of short -term policy.
The Central Bank website released on Friday that the China Foreign Exchange Market Guidance Committee held the first meeting of 2023 in Beijing on the 18th, saying that in recent years, the Chinese foreign exchange market has developed steadily and healthy.
The two -way fluctuations in the RMB exchange rate have been obvious in the near future. The meeting said that the RMB exchange rate also has the power and mechanism, which can maintain basic stability at a reasonable and balanced level.
