It is reported that China is required to strengthen intervention to avoid significant

People familiar with the matter said that after the RMB exchange rate against the US dollar is close to 7.35, the relevant Chinese departments have requested that the state -owned banks have increased their intervention in the foreign exchange market this week to avoid significant exchange rates in the exchange rate.fluctuation.

According to Bloomberg reported on August 18, people familiar with the matter said that the decision -making level is considering using tools such as previously used derogatory measures, such as foreign exchange deposit reserve ratios to curb the rapid devaluation of the RMB.They also said that relevant departments are also investigating whether domestic companies have malicious speculation.

The above -known persons are unwilling to be named because they have not been authorized to publicly comment on the matter.The People's Bank of China did not immediately reply to Bloomberg's fax to seek comment.

With the policy interest rate of the People's Bank of China, this week, the decline in the decline in the RMB at home and abroad has accelerated significantly, and the current decline has been about 1%, which is close to the lowest level in 2007 in the fourth quarter of last year.Although the intermediate price set up by the central bank has been significantly stronger than market expectations for 36 trading days, and on Thursday, it also set the largest deviation among October last year, but it has not effectively prevented the exchange rate from weakening.

BC Brewin Dolphin Market Analysis Director Janet MUI said that although the Chinese government tries to guide the stronger RMB price, the market forces still dominate.It seems that the People's Bank of China is acceptable to the RMB gradual depreciation. However, if the RMB has fluctuated sharply and sharply, the central bank will take a shot.

Recently, traders have said that they have seen that Chinese capital banks sell US dollars in domestic and foreign markets, delay the devaluation rhythm of the RMB, and drive the price difference between domestic and foreign exchange rates.

As the RMB exchange rate fell rapidly in 2022, the central bank had twice lowered the foreign exchange deposit reserve ratio, released foreign exchange liquidity to domestic commercial banks, and raised corporate and financial institutions across October.End financing macro -prudential adjustment parameters.However, RMB did not stop and stabilize until November last year when China adjusted epidemic control measures.