After the acquisition of Chinese state -owned banks, it sells the US dollar to defend

(Beijing / Shanghai Composite Television) The 20th National Congress of the Communist Party of China opened, and Chinese state -owned banks acquired US dollars on the swap market to stabilize the RMB.The middle price of the renminbi continued to be set around 7.11 yuan on Monday, and it was refreshing the historical record again.

According to Reuters, Chinese state -owned banks have strengthened intervention on Monday (October 17) to defend the RMB value.According to banking sources, these state -owned banks combined with swaps and spot transactions, selling a large number of US dollars.

Six banking sources said that China ’s major state -owned banks exchanged the RMB into the dollar in the long -term market and sold these dollars in the spot market. This is also China’ s strategy used in 2018 and 2019.

Sources pointed out that the sale seems to be aimed at stabilizing the RMB exchange rate. Safe transactions help to obtain US dollars and anchor the long -term price of RMB.

According to Bloomberg, the RMB reported to the US dollar at 7.1095 yuan on Monday, which was 882 points stronger than the market forecast average of 7.1977 yuan. It refreshed the largest part of the predicted data in 2018.Essence

Zhongjin Company reported on Sunday that the elasticity of the recent exchange rate has increased, it is expected that the RMB exchange rate range this week may be 7.10 to 7.25.

Zhao Zhixuan, a strategist in Asian foreign exchange and interest rates in Bloomberg industry in Hong Kong, pointed out that the middle price is set around 7.1 yuan. In addition, the Central Bank of China issued an authoritative verbal guidance on maintaining the middle price in the early stage, which means that official supervision is unwilling to see the country in the country.Foreign RMB fell to 7.25 yuan.

However, he believes that domestic and foreign banks at home and abroad may sell a large number of US dollars in 7.2 to 7.25 yuan. Unless the US dollar trend and China's fundamentals change, these stable measures are difficult to change the trend of RMB depreciation.