August 25Th: 1 US Dollars To RMB 6.3896 Yuan.
After a week of callbacks, the RMB exchange rate has been re established.
New high
Yesterday, the central parity of RMB against the US dollar increased by 91 basis points over the previous trading day, breaking 6.39 for the first time, at 6.3896, setting a new high since the reform.
In the month of August, the total appreciation of the yuan against the US dollar was 0.85%, since the beginning of the year.
Appreciation rate
It is 3.63%.
Wang Tao, chief economist of UBS China, said the Chinese government will gradually increase its currency.
exchange rate
Flexibility allows the renminbi to appreciate gradually and appreciable against the US dollar (an annual appreciation of around 5%), while slowly and resolutely expanding the international use of RMB.
It is estimated that the appreciation of RMB against the US dollar will be about 5%~6% in 2011, reaching 6.2 by the end of the year, and 3%~4% will rise again in 2012, reaching 6 at the end of the year.
The gradual appreciation of RMB policy will not be due to the monthly foreign trade surplus and CPI
Inflation rate
Fluctuations are easily changed.
However, in this policy framework and direction, the pace of RMB appreciation may be accelerated or slowed down according to the situation.
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