The U.S. dollar hits the second highest since the exchange rate of the exchange rate was restored

According to the latest data from the China Foreign Exchange Trading Center, the central parity of the US dollar against the RMB exchange rate was reported at 6.8126 on September 1, which was a 21 basis point higher than the previous day. At the same time that it remained above the 6.80 level for the sixth consecutive trading day, it was close to the high point since the exchange reform was reopened on June 19, which was only lower than June 6.8 of 6.8275 yuan.

Since the exchange reform was resumed, the maximum appreciation of the renminbi against the US dollar has been 0.86%. That is, on August 9, the central parity of the renminbi against the US dollar rose to US$1 to 6.7685. Since then, the yuan has continued to decline against the US dollar.

Affected by the continuous rise of the central parity rate of the US dollar against the RMB, the spot market exchange rate of the US dollar against the RMB closed at 6.8115, setting a new high of over two months.

Analysts said that the recent weakening of the renminbi has been related to the recent rebound of the US dollar and the renminbi’s maintenance of a basket of currencies. On the other hand, it also reflects the central bank’s desire to increase the risk of two-way exchange rate fluctuations.

The media recently reported that Hu Xiaolian, deputy governor of the People's Bank of China, stated that China will continue to relax controls on the use of the renminbi, but the renminbi exchange rate reform will not solve the huge trade imbalance between China and the United States.

The People's Bank of China authorizes the China Foreign Exchange Trading Center to announce that on September 1, 2010, the middle price of other currencies in the inter-bank foreign exchange market for RMB exchange rate is: 1 euro against RMB 8.6333, 100 yen against RMB 8.0847, and 1 HKD against 0.87574 Yuan, 1 pound against the yuan 10.4522 yuan, 1 yuan against the 0.46182 ringgit. In the previous trading day, the RMB exchange rate against the US dollar was reported at 6.8105.