RMB Exchange Rate Opened The First Month
RMB exchange rate opened the first month of high in February opened again!
February 2 (Reuters) - The RMB exchange rate dazzled the first month of 2018 with a cumulative increase of 2200 onshore Renminbi, the largest single-month gain since the exchange rate merged in 1994. The offshore Renminbi rose more than 2100 points against the U.S. dollar , Also hit the biggest monthly increase in history. On February 1, the central parity rate of RMB against the U.S. dollar rose 294 basis points to 6.3045 and hit the highest level since August 11, 2015. Onshore, the offshore renminbi rose above the 6.29 mark against the U.S. dollar in early trading.
On January 31, on the onshore market, the spot exchange rate of Renminbi against the United States started to rise straight from 13:30 and then broke through the 6.30 integer mark. The maximum appreciation was 6.2920 and the appreciation exceeded 450 basis points. This is also the first time after the exchange rate reform was started on August 11, 2015, the spot exchange rate of RMB against the U.S. dollar broke through 6.30 integer mark. Offshore RMB exchange rate is not weakness, intraday also rose above 6.30 mark, the maximum appreciation to 6.2996, the appreciation of the day more than 200 basis points.
The continuous improvement of the global economy is the root cause of rising risk appetite and also the core logic of a weaker dollar. The weakening of the U.S. dollar index since the beginning of the year was not completely affected by government officials' remarks on the U.S. dollar. The main logic behind this is that the market is more optimistic about the recovery of non-U.S. economies, such as Europe, Japan and emerging markets. The current recovery momentum is more pronounced .