The central parity of the yuan against the US dollar was lowered by 191 points, and the foreign exchange risk reserve ratio was raised today.2018-08-06 10:25:03 55 ℃
On August 6, the central parity of the yuan against the US dollar was adjusted at 191 basis points to 6.8513, the lowest since May 31 last year. In the previous trading day, the central price was reported at 6.8322, the closing price at 16:30 was reported at 6.8620, and the closing at 23:30 was reported at 6.8236.
Since today (August 6th), the central bank adjusted the foreign exchange risk reserve ratio of the forward sales business from 0 to 20%. Recently, due to factors such as trade frictions and changes in international exchange markets, there have been some signs of procyclical fluctuations in the foreign exchange market. From the perspective of the US dollar against the RMB exchange rate, the median price has continued to rise, with an increase of more than 4,000 points in the past three months. The central bank announced that this adjustment is intended to prevent macro financial risks, promote the stable operation of financial institutions, and strengthen macro-prudential management.
The central bank said that the next step will continue to strengthen the monitoring of the foreign exchange market. According to the development of the situation, it is necessary to take effective measures to carry out countercyclical adjustments, maintain the smooth operation of the foreign exchange market, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Increasing the cost of long-term foreign exchange purchases by the company
Since this year, the RMB exchange rate has been based on market supply and demand. There has been a rise in the market, the flexibility has been significantly enhanced, the market expectation is basically stable, and cross-border capital flows and foreign exchange supply and demand are also roughly balanced.
Institutional sources said that since mid-June, the RMB has depreciated against the US dollar and against a basket of currencies, especially as the “anchor” of the real effective exchange rate of the RMB – the CFETS RMB exchange rate index fell sharply by 5.56%. This indicates that the recent round of depreciation has been “overshooted”. The central bank raised the foreign exchange risk reserve ratio, which will increase the short-term RMB cost. The superposition does not rule out the possibility of subsequent counter-cyclical adjustment, which has a strong inhibitory effect on the RMB depreciation expectation. At present, the market has basically reached a consensus on the expected stability of the RMB exchange rate in the second half of the year.
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