The China Foreign Exchange Trading Center’s yuan against the US dollar rose slightly on Monday morning (September 26). Although the RMB exchange rate hit a new high this year, due to the uncertainty of overseas markets or the support of the US dollar in the future, the institutional mentality is more cautious, resulting in limited intraday trading gains.

Traders said that with the overseas RMB depreciation expectation gradually rising, the trend of the RMB central parity today may indicate that the PBOC has the intention to maintain the renminbi uptrend in the near future.

Shanghai 1-bank traders believe that the renminbi’s mid-price is hitting a record high today, but intraday transactions have not been positive. The trader said: "Now that the international market is so complex, (as soon as economic problems arise) the US dollar is still the preferred choice for risk aversion and the renminbi will be under pressure."

At 11:35 GMT, the yuan was reported to be at 6.3846 yuan against the US dollar, and it closed at 6.3889 yuan the previous day. Today, the central parity of the yuan against the US dollar was reported at 6.3735 yuan, which was higher than the previous day's 6.3840 yuan, and hit a new high since the exchange rate reform in 2005.

At 11:40 GMT, overseas non-deliverables in the forward foreign exchange (NDF) market were reported at 6.3870/70 for the one-year NDF market, up from 6.4090 yuan at the end of the previous day but still significantly lower than the previous 6.28-6.30 yuan. High left and right. Hong Kong's offshore renminbi against the US dollar recently reported at 6.4805/95 yuan, compared with 6.5125 yuan at the end of the previous day.

The People's Bank of China announced on June 19, 2010 that it would restart the exchange rate reform, increase the flexibility of the RMB exchange rate, and continue to dynamically manage and adjust the floating exchange rate of the RMB according to the published floating range of the exchange rate of the foreign exchange market. However, it has been said that there is no basis for significant fluctuations and changes in the renminbi exchange rate.

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