Forex Currency:RMB Central Parity Drops in Two Consecutive Days

[amandalanlulei]

Forex Currency---- Following the decline of RMB/USD central parity and spot quotes, the situation renewed yesterday. Affected by the adjustment of inquiry market, overseas non-deliverable forward (NDF) market comes into watching moods. Since the beginning of July, RMB has fallen consecutively against the dollar NDF.

China Foreign Exchange Trading Center, authorized by Bank of China, announced that on July 6th inter-bank forex market, the dollar hit 6.7790 against the RMB, compared with the 6.7733 and 6.7720 on the previous two days. Yesterday, the central parity of RMB had been on the second consecutive declining trading day, down 70 basis points. On July 1st and July 2nd, it rose for two successive days, up 189 basis points.

For yesterday’s spot market trends, some forex dealers commented that early increase of RMB/USD was too large; recent two days witnessed a temporarily stable dollar. RMB offer has been declining for two consecutive days.----Forex Currency

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By Amanda