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RMB Exchange Rate Continues to Rise, Reaching New Highs in Foreign Exchange Market

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RMB Exchange Rate Continues to Rise, Reaching New Highs in Foreign Exchange Market

Title: Central Parity Rate of RMB Surges, Reaching 7.2054 Against USD

Published: July 7, 2023 10:12 AM

Source: Beijing Business Daily

Beijing Business News (Reporter Liao Meng) – The central parity rate of the Chinese Renminbi (RMB) against the US dollar in the inter-bank foreign exchange market spiked on July 7. The People’s Bank of China authorized the announcement of the central parity rate by the China Foreign Exchange Trading Center, setting the exchange rate at 7.2054 RMB to 1 US dollar. This marks an increase of 44 basis points in a single day, and a total appreciation of 204 basis points throughout the week.

The onshore and offshore exchange rates for RMB to USD have been fluctuating around the 7.25 mark. On the previous trading day, the onshore yuan closed at 7.2465 against the US dollar, and the opening price on July 7 was 7.2400. Meanwhile, the offshore RMB opened at 7.2561 against the US dollar and exhibited increased volatility throughout the day. As of 10 a.m. on July 7, the onshore renminbi to USD exchange rate stood at 7.2431, marking a 0.05% intraday appreciation. The offshore renminbi to USD exchange rate was at 7.2530, representing a 0.04% intraday appreciation.

In other news, Jiemian News reported that on July 6, the Moscow Exchange witnessed a significant surge in RMB trading volume for next-day delivery, reaching nearly 240 billion rubles. This figure surpassed the trading volume for euros (43.5 billion rubles) and US dollars (113.2 billion rubles) by a substantial margin, proving the increasing global demand for RMB.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice.

Location: Beijing

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