On August 3, the central parity rate of the RMB against the US dollar was reported at 6.7813, a depreciation of 351 basis points. The central parity of the previous trading day was at 6.7462, the closing price of the onshore RMB was at 6.7580 at 16:30, and at 6.7500 in the evening trading at 23:30.
On August 3, the central bank announced that in order to maintain reasonable and sufficient liquidity in the banking system, on August 3, a 7-day reverse repurchase operation of 2 billion yuan was carried out by way of interest rate bidding, and the winning rate was 2.10%.
Wind data shows that the reverse repurchase of 2 billion yuan expired today, so the maturity amount was fully hedged on that day.
The dollar index rose significantly on the 2nd. As of late New York trading, the dollar index, which measures the greenback against six major currencies, rose 0.75% to 106.2410.
Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, believes that a strong US dollar will cause some disturbance to the RMB and non-US currencies, but it will not change the basic stability of the RMB. There is no reason for the market to be unilaterally bearish on the RMB exchange rate. At present, under the support of factors such as the resilience of my country’s foreign trade, the strong attractiveness of RMB assets, the orderly flow of cross-border capital in two directions, and the significantly enhanced flexibility of the RMB exchange rate, the RMB exchange rate is still expected to remain near the equilibrium level, and two-way fluctuations will be normalized.