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The RMB exchange rate against the dollar hit a ten year low of cross-border capital outflow pressures are increasing

2018-10-30 14:18 beijing evening news TF017

The overnight dollar index rose, this morning, the RMB exchange rate is $1 of RMB 6.9574 yuan, a record since 2008 5 21 April minimum.

Data figure Xinhua News Agency for map

In the interests of the drive, the recent overseas capital forces in an attempt to take the opportunity to short the yuan. In October 26th, the Central Bank Deputy Governor Pan Gongsheng said: "for those who try to short the yuan forces, we have played them a few years ago, is also very familiar with each other, I think we should remember. We have a stable foundation, have the ability and confidence to maintain the RMB exchange rate at a reasonable and balanced level."

Market participants believe that, despite the short-term changes in the external environment still has certain influence on China's foreign exchange supply and demand situation, but the RMB exchange rate formation mechanism is one of the key words "managed float", which means that the decision of market exchange rate in the foreign exchange market supply and demand at the same time, the necessary time to monetary authorities there than expected volatility in the renminbi, will use the "visible hand" to control the market. Two important data released before the concern. One is the central bank in September foreign exchange balance decreased compared with 119 billion 400 million yuan at the end of August, two is the month of September the central bank foreign exchange reserves fell by $22 billion 700 million. Considering all the factors, a change of both data shows that cross-border capital outflow pressure is increasing, on the other hand also implies that the monetary authorities have intervened in the foreign exchange market moves.

Source: Beijing evening news reporter Zhang Pinqiu

Editor: TF017

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