Experts said that the fluctuation of the RMB exchange rate this time was mainly due to the accelerated tightening of monetary policy by the Federal Reserve to curb high inflation.
Guan Tao, Global Chief Economist of Bank of China Securities: Recently, the US dollar index in the international foreign exchange market has also jumped up and down. After a strong consolidation, the US dollar index began to rise again and again. Against this background, the RMB exchange rate has been adjusted.
The fluctuation of the RMB exchange rate should be viewed with common sense. Although the RMB exchange rate has fluctuated greatly recently, the RMB has remained stable among major currencies this year.
Since the beginning of the year, the US dollar index has risen by more than 14%, but in the process, the central parity rate of the RMB against the US dollar has been adjusted by 7% and 8% (about 8%). There are also major currencies like the South Korean won in Asia, which have experienced a relatively substantial appreciation. Therefore, in general, among the major currencies, the RMB exchange rate is still relatively strong.
After the flexibility of the RMB exchange rate increases, (exchange rate) two-way fluctuations are the norm, and a reasonable equilibrium is the goal, but keeping the exchange rate stable does not mean that the RMB exchange rate will remain unchanged.
