*** slightly higher against the US dollar midday, once again limit the inter-day limit

The renminbi rose slightly against the U.S. dollar on Wednesday (December 7) at midday and hit a daily limit for the sixth consecutive trading day. The demand for foreign exchange that was released on a consecutive day made the current situation of “supply of the US dollar in short supply” slightly slower, but the bullish dollar sentiment still dominated the exchange rate.

On Wednesday, the US dollar/central bank’s central bank price was set at 6.3342, up slightly from 6.3334 in the previous trading day; USD/Rmb inquiry system was at 6.3628 in afternoon trading and closed at 6.3642 in the previous trading day. According to the fluctuation range of 0.5% from the middle price, 6.3659 is the falling price of RMB on Wednesday, and the first quote on Wednesday is 6.3659.

The latest five-thousand-thousand-thousand-dollar spot in Hong Kong was reported at 6.3690/60 and was reported at 6.3795 late Tuesday. The difference between the US dollar and the domestic spot price in this market is about 60 points (bp). Overseas non-deliverables The NDF market was reported at 6.3820/60 for one-year terms, and it was 6.3820 at the end of Tuesday.

Traders believe that due to the demand for corporate foreign exchange from the end of the year will gradually increase, the recent middle price or there is room for downward adjustment, the middle price is high, and the market condition of the inter-table limit is not conducive to bank sales, and it is difficult to meet customer demand. The Central Bank may Consider the market factors.

China’s Ministry of Commerce officials said on Wednesday that the RMB exchange rate depreciation phenomenon is very good, indicating that the RMB exchange rate is not manipulated by the Chinese government and is a market adjustment.

Another bank trader in Beijing pointed out that for the first time in four years, foreign exchange accounts have fallen, indicating that overseas hot money is accelerating. The inversion of RMB exchange rates at home and abroad has also continued for a long period of time, which has aggravated the market's expectation of RMB depreciation. She also predicted that the short-term spot exchange rate may be adjusted to 6.38 near the shock.

The Chinese central bank’s foreign exchange assets declined for the first time in nearly eight years in October, which means that under the devaluation of the renminbi, financial institutions such as commercial banks are more willing to hold foreign exchange assets. If the renminbi does not change, the net decline in the central bank’s foreign exchange assets may also occur.

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