The central parity rate of RMB exchange rate is spot interbankForeign exchange marketAnd the most important reference index of bank listing exchange rate.People's Bank of ChinaAnnounce the day after the market closes on each working dayinterbank foreign exchange martThe closing price of US dollar and other transaction currencies against RMB shall be the middle price of the currency against RMB transaction on the next working day.[1]
The formation mode of the central parity rate of the RMB against the US dollar is: China Foreign Exchange Trading Center inquires from all market makers in the inter-bank foreign exchange market before the opening of the daily inter-bank foreign exchange market, and takes all market makers' quotations as the calculation sample of the central parity rate of RMB against the U.S. dollar. After removing the highest and lowest quotations, the remaining market makers will quoteweighted mean The central parity rate of RMB against USD on the current day is obtained, and the weight is comprehensively determined by the China Foreign Exchange Trading Center according to the trading volume and quotation of the Bidder in the inter-bank foreign exchange market and other indicators.
The central parity rate of RMB against euro, Japanese yen and Hong Kong dollar is determined by the China Foreign Exchange Trading Center according to the central parity rate of RMB against US dollar on the same day and the international foreign exchange market's euro, Japanese yen and Hong Kong dollar against US dollar exchange rate at 9:00 a.m.
Exchange rate price
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1. The benchmark price of RMB exchange rate shall be announced before July 21, 2005.On July 21, after the reform of the RMB exchange rate formation mechanism, the People's Bank of China announced the closing price of the exchange rate of US dollars and other trading currencies against RMB in the inter-bank foreign exchange market on each working day after the close of the market, as the middle price of the currency against RMB in the next working day.Since January 4, 2006, the People's Bank of China has authorized the China Foreign Exchange Trading Center to publish the central parity rate of the RMB against the US dollar, euro, Japanese yen and Hong Kong dollar at 9:15 a.m. on each working day as the central parity rate of the interbank spot foreign exchange market (including OTC and matching methods) and the exchange rate of the bank's counter transactions on that day.(From July 1, 2014, the bank can independently list the exchange rate of RMB against various currencies for customers based on market demand and pricing ability. There is no limit on the listing price of spot exchange and cash, and the bank can independently price according to market supply and demand.)
2. From April 2, 2002, the exchange rate price of RMB against Euro will be announced.
3. The middle price formation mode has also changed from the closing price guidance mode in 2005 to the opening price inquiry mode.
4. From August 1, 2006, the exchange rate of RMB against sterling will be announced.
5. Since August 19, 2010, the central parity rate of RMB against ringgit will be announced.
6. Since November 22, 2010, the central parity rate of RMB against ruble will be announced.
7. Since November 28, 2011, the central parity of RMB against Australian dollar and Canadian dollar will be announced.
8. The intermediate rate of RMB against ringgit and ruble is indirectly marked, that is, how much ringgit and ruble is converted from RMB 100.The central parity rate of RMB against other five currencies still adopts the direct pricing method, that is, how much RMB is converted from 100 foreign currencies.
9. On August 11, 2015, the People's Bank of China decided to improve the central parity rate quotation of the RMB against the US dollar. From now on, market makers will provide the central parity rate quotation to the China Foreign Exchange Trading Center before the opening of the daily inter-bank foreign exchange market, referring to the closing exchange rate of the inter-bank foreign exchange market of the previous day, taking into account the supply and demand of foreign exchange and the changes in the exchange rates of major international currencies.
The middle price hit a new low
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Central parity rate of RMB against USD[2]And the closing price both hit a six-year low.Analysts believe that it is normal for the RMB to depreciate because foreign exchange purchase needs to be improved, stability maintenance efforts of big banks have increased, and the US dollar has fallen.Judging from the microblog of the central bank, the central bank of China is not very worried.
Traders said that yesterday's central parity adjustment established the beginning of a new round of decline.On the whole, the volume of foreign exchange purchases continued to increase today, but some funds also took the opportunity to settle foreign exchange, and the stability maintenance efforts of major banks were significantly reduced during the period, so the short-term decline in exchange rates may continue, but the decline rate may slow down.
The spot exchange rate of the RMB against the US dollar continued to decline by 120 basis points on Tuesday, closing at 6.7148, hitting a new low for more than six years with the central parity rate (today the central parity rate depreciated by another 90 basis points).As of 17:54;The onshore RMB fell 152 basis points to 6.7180;The offshore yuan fell 48 basis points to 6.7246.
The traders pointed out that the correlation between the RMB and the US dollar index has increased significantly, the middle price continues to follow the market-oriented pricing, and the reduction of price intervention means that the tolerance for volatility has increased.However, there are still some administrative controls on foreign exchange purchase, so the actual increase in demand for foreign exchange purchase is relatively limited. Once the rise of the US Index is blocked, the RMB will also stop falling.
On August 31, 2020, the central parity rate of the RMB against the US dollar was 6.8605, 286 basis points higher than the previous trading day.[3]
Quotation of the day
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On December 30, 2021, the central parity rate of the RMB against the US dollar will rise by 61 points to 6.3674 every time the AI Express reports;The middle price of the previous trading day was 6.3735, the official closing price of the previous trading day was 6.3714, and the closing price of the previous day and night was 6.3680.[4]
On January 14, 2022, the Securities Times e Company reported that the central parity rate of RMB against the US dollar was lowered by 135 basis points to 6.3677, and the central parity rate of the previous trading day was 6.3542.[5]
On October 24, 2022, the People's Bank of China authorized China Foreign Exchange Trading Center to publish the central parity rate of RMB exchange rate in the inter-bank foreign exchange market, which is 1 yuan to 8.5275 rubles.[6]
On October 11, 2023, the People's Bank of China authorized the China Foreign Exchange Trading Center to announce that the central parity rate of the RMB exchange rate in the inter-bank foreign exchange market is: 1 dollar to RMB 7.1779 yuan, 1 euro to RMB 7.6443 yuan, 100 yen to RMB 4.8583 yuan, 1 Hong Kong dollar to RMB 0.91798 yuan, 1 pound to RMB 8.8582 yuan, 1 Australian dollar to RMB 4.6437 yuan,1 New Zealand dollar to RMB 4.3719, 1 Singapore dollar to RMB 5.2847, 1 Swiss franc to RMB 7.9679, 1 Canadian dollar to RMB 5.3110, RMB 1 to Malaysian ringgit 0.65892, RMB 1 to Russian ruble 13.7879, RMB 1 to South African rand 2.6419, RMB 1 to Korean won 185.71, RMB 1 to UAE dirham 0.51084,RMB 1 to 0.52168 Saudi Riyal, RMB 1 to 50.9471 Hungarian forint, RMB 1 to 0.59666 Polish zloty, RMB 1 to 0.9781 Danish kroner, RMB 1 to 1.5082 Swedish kroner, RMB 1 to 1.4994 Norwegian kroner, RMB 1 to 3.85546 Turkish lire, RMB 1 to 2.5023 Mexican pesos, and RMB 1 to 5.0632 Baht.[7]
realistic meaning
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After the RMB exchange rate middle rate mechanism is improved, the quotation maker will refer to yesterday's closing price, as well as the supply and demand relationship, which will make the exchange rate more market-oriented.[8]
When the market sometimes fluctuates beyond the management range, the central bank still adheres to the managed exchange rate system.The purpose is that the market determines the exchange rate, so that the supply and demand relationship of the market plays a decisive role in the exchange rate decision.Such a managed exchange rate system is suitable for China's national conditions. It not only reflects the flexibility of the market and the flexibility of market exchange rate adjustment, but also can be effectively managed when the market fluctuates too much, making the whole market more confident in the exchange rate mechanism, and making the whole market and economy run more smoothly.[8]
