Beijing, June 22 (22 is the people's bank of China reiterated the second trading day after the revaluation, the yuan central parity rate change situation yesterday still waters, the middle price above $6.80, hit a record high since revaluation in July 2005.
, according to the central bank announced on June 22 boj inter-row dollar foreign exchange market trading currencies such as the central parity of RMB exchange rate are as follows: $1 to 6.7980 yuan, 1 euro to RMB 8.3816, 100 yen for 7.4740 yuan, hk $1 to 0.87443 yuan, one pound to 10.0372 yuan.


On June 21, the yuan traded at 6.8275 against the dollar, unchanged from the previous session.


The central bank spokesman said Wednesday, according to the domestic and international economic and financial situation and China's international balance of payments, the people's bank of China decided to further promote the reform of RMB exchange rate formation mechanism, increase the elasticity of the RMB exchange rate.


Renmin university of China institute of finance and financial, said zhao xijun, deputy dean of the 22nd central parity rate of change is to further promote the reform of exchange rate formation mechanism, the concrete embodiment of the reference to a basket of currencies to adjust, exchange rate will be more reflected the impact of market supply and demand in the future."


Yesterday at sight inquiry market as of the closing, the yuan closed at 6.7976 against the dollar, its high, since in 2005 up nearly five over one thousand of the annual cap on.
The RMB exchange rate between the RMB and the us dollar is similar to the market quotation on the 21st, indicating that the RMB exchange rate is more reflective of the supply and demand of the market.


In the wake of the financial crisis, the RMB exchange rate adopted a mechanism that was essentially pegged to the us dollar, narrowing sharply against the dollar.
The yuan has been operating within a range of 6.826 to 6.828 for the dollar this year.
Exchange rate changes on June 22nd showed a clear strengthening of the currency's flexibility.


Liu Yuhui, director of the Chinese academy of social sciences financial research institute of China's economic evaluation center said: "in the short term investor sentiment or causes in the RMB exchange rate appreciation pressure."
This was reflected in yesterday's spot market, and in the overseas non-principal forwards market (NDF), which reflects the expected appreciation of the renminbi.
"


The central bank spokesman said recently, will continue in accordance with the published range of floating exchange rates, foreign exchange market to carry on the dynamic management and regulation of the RMB exchange rate floating.


Under the current rules, the renminbi is trading at five per cent a day against the dollar.
The dynamic management of the band helps to avoid the volatility and overtones of the currency.


, "said zhao xijun, speculation is usually a short-term impact, in the long run, affected by the uncertainty of market supply and demand, the tendency of exchange rate is hard to judge, the RMB exchange rate in the future is expected to more embody the characteristics of bidirectional floating."


Indeed, from the spot market on the morning of the 22nd morning, the renminbi's spot price against the dollar eased somewhat, as a result of the increase in dollar buying.
At 10:30, the inquiry system was quoted at 6.8126.


Experts believe that China constantly tend to balance international payments, since last year and the current RMB exchange rate compared with the equilibrium level, there is no too big deviation, so there is no sharp fluctuations in RMB.