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US dollar against the offshore exchange rate today

06 Jun , 17 By account

US dollar against the offshore exchange rate today

Wednesday (31) offshore RMB rose 1.1% against the dollar, soared to a 7-month high, even before analysts have predicted the current quarter exchange rate demoted. “Bloomberg” pointed out that the Chinese authorities are giving the renminbi RMB foreign exchange traders and strategists to drink. Hong Kong banks interbank interest rates hit, resulting in high cost of venting high jump.

Chinese on Thursday (1) and then the central parity against the US dollar rose 543 points to 6.8090 yuan, the highest single-day increase in five months, and came to more than six months high. Offshore Renminbi soared on 6.7241 against 1 US dollar, on the shore of the yuan also rushed 6.7906 yuan high.

 

Yuan’s Movements

Although Moody’s downgraded China’s credit rating to A1 on Wednesday (24th), it was worried that the overall economic debt would swell. On Friday (26th), it announced that it would “Counter-cyclical factors” make it harder to predict the yuan’s movements.

People’s Bank has continued to raise the central parity of the renminbi, to confront the currency market atmosphere. Jason Daw, director of foreign exchange strategy at Societe Generale’s emerging market in Singapore, pointed out that Moody’s commentary plus the spot rate below RMB at the spot may trigger a decision by the Chinese authorities to change the medium-price setting mechanism and possibly even direct intervention market.

In fact, since the Moody’s downgraded China’s credit rating, Wednesday (31) Hong Kong Interbank overnight renminbi interest rate (CNH Hibor) from the day before 5.35% soared 21.07%; offshore and onshore RMB exchange rate also expanded to A new high since March.

Now analysts have quickly raised the yuan estimates. Last December has been shouting 7.25 yuan. Therefore, Credit Agricole will target the end of this year raised to 7.05 yuan in exchange for each dollar. Aon (ANZ) will also reach the target price of 7.10 yuan transferred to 6.95 yuan. Including Credit Suisse and UniCredit are also considering adjustment forecasts.

 

 

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