According to Ming News Report, RMB fell first and rose after in the last trading day before Chinese National Day.
iMarkets reported trends of RMD swing in the last trading day before the National Day Holidays. After the five days decreasing of the middle price, CNY touched down the lowest point in six weeks. In the afternoon, USDX got back then CNH increased as well. CNY has fallen about 1% in September. It is the worst record since last November. Why did RMB fell seriously after rose highly? Analysts said this is the reactions of season exchange purchasing and the fluctuation of USD.
According to Epoch Times, from July to the beginning of September, RMB acted high from 6.80. CNY reached 6.44 the highest point in the past 21 months on 8th September. Moreover, CNH rose over 6.45.
Ming News reported chief of China State Administration of Foreign Exchange Guan Tao the main reason of RMB rose recently is domestic market forces driven. He expects the rate of RMB would be double-sides fluctuation. The market of USD to RMB would be premium in the long term. It shows that it would be devaluation that RMB exchange to USD. At the meanwhile, the rate of CNY would face ups and downs beside CNH. Instead of acting strong or weak in the long term, the market didn’t show the expectation of appreciation or depreciation.
According to iMarkets, Forex Strategy Analyst of Mizuho Bank Zhang Jian-Tai said the trend of CNY in the last trading day is basic of the fluctuation of USD. Due to the companies seasonally purchasing USD, RMB fell. However, CNH would be keep traded even it is the national holidays next week. The trend of RMB would rely on USD.
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