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Chinese Yuan Bounces Back Strongly
Offshore yuan yesterday (28) afternoon attack. Against the dollar, once soared 458 points, driven by the yuan on the rise of the yuan. And today the yuan against the dollar also opened 239 points higher, the largest increase in nearly 4 weeks. Onshore, the offshore dollar in the morning was up 6.8 points.
According to “Reuters” and other media reports, the market rumors, the two rally from the line ahead of the market. Reasons for speculation, including the return of Hong Kong on July 1, 20 years is approaching. Chinese President Xi Jinping is expected to visit Hong Kong. The center does not want to see the yuan fell too fast, and make a clear intervention. In addition, the State Council Premier Li Keqiang also published China will not hard landing and other remarks, but also help the yuan exchange rate rise.
Hong Kong Treasury (Greater China) Managing Director Wang Liangxiong said that the yuan rose also “retreat before the momentum” is suspected. The official opening of bonds expected. He believes there are investors in advance for the deployment of buying so that stronger yuan.
Pedestrian Approach Intervention
Shanghai Commercial Bank Research Director Lin Junhong pointed out that the Chinese banks in the onshore market to sell dollars and a large number of purchase of RMB. The liquidity of the RMB tightened so that the RMB exchange rate significantly lifted. RMB rally from yesterday afternoon, about 2 o’clock, onshore, FOB are soaring, onshore RMB from 6.8419 once rose to 6.8212, offshore RMB rose sharply from 6.8469 to 6.8262. To close in the afternoon, onshore RMB 6.8101, offshore RMB in the Asian closing period was 6.8137, up 355 points on the rise. Analysts expect 6.85 to be the first line of defense for the central exchange rate of offshore RMB. Coupled with the central pricing mechanism adjustment, the devaluation of the majority of the time, have brought the reasons for pedestrian approach intervention.