Legal entities held a total of 4.07 trillion yuan of bonds in the inter-bank market, a year-on-year increase of 17%. "The risk aversion and investment attributes of RMB assets have become increasingly prominent in the past two years, especially at special times such as repeated epidemics and increased geopolitical risks." Wang Youxin said that the scale of foreign capital's allocation of assets such as RMB equity and debt International institutions such as Credit Suisse, Goldman Sachs, HSBC and other international institutions continue to sing about RMB assets, the use of RMB in international reserves and cross-border payments continues to increase, and the recognition of RMB by international capital continues to increase.ĭata show that from this year to February 21, the total net inflow of northbound funds in the A-share market was 21.6 billion yuan (RMB, the same below). Renminbi assets have both liquidity, safety and profitability, and are favored by safe-haven funds.Īgainst the backdrop of rising expectations for interest rate hikes by the Federal Reserve, the RMB exchange rate rose against the trend, rising from around 6.36 on February 14 to below the current 6.33, continuing its strong performance. Wang Youxin, a senior researcher at the Bank of China Research Institute, pointed out that with the intensification of the conflict between Russia and Ukraine recently, the volatility of the international foreign exchange market has increased. Why is the RMB exchange rate so strong recently? The highest value in the past four years since April 2018. Photo by China News Service reporter Li Jinlei.jpgĪccording to foreign exchange market data, as of 18:00 on the 24th, the spot exchange rate of the onshore RMB against the US dollar was 6.3209, and the spot exchange rate of the offshore RMB against the US dollar was 6.3199.
The spot exchange rate is even closer to the 6.2 range. (Economic Observation) The RMB exchange rate is approaching the 6.2 range, why has it hit a new high in the past four years?Ĭhina News Agency, Beijing, February 24 (Reporter Xia Bin) After entering 2022, the RMB exchange rate has basically remained within the range of 6.3 to 6.4.
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