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In the offshore Yuan yesterday surged 800 points

      Washington (Beijing News said its journalists Zou Chen-Hui) yesterday, the Central Bank raised the reference rate against the dollar nearly 200 basis points, affected by this, in offshore renminbi (CNY) surge as 800 points.
according to the data released by the China foreign exchange trading center yesterday, Yuan rate against the dollar to 6.5118/1, the middle section before the last trading day up 196 basis points. Affected by this, in offshore renminbi (CNY) surged more than 800 points, closed at CNY at 6.4944 against the dollar, its largest increase since at least 2005.
Golden wallet Xiaolei, lead researcher, said fluctuations in the international financial markets, particularly the foreign exchange market during the Spring Festival is huge, globally focused after China, and if the Central Bank to intervene in the financial market to remain relatively stable at this time, from the current stock and foreign exchange markets compared to only select currency from the start in order to inject confidence into the market. In his view, the Central Bank Governor Zhou xiaochuan in a media interview earlier said the RMB exchange rate depreciation basis does not exist, a series of propaganda, part of the US intervention, which is equivalent to international financial markets hit a raise confidence in the "combined".
"RMB exchange rate now is more of a reference to a basket of currencies, specifically including the euro, Yen, British pound, and peg ratio of only 20%. During the Spring Festival period of these currencies against the dollar is seen rising, under the influence of market-oriented factors, a rising Yuan/dollar exchange rate will naturally appear. "School of Economics, Peking University Department of finance Lv Suiqi, Vice Director said.

he said, "the United States domestic capital markets are not stable, its expectations of further interest rate hikes have been falling, speculative funds did not choose the influx of dollars as before, but will choose more currency diversification of the investments, which can lead to other currencies to rise slightly, so the Yuan exchange rate against the dollar correction will continue for some time. ”

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