Renminbi EER rose 4.09% February
The Bank for International Settlement issued on 16 the index, showing February’s real exchange rate of renminbi stands for 118.41, with a surge of 4.09 percent. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
In February, US$ rose from 79.49 up to 80.35, up 1.08 percent. US$ index rebound has cornered the rising of yuan’s EER which presenting even against the dollar’s nominal exchange rate.
Coming into March, it sees a slight fall of the dollar and the yuan keeps going up for five working days in middle price to the dollar, when on 16 yuan’s average price stands at 6.8263 for one dollar, a little than previous day reading 6.8261 presenting the first fall since March 9. renminbi’s five days ups has once resulted the expectation of appreciation.
On 16th offshore market one year <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />US$ to non-deliverable forward in yuan stands at 6.6570/6.6670, higher than previous day at the close by 6.6450/6.6550, when investors continuing cut their gained short positions
Analysts say the rebound of US$ is due to yuan’s lowering on 16, as well as the pressures imposed on European currencies as the aid for Greece lagged behind and UK being warned to lose its AAA sovereign credit ranking. Moreover, commodity price fell in early trading of America’s stock market, threatening high-risk assts. In this case, it sees rebound of the dollar, presenting ups by 0.54 percent on 15.
