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The spot CNY = CFXS of the RMB against the US dollar closed down slightly on Friday, while the median price fell more than 150 points to end four consecutive rises. Traders said that the U.S. index is still weak in Japan. The "substantial" progress of Sino-U.S. negotiations helped stabilize market expectations, the demand for foreign exchange settlement gradually released, and the renminbi has turned from decline to rise. After the two sessions, the market focus is expected to return to the progress of Sino-U.S. negotiations and the trend of the U.S. dollar. Before the outcome is settled, the trend of the renminbi may still be difficult.
They mentioned that the progress of Sino-US negotiations is still relatively vague and the market is looking forward to more details. In addition, the liquidity of RMB has been slightly tighter recently, short-term US dollar swaps in China have risen slightly, and the demand for long-term swaps has been strong, which has also helped the long-term swaps return to positive value.
"There are more intra-day foreign exchange settlement, like capital inflows," said a Chinese bank trader. "But at present, the RMB is not very likely to get rid of interval fluctuations."
Another Chinese bank trader said that today is the TRADERS'meeting, trading is quiet, market sentiment is relatively stable, the current direction is still interval shocks, there is no consistent trend in the direction.
Liu He, Vice Premier of the State Council of China and Chinese leader of the Sino-US Comprehensive Economic Dialogue, made a third call at 7 a.m. on March 14 with U.S. Trade Representative Letterheiser and Treasury Minister Mnuchin. The two sides made further substantive progress in their texts.

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