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China's yuan rose slightly against the U.S. dollar on Wednesday, while the central parity hit a new low of nearly a week. Traders said that the stable recovery of the US index and strong demand for foreign exchange purchasing on the customer's market dragged down the early weakness of the RMB, but the strength of foreign exchange purchasing near the end of the day weakened, and the demand for foreign exchange settlement pushed the exchange rate up rapidly. However, before the first phase of the agreement between China and the United States, the yuan is expected to remain in range volatility.
They also pointed out that the news that China has issued US soybean import tariff exemption quota, but the market reaction is calm, because there are still doubts about whether China and the United States can reach the first stage agreement, and there is a strong wait-and-see mood; fortunately, in recent days, the regulators seem to dilute the guidance of counter cyclical factors and relax the control of the middle price, which is conducive to improving the flexibility of the spot exchange rate.
"There are more foreign exchange purchases in the past two days. After the end of the purchase (USD / RMB), there will be a bit of a drop," said a trader from a foreign-funded bank. "At the end of the day, both the spot and the swap will fall faster, and some foreign exchange settlement will come out."
Another Chinese trader also said that compared with the previous days, today's dollar / RMB price is relatively good, which to some extent improves the customer's demand for foreign exchange settlement, "and feels that customers tend to buy (dollar / RMB) low and sell (dollar) high, and the range may be narrower and narrower."
Another banker thinks that the demand for settlement of foreign exchange by customers is not very strong in the near future. On the one hand, the first phase agreement between China and the United States has not been formally signed, and the enterprises have been in a wait-and-see attitude; on the other hand, the overall situation of exports in the near future is poor, which also reduces the demand for settlement of foreign exchange by enterprises to a certain extent.
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