Review of RMB exchange rate trends against major foreign currencies

1. Trends in the RMB exchange rate against the U.S. dollar

The opening central parity rate of the RMB against the U.S. dollar on the last trading day in 2011 was 6.3009 yuan/USD. In May 2012, it hit a year-high high of the opening central parity rate. The opening middle price was 6.2670 yuan/USD. On August 16, it was the low of 6.3495 yuan/USD for the year. The opening middle price on the last trading day in 2012 was 6.2855 yuan/USD, and the annual appreciation rate was 0.25%. The largest annual appreciation was 0.54%, the largest decline was 0.76%, and the largest fluctuation during the year was 1.31%.
If the intraday trading price is taken into account, the low is 6.34 and the high is 6.2280, and the annual appreciation rate is 1.15%.
Judging from these indicators, the exchange rate of RMB against the U.S. dollar in 2012 will be closely pegged.
The reason why it can maintain relatively narrow fluctuations is that conditions at home and abroad are relatively good.
From a domestic perspective, economic growth is not optimistic and export growth is lower than expected.
Last year’s exports only grew by 7.9%, which was only better than 2009;
The foreign exchange holdings of financial institutions only increased by 494.6 billion yuan, and the central bank’s foreign exchange holdings only increased by 428.1 billion yuan, which were low values in recent years.
From an international perspective, there is not much political pressure, and the United States is busy with the general election.

2. Exchange rate trend of RMB against the euro
2011 The opening central parity rate of RMB against the euro on the last trading day of the year was 8.3176 yuan/euro. The high of the opening central parity during the year was 7.6473 on July 25. The low of the opening central parity during the year was 8.4799 on February 29. The next day in 2012 The opening mid-price on the trading day was 8.1625, and the appreciation rate for the year was 1.9%. The largest appreciation rate during the year was 8.77%, the largest decline rate was 1.91%, and the largest fluctuation rate during the year was 10.33%.

3. Exchange rate trend of RMB against Japanese yen
2011 The opening central parity rate of RMB against the Japanese yen on the next trading day after the year was 8.1103 yuan/100 yen. The highest opening central parity rate in 2011 was 7.2634 on December 28, and the lowest opening central parity rate during the year was 8.2846 on February 2. The opening mid-price on the last trading day in 2012 was 7.3049, and the annual appreciation rate was 11.03%. The largest annual appreciation was 11.66%, the largest decline was 2.10%, and the largest fluctuation during the year was 13.14%.