By the United States Senate, "Sugar Act" or the week before the vote, and 11 holiday market concentration impact of foreign exchange demand, the yuan is to "run" to accelerate the speed of the appreciation. Yesterday, the price of RMB 3 7.91 mark for the first time, and even record two high-Nisshin, 7 days since the central parity is the 6th new record high. Line of a Chinese-funded foreign exchange traders to the Shanghai Oriental Morning Post yesterday that the yuan is likely to break 7.90 today, a major psychological barrier. Analysts said the yuan will appreciate the next 12 months and then 3%.
Last week, the yuan central parity at an unprecedented high of a record four times, after the second week, starting from a succession of two Nisshin record high, and the 7.91 mark for the first time yesterday. The central bank released the same day to 7.9072 yuan central parity, rose more than 78 basis points the previous day. Thus, the exchange rate has appreciated the central parity after the change has exceeded 2.56%. Two weeks, the central parity has been broken four consecutive integers psychological barrier.
In the automatic matching trading system, the yuan closed at 7.9022 yesterday, rose more than 123 basis points the previous day; in RFQ trading market, the yuan closed at 7.9020 is the same on 2 consecutive record high. This is a breakthrough of RMB 7.91 for the first time in two cities mark. UBS said yesterday that if the yuan's appreciation in recent weeks as the caliber conversion rate of the year will rise 26%.
In fact, in accordance with the "basket" theory, since the eve of the dollar in international markets overall strength of major currencies, the yuan should be a corresponding decline in the trend. However, contrary to market expectations, but yesterday the yuan, "Adversity" has once again hit a new high, which makes the market more firmly the theme of "Sugar Act" effect of the appreciation of the reverie.
A trader said yesterday, the market is currently circulating U.S. Treasury Secretary Henry Paulson reached with China during his visit a "gentlemen's agreement" speculation that China will accelerate the appreciation of the renminbi exchange for the U.S. government to "Sugar Act" in the hunt.
Xinhua News Agency yesterday commented that the current upward momentum of the yuan can be "run" to describe. A dealer commented that the appreciation of RMB will continue to accelerate this week to fight for the "Sugar Act" to delay a vote, "It's like a time of the race."
"Two-way wave is mainly reflected in the appreciation of the end of the current", a line of foreign exchange traders in the capital yesterday to the Shanghai Oriental Morning Post said it expects the yuan may be a breakthrough in today's 7.90 mark. However, the person said, despite the yuan a correction is inevitable, "but look at the current popular trend, the callback period may take some time before."
But UBS noted that since entering the Senate in the midterm Congressional elections this weekend's recess, "Sugar Act" seems unlikely to enter the voting procedure, "in such a fast appreciation, the renminbi is likely to remain fixed or even long-term reversed. " A trader pointed out that if the callback in today, come as no surprise.
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