Golden Ten Data reported on August 2 that today (August 2), the RMB ushered in a big rise against the US dollar, rising above the 7.24, 7.23, 7.22, 7.21, and 7.20 marks one after another. The latest data showed that the United States labor market is cooling and the economy is contracting, causing the dollar index to move lower. Asian currencies strengthened as the dollar weakened, with the yen rising nearly 0.5% against the dollar at one point and the yuan more strongly against the dollar. Regarding the follow-up trend of the RMB Exchange Rate, Zhong Zhengsheng, chief economist of Ping An Securities, believes that the "non-rise" of the RMB Exchange Rate in the past month is also due to the previous "non-fall", which means that the space for "making up for the rise" is not wide. Judging from the trajectory of the US dollar and RMB since the "811" exchange rate reform in 2015, the RMB Exchange Rate level after this appreciation is basically in a reasonable range.
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Why did the RMB suddenly surge? How will the market perform in the future?
Golden Ten Data reported on August 2 that today (August 2), the RMB ushered in a big rise against the US dollar, rising above the 7.24, 7.23, 7.22, 7.21, and 7.20 marks one after another. The latest data showed that the United States labor market is cooling and the economy is contracting, causing the dollar index to move lower. Asian currencies strengthened as the dollar weakened, with the yen rising nearly 0.5% against the dollar at one point and the yuan more strongly against the dollar. Regarding the follow-up trend of the RMB Exchange Rate, Zhong Zhengsheng, chief economist of Ping An Securities, believes that the "non-rise" of the RMB Exchange Rate in the past month is also due to the previous "non-fall", which means that the space for "making up for the rise" is not wide. Judging from the trajectory of the US dollar and RMB since the "811" exchange rate reform in 2015, the RMB Exchange Rate level after this appreciation is basically in a reasonable range.