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On February 2, the central parity rate of RMB against the US dollar was quoted at 6.713, an increase of 362 basis points from the previous trading day. This is the highest point since July 12, 2022, and has appreciated by more than 3.6% from 6.9646 on the last trading day of last year.
The exchange rate of onshore and offshore renminbi against the US dollar is approaching the 6.7 mark within the day. Wind data shows that on February 2, the exchange rate of the onshore RMB against the US dollar hit 6.7007 and closed at 6.7221, an increase of 189 basis points from the previous trading day; as of 17:30 on February 2, the exchange rate of the offshore RMB against the US dollar The highest in China was 6.7057, up 129 basis points from the previous closing price.
Since the beginning of the year, the exchange rate of the RMB against the US dollar has continued the upward trend that started in November 2022. According to Wind data, on December 30 last year, the onshore and offshore RMB exchange rates against the US dollar closed at 6.9514 and 6.921 respectively. On January 16, both of them rose above the 6.7 mark. Subsequently, the exchange rate of the RMB against the US dollar fell slightly. As of the close on February 1, the exchange rate of the onshore RMB against the US dollar was reported at 6.741, an increase of 3.03% during the year; the exchange rate of the offshore RMB against the US dollar was reported at 6.7186, an increase of 2.92% during the year.
Looking forward to the trend of RMB exchange rate this year, Wang Youxin said that the strengthening trend of RMB exchange rate in the first half of the year is relatively clear, and the internal and external resistance is relatively small. In the second half of the year, as the global economy gradually rebounds from the low level, the downside risks of the European and American economies will be released, and the economic cycle of China and foreign countries will converge again. , the RMB exchange rate may show more range fluctuations.
With the release of epidemic prevention and control and the country's risk support for real estate, it is expected that domestic demand will recover from the previous month, and the textile and garment market will usher in more development opportunities in 2023.
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