News Column

Aug 7 RMB-USD Spot Rate to 5-month High

August 8, 2014



BEIJING, August 8, SinoCast -- The spot rate of renminbi against US dollar closed at CNY 6.1619 against USD 1 on August 7, up 14 basis points over CNY 6.1633 against USD 1 on the previous trading day, the fourth-day growth and a record high since March 17, according to China Foreign Exchange Trade System.

The central parity rate of renminbi against US dollar closed at CNY 6.1670 against USD 1 on August 7, up 11 basis points over the previous trading day.

The narrowing gap between the spot rate and the central parity rate reflected the government reduces the currency market intervention and the economic fundamental turns good, said Lin Jiaoji, co-head of the Hong Kong research division of ABC International, adding the company still expects capital will continue to flow into China to constitute a support to the renminbi exchange rate.


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Source: Sinocast Banking & Credit Beat (China)


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