Sina Finance News - Since December 1st, the spot trading of RMB to USD has been in a continuous three-day slump. On December 3rd, the RMB, which once fell to a limit of 6.8845, eventually closed at 6.8830 after a tug-of-war in the bidding and inquiry markets.
The market has always believed that the central bank has a say in the mid-price. There were rumors yesterday that the central bank's intervention caused the RMB/USD exchange rate to move away from the "limit down" position at the end of the session.
Yesterday, after approaching the limit during the session, there were rumors that the central bank intervened near the end of the session, selling USD to bring the exchange rate back, closing at 6.8815, away from the limit down. This is equivalent to being pulled back up the day after a fall, with limited actual depreciation.
Therefore, many researchers believe that the current appreciation space for RMB is not large, but it is still too early to judge that the RMB has entered a depreciation channel. Some analysts even said that the central bank may have injected USD into the foreign exchange market, and one should not expect too much from the change in the depreciation of the exchange rate to improve the export situation.