The central bank decided to expand the floating range of the RMB against the US dollar

According to the website of the People's Bank of China, the central government decided to expand the floating range of the exchange rate of RMB against the US dollar in the foreign exchange market. Since April 16, 2012, the fluctuation of the RMB-dollar trading price in the inter-bank spot foreign exchange market has been expanded from five thousandths to one percent, that is, the daily exchange rate of RMB against the US dollar in the inter-bank spot foreign exchange market can be On the day when the China Foreign Exchange Trading Center announced the foreign exchange rate of RMB against the US dollar, it fluctuated within 1%.

The central bank announced the following:

People's Bank of China Announcement [2012] No. 4

At present, the development of China's foreign exchange market tends to be mature, and the independent pricing and risk management capabilities of trading entities are increasing. In order to comply with the requirements of market development, the price of the RMB exchange rate is promoted, and the two-way floating flexibility of the RMB exchange rate is enhanced. The market supply and demand is based on the reference. With the adjustment of the basket currency and the construction of a managed floating exchange rate system, the People's Bank of China decided to expand the floating range of the RMB exchange rate against the US dollar in the foreign exchange market. The relevant matters are hereby announced as follows:

Since April 16, 2012, the fluctuation of the RMB-dollar trading price in the inter-bank spot foreign exchange market has been expanded from five thousandths to one percent, that is, the daily exchange rate of RMB against the US dollar in the inter-bank spot foreign exchange market can be On the day when the China Foreign Exchange Trading Center announced the foreign exchange rate of RMB against the US dollar, it fluctuated within 1%. The designated bank of foreign exchange provides customers with the difference between the highest exchange rate of the US dollar on the current day and the minimum spot purchase price, which shall not exceed the median price of the day's exchange rate from 1% to 2%. Other regulations are still in accordance with the “People's Bank of China on the inter-bank foreign exchange market”. Notice of Issues Concerning the Issues Concerning the Management of the Exchange Rate and the Administration of Listed Exchange Rates of Foreign Exchange Designated Banks (Yinfa [2010] No. 325).

Based on the domestic and international economic and financial situation, the People's Bank of China will, based on market supply and demand, refer to changes in the exchange rate of basket currencies, maintain the normal fluctuation of the RMB exchange rate, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and maintain macroeconomic and financial markets. stable.

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