The central parity rate of the RMB exchange rate is the most important reference indicator in the spot inter-bank foreign exchange market and the bank's listed exchange rate.
1. Announce the RMB exchange rate benchmark before July 21, 2005. After the reform of the RMB exchange rate formation mechanism on July 21, the People's Bank of China announced the closing price of the U.S. dollar and other trading currencies against the RMB in the interbank foreign exchange market on that day after the market closes on each working day, as the intermediate price of the currency against the RMB on the next working day. price. Since January 4, 2006, the People's Bank of China has authorized the China Foreign Exchange Trading Center to publish the central parity rate of the RMB against the U.S. dollar, euro, Japanese yen and Hong Kong dollar at 9:15 a.m. every working day as the inter-bank spot rate for the day. The foreign exchange market (including OTC method and matching method) and the central parity rate of bank over-the-counter transaction exchange rates.
2. The RMB to Euro exchange rate price will be announced from April 2, 2002.
3. The middle price formation method has also changed from the closing price guidance model in 2005 to the opening inquiry model.
4. The exchange rate of RMB against pound will be announced from August 1, 2006.
5. Starting from August 19, 2010, the central parity rate of the RMB to Ringgit exchange rate will be announced.
6. Starting from November 22, 2010, the central parity rate of the RMB to ruble exchange rate will be announced.
7. Starting from November 28, 2011, the central parity rate of the RMB exchange rate against the Australian dollar and the Canadian dollar will be announced.
8. The central parity rate of RMB against ringgit and ruble adopts the indirect pricing method, that is, how many ringgit and ruble are equivalent to 100 RMB. The central parity rate of RMB against the other five currencies still adopts the direct pricing method, that is, how many RMB is equivalent to 100 foreign currencies.