This wave of inflation began around the middle of February 20 17, and almost at the same time, the US dollar index fell from above 94 to below 92 on October 3, 20 18/kloc-0. Some analysts pointed out that the first reason for the RMB's "New Year's Eve" surge is that the peripheral US dollar index is lower; In addition, since February 20 17, 17, the settlement of foreign exchange by residents and enterprises has increased, and the supply and demand in the foreign exchange market have continued to improve, boosting the strength of the RMB.
However, the role of China's domestic economy should not be underestimated. In the first three quarters of 20 17, China's economic growth rate reached 6.9%, China's manufacturing PMI was in the expansion range all the year round, and the supply-side structural reform also achieved good results.
Fan, vice president of university of international business and economics Institute of Finance, pointed out to this reporter that the most fundamental reason for the appreciation of RMB exchange rate is the performance of China's economy. In 20 17, China's economic recovery was obvious and its overall performance was good. Exchange rate is a reflection of economic fundamentals. On the other hand, the overall stability of China's financial situation has also supported the recent appreciation of RMB.
Sheng Songcheng, counselor of the People's Bank of China, also expressed the same view. He believes that in addition to the rise in the exchange rate against the US dollar, the RMB is also appreciating against most currencies, and the main influencing factor is China's domestic economy. The recent appreciation of RMB exchange rate is mainly a reflection of the current economic and financial situation in China, and it is also influenced by market expectations.