From 20 14, 1 to 10, the RMB went out of the trend of falling first and then rising against the US dollar. From June 5438 to mid-February, the RMB maintained a strong sideways position against the US dollar, basically fluctuating around 6.05. Since February 18, with the strong intervention of the central bank, the exchange rate of RMB against the US dollar has fallen sharply until the end of April, when it fell to the lowest point since the current round of decline. After maintaining a low level for one month, the RMB began to appreciate against the US dollar in June under the background that the central bank gave up intervening in the RMB exchange rate. Since July, the US dollar index has risen sharply, but during this period, the exchange rate of RMB against the US dollar has continued to appreciate against the trend and become the king of the currency in the market. The appreciation of RMB against the US dollar in the second half of the year is mainly due to the fact that the exchange rate of RMB against the US dollar is still undervalued. The suppression of the RMB exchange rate by the central bank in the early stage further aggravated the market distortion, and the RMB was under pressure to appreciate sharply against a basket of currencies. Since July, the RMB has appreciated against the US dollar, thus achieving a substantial appreciation of a basket of currencies, reducing the distortion of the exchange rate and making the RMB exchange rate relatively balanced.

The trend of RMB against the euro is low before business and high after business. In the first half of this year, the dollar remained weak, while the exchange rate of the euro was firm, and the RMB fell sharply against the trend, further expanding the decline against the euro. Since May, the exchange rate of the euro against the US dollar has continued to fall, while the exchange rate of the RMB against the US dollar began to stabilize, and the exchange rate of the RMB against the US dollar began to rise in June. In this context, the exchange rate of the euro against the RMB has gone out of a continuous decline. The decline of the euro exchange rate is mainly related to the economic situation in the euro zone. Europe's economic recession, deflation in the euro zone. In order to stimulate the economy, the European Central Bank continuously lowered the interest rate of the euro and adopted quantitative easing policy, which led to a sharp drop in the exchange rate of the euro.