Yesterday (65438+February 13), the spot exchange rate of RMB hit the daily limit for the first consecutive trading day 10. In this 10 trading day, the central parity of RMB rose by 0.4%, and the closing price against the US dollar rose by nearly 0.2%. He Yuanyuan, an analyst at Everbright Securities, published a research report today, saying that the exchange rate of the RMB against the US dollar continued to fall, which made many people think that the RMB was depreciating all the way. However, this is a complete misunderstanding. The "down limit" of the foreign exchange market is very different from what we usually understand, and the "down limit" and depreciation cannot be equated. The main capital flows into individual stocks (12/ 16). Some stocks will definitely regret the sudden surge. It is very likely that the gospel of investors will come unexpectedly: the stock has been saved! The report explained that since May 2, 20071day, the People's Bank of China set the fluctuation range of RMB against the US dollar in the foreign exchange market at 0.5%-the deviation between the trading price on that day and the middle price on that day should not exceed 0.5%. At the close of recent days, the trading price of RMB against the US dollar basically closed at a level 0.5% higher than the median price, and the relative median price depreciated by nearly 0.5%. This range is approaching the edge of the fluctuation range, which makes many people think that the RMB is "falling endlessly" and its depreciation is serious. Of course, if the daily median price is the closing price of the previous day, the RMB will indeed depreciate sharply against the US dollar after several consecutive "down limits". But the key point is that the central parity of the exchange rate and the closing price of the previous day are two different things. The so-called median price is the weighted average of the market quotations calculated by the foreign exchange trading center after inquiring from all market makers before the opening of the foreign exchange market every day. So the middle price has little to do with the closing price of the previous day. In fact, there is often a big deviation between the two. In recent days, the daily closing price of the transaction has depreciated by nearly 0.5% compared with the middle price of the day, but the middle price of the next day will appreciate by nearly 0.5% compared with the closing price of the previous day. Recently, the central parity of RMB against the US dollar has not changed much, and the closing price has also stabilized at around 6.36. Therefore, although the exchange rate of RMB against the US dollar has "fallen" for several days in a row, the RMB has basically not depreciated against the US dollar.