The RMB exchange rate exceeded 6.3 for the first time

The RMB exchange rate exceeded 6.3 for the first time. On the last trading day of 2011, the central parity rate of the RMB set a new record, opening more than 0.23 higher than Thursday...

The RMB exchange rate against the U.S. dollar closed at 6.2949 yesterday, which was the first time since the exchange reform that it rose above 6.30 to 1 U.S. dollar, heading towards the 6.20 level. Since it was rumored in the middle of this month that the central bank and the four major banks have stepped in to support the exchange rate, the exchange rate has risen by about 1.25% in half a month, completely reversing the weakness of consecutive days of decline since November.

In 2005, the central bank announced exchange rate reforms, breaking the mechanism of RMB being closely pegged to the U.S. dollar. As a result, the RMB began to rise unilaterally, and as of yesterday, the RMB had appreciated by nearly 24% against the U.S. dollar.