According to the RMB exchange rate formation mechanism announced by the China Foreign Exchange Trading Center (CFETS), Reuters estimates that the intermediate price of the RMB against the US dollar is expected to open near 6.7157 yuan on Tuesday, up about 45 points from the previous day.
The RMB closed at 6.7251 yuan against the US dollar on spot last day, while the median price was 6.7202 yuan. According to the pricing mechanism, 49 points of today's mid-price changes reflect the impact of market supply and demand, while 84 points of rise reflect the points needed to keep the exchange rate basically unchanged overnight, and 10 points of rise reflect the impact of "counter-cyclical factor".
Reuters estimated the median price of RMB against US dollar on the previous day was 6.7241 yuan, which was 39 points off the actual value announced by the foreign exchange trading center. Last day, Reuters calculated the CFETS index of RMB exchange rate, the SDR basket index and the BIS basket index according to the intermediate price announced by CFETS, which are 95.36, 95.49 and 99.05, respectively.
Since February 2016, China has initially formed a mechanism of "closing exchange rate + change of exchange rate of a basket of currencies". In February 2017, the reference period of the intermediate price to a basket of currencies was adjusted from 24 hours to 15 hours. At the end of May, the exchange rate working group of the self-regulatory mechanism of the foreign exchange market introduced a "counter-cyclical factor" into the model of the intermediate price quotation.
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