Recently, the RMB exchange rate broke through the resistance level of 6.36 and reached a new high in the past three and a half years. The rapid appreciation in the short term triggered the central bank to take corrective action and raise the foreign exchange deposit reserve ratio for the second time in the year. The foreign exchange deposit reserve ratio is the proportion of reserves handed over by financial institutions to the central bank after absorbing foreign exchange deposits. Raising the foreign exchange deposit reserve ratio will freeze foreign exchange liquidity, inhibit foreign exchange derivation and help curb the expectation of unilateral appreciation of RMB. After the increase of the foreign exchange deposit reserve, the exchange rate of the US dollar against the RMB is expected to be adjusted to a certain extent. At present, it is the peak of foreign exchange settlement at the end of the year, and the adjustment range may be slightly weaker than the last time. After the adjustment, the RMB will still face a competition between the strong export and the strengthening of the US dollar index, and the approximate rate of the RMB exchange rate is still a two-way fluctuation trend.
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