Big Chinese Banks Dump Dollars, Biggest One Day Rise in CNYUSD Since Peg Lifted In 2005

iFeng: 在岸离岸人民币双双破6.5 创2005年以来最大涨幅
According to Bloomberg, the four banks, dealers said today the onshore renminbi market since after opening to see at least two Chinese big firms take the initiative from time to time the market to sell the dollar , the spot exchange rate pushed to its highest level this year. So far today soared 1.2%, creating the potential exchange rate reform in 2005 after the biggest gain.

Two of them, traders said, today is the first trading day after the holiday, combined with large price changes, the spot market has not appeared a large purchase of foreign exchange demand, the US market closed for a public holiday falls on Monday also suppress a part of the purchase Meeting demand.

One foreign bank trader said that in addition to the at least two Chinese big banks selling dollars after the opening bell, after 11:00 have foreign investors and listed banks selling dollars, and reported sales of dollars heavy, no shortage of big Chinese institutions among the names; because illiquid, CNY price climbed rapidly.

The traders interviewed on condition of anonymity because not authorized to comment publicly on the foreign exchange market
iFeng: 在岸人民币创2005年新高 交易员:中资大行在抛售美元
According to Bloomberg data, 9:46 am Shanghai time, the RMB against the US dollar reported 6.5174 yuan appreciation of 0.89%, was in July 2005 China abandoned the dollar peg exchange rates for the biggest gain since. Offshore yuan trading in Hong Kong fell 0.18 percent reported 6.5201.

During the Spring Festival, despite the global stock market performance is not satisfactory, offshore renminbi against the US dollar rose to buck the trend, the cumulative appreciation of nearly 700 basis points. Analysts believe that the current offshore renminbi exchange rate fluctuations mainly influenced by movements in the dollar index, basically reflects the expected changes in the market, is expected to remain relatively stable recently.

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