The Renminbi Appreciated Against The US Dollar Over The Past 8 Years, Rising By More Than 34% To The Euro By Over 20%.

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< p > foreign exchange trading center data show that the 22 yuan RMB to us dollar < a href= "http://sjfzxm.com/news/index_cj.as" > /a > 6.1721.

So far, in the past 8 years since the reform of the RMB exchange rate formation mechanism, the cumulative appreciation of the RMB against the US dollar has reached 34%, and the cumulative appreciation of the RMB exchange rate has exceeded 20%.

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In July 21, 2005, China opened a regulated and managed floating exchange rate system based on market supply and demand and reference to a basket of currencies. At this point, the curtain of P was officially opened.

While the RMB exchange rate has appreciated in the main currencies, the elasticity of exchange rate has increased significantly in the past 8 years, and the two-way floating characteristics of RMB have gradually become apparent.

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< p > the report issued by the people's Bank of China pointed out that the current RMB exchange rate has gradually approached the equilibrium level.

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The pressure of < p > a href= "http://sjfzxm.com//business/" > RMB appreciation > /a > comes mainly from the imbalance of global economy.

At present, the global economic imbalances are mainly manifested in the following aspects: < /p >

< p > one is that the global liquidity has been greatly enhanced due to the unrestricted issuance of the US dollar, resulting in a larger divergence between the real economy and the virtual economy; < /p >

< p > two is the continuous high consumption and low savings rate of the United States, resulting in a huge deficit in its fiscal and balance of payments accounts; < /p >

< p > three is China's high savings, high investment, export-oriented and insufficient consumption, resulting in the rapid expansion of production capacity and the huge surplus of the balance of payments; {page_break} < /p >

< p > four is the pattern of Global trade forming a net import of the US and European region dominated by the United States and a continuous expansion of China's net exports in Asia.

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The structural contradictions in these aspects are bringing huge risks to the global economy, so p needs to be adjusted gradually.

The depreciation of the US dollar and the appreciation of the renminbi are all due requirements for adjustment.

A certain appreciation of the renminbi has the following positive significance for China's macro-economy: < /p >

< p > to understand the equilibrium price of RMB, and achieve the balance of "a" href= "http://sjfzxm.com/news/index_s.asp" and "economic /a".

Analysts point out that the renminbi is undervalued, but no one can be precise enough to say that it is undervalued, because all kinds of economic models can draw very different conclusions.

The gradual appreciation process of RMB will help the government and the market find the real equilibrium price of RMB early, so as to better play the role of price mechanism in the allocation of resources.

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