RMB appreciated by 0.25% in 2012, the industry is expected this year, or 1.9% appreciation

The last trading day of 2012, the exchange rate of the RMB against the U.S. dollar central parity reported 6.2855, appreciated by 154 basis points compared to the same period in 2011, the RMB appreciated by 0.25% against the U.S. dollar throughout the year.

2012 RMB exchange rate volatility trend. In the first half of last year, the performance of the RMB against the U.S. dollar soft, even long-term market filled with some of the expected depreciation. However, starting from the end of July, the market reversed, the appreciation of the renminbi is expected to gradually strengthened. RMB appreciation pace has accelerated after mid-October, the RMB exchange rate series the breakthrough 6.28,6.27,6.26,6.25,6.24 and 6.23 mark. In November, the RMB against the U.S. dollar in the spot market on a continuous "limit" that touched 1% of the volatility of the ceiling.

Since the 2005 foreign exchange reform, the RMB against the U.S. every year showed appreciation, appreciation of the smallest of the Year in the 2008 financial crisis. Year for market stability considerations, the central bank of the RMB exchange rate linked to the U.S. dollar remained relatively stable against the U.S. dollar and the appreciation of the RMB against the U.S. dollar in 2008 was only 0.09%. The data show that, since the exchange reform since 2005, from 2006 to 2012, the RMB appreciation against the U.S. dollar were 6.804%, 6.882%, 3.349%, 0.09%, 3.09%, 5.11% and 0.25% respectively.

Looking ahead to 2013, market participants expected the "wave" will continue to be the most significant features of the RMB exchange rate of the next period of time, close to the equilibrium level of the RMB exchange rate, continue to the sharp appreciation of the possibility has been little. Due to the external market is still brewing many risk factors, the trend of Renminbi is still not a small variable. Royal Bank of Scotland chief China economist, Louis said, taking into account the QE4 (fourth U.S. quantitative easing), as well as central banks in Europe and Japan are said to maintain a loose monetary policy, the 2013 funds will continue to net flows to emerging markets, especially Asian countries, the currencies of the Asian countries also face the pressure of appreciation. Although the medium to long term appreciation of the renminbi is still the trend but domestic factors taken into account, in 2013, the RMB exchange rate will remain basically stable, the annual appreciation is expected to be 1.9%.