7.15 revaluation of the RMB exchange rate through the frightening speed of the market

Despite previous reports the Shanghai market in 2008 and was expected to the appreciation of the renminbi would significantly speed up the pace, but the recent rise in the renminbi exchange rate is still beyond the line of the majority of market participants had expected. China Foreign Exchange Trading Center announced yesterday authorized, the same day the RMB yuan against the dollar for dollar 7.1452 yuan, the U.S. day to appreciate substantially over 122 basis points in the fourth consecutive day of record high at the same time the first time Breakthrough 7.15 mark. Many foreign exchange dealers said, the RMB exchange rate so fast through the 7.15 mark, much was unexpected. The two just this week announced January economic data deepened the market facing a grim situation in the domestic inflation worries that institutions generally believe that the central bank is through the rapid appreciation of the renminbi ease inflationary pressures. Nevertheless, the RMB exchange rate so easy to break through the 7.15 mark still shocking the market. Shanghai, a state-owned bank foreign exchange dealers predicted that the RMB exchange rate in the integer is expected before July will mark a decent adjustment, "the RMB exchange rate will be the fastest times by the end of March into the'6 '." Yesterday the interbank foreign exchange market in other major currencies against the RMB yuan, respectively: 1 euro to 10.5252 yuan, and 100 yen for 6.6208 yuan RMB, a Hong Kong Dollar 0.91582 yuan, £ 1 to 13.9074 yuan.