According to the latest data released by the Bank for International Settlements (BIS), the real effective exchange rate index of the RMB was 120.91 in February, up 2.43% from the previous month's 118.04, and ended the decline in January. The nominal effective exchange rate index for the RMB was 113.22 in February, a slight decrease of 0.33% from 113.6 in the previous month.
Standard Chartered Bank (China) economist Li Wei told the China Business News yesterday that the yuan showed a slow appreciation against the US dollar due to the weakening of the US dollar in February. At the same time, the non-US currency such as the euro has strengthened, and the renminbi has fallen against non-US currencies such as the euro.
Li Wei also pointed out that the increase in inflation between China and major trading partner countries is also one of the reasons for the significant increase in the real effective exchange rate of the Renminbi in February. This indicates that the price of overseas RMB-denominated commodities is rising.
Lu Zhengwei, a senior economist at Industrial Bank, pointed out that the earthquake-induced suspension of production by Japanese electronics and auto companies may cause the price of transportation and electronic products in China to rebound and rebound, which will make the short-term inflation situation more complicated. He believes that the rate of appreciation of the RMB exchange rate may slow down significantly.
JPMorgan Chase recently released a report saying that the renminbi is expected to appreciate further, and the dollar will reach 6.3 against the renminbi at the end of 2011.
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