In the short term, the US dollar index (103.3180, -0.0414, -0.04%) strengthened
[Passive depreciation pressure on the exchange rate of the renminbi]
Earlier, the central bank pointed out in the first quarter of 2023 that the China Monetary Policy Implementation Report pointed out that the current external environment is becoming more complicated and severe, the vitality of the domestic economy is not strong, and the demand is still insufficient.
The reporter noticed that from April to May, the National Residents 'Consumption Price Index (CPI) and industrial producers' factory price index (PPI) average decreased.decline.
According to customs statistics, in May this year, my country import and export 3.45 trillion yuan, an increase of 0.5%.Among them, exports were 1.95 trillion yuan, a decrease of 0.8%; imports were 1.5 trillion yuan, an increase of 2.3%; the trade surplus was 452.33 billion yuan, narrowing by 9.7%.
In this context, the market has improved policies.Just in mid -June, the operating interest rate of 7 -day reverse repurchase, standing loan convenience (SLF), and medium -term lending facilities (MLF) lowered 10 basis points.Subsequently, the LPR quotation was released in June, and LPRs were reduced by 10 basis points in 1 year and 5 years.
In addition, Fed Chairman Powell said at the European Central Bank Symposium held at Sinitra, Portugal that most decision makers are expected to raise interest rates twice this year, and it does not rule out the possibility of continuous interest rate hikes.This eagle speech has led the market to rise to the Federal Reserve ’s interest rate hike, coupled with the crisis of US government debt limit, etc. In the short term, the US dollar index strengthened and caused a passive pressure on the RMB exchange rate.
