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Pang Song Stresses Stability of Renminbi Exchange Rate

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On Wednesday (April 22), in the late New York session (04:59 Beijing time on Thursday), offshore RMB (CNH) traded at 6.8320 per USD, down 34 points from Tuesday's late New York session, with intraday trading ranging between 6.8217 and 6.8331

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The People's Bank of China (PBOC) is expected to set the USD/CNY reference rate at 6.8233, a key indicator in Asian foreign exchange markets. The PBOC operates a managed floating exchange rate system, allowing the yuan to trade within a 2% band around a daily midpoint. This midpoint is influenced by various factors, including previous closing prices and economic conditions. The fixing serves as a policy signal, indicating the PBOC's stance on currency strength or weakness, especially during periods of global volatility.

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PBOC is expected to set the USD/CNY reference rate at 6.8233 – Reuters estimate

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ROI-China's yuan is undervalued, but maybe not as much as you think: McGeever

Sheng Songcheng pointed out at the 'China-Europe Lujiazui Financial 50 Forum' that the current period presents a favorable opportunity to enhance the RMB's financing function. As the RMB's role in international trade finance grows, cross-border investment and financing demand continues to rise, becoming a critical component of financial support for the real economy. Data shows that in RMB cross-border settlements, current account transactions account for 67.9%, while direct investment shares are also increasing, reflecting the deepening global industrial chain layout of Chinese enterprises

- The demand for RMB cross-border financing is growing due to China's trade and investment dynamics, with RMB showing a strengthened role in international financing.  
- Data indicates that in Q1 2026, China's total import and export volume denominated in RMB reached 11.84 trillion yuan, reflecting significant growth and the impact of broader international integration efforts.  
- The RMB's financing benefits are underscored by its low cost and increasing international adoption, supported by a favorable macroeconomic environment and strategic financial policies.

Sheng Songcheng: Now is a Favorable Time to Enhance the RMB's Financing Function

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The Monetary Authority announced the reopening of 5-year and 10-year Renminbi bonds issued by the Hong Kong Special Administrative Region government, with the bidding date set for April 23 and the settlement date on April 27. The 5-year bond has an issuance number of 05GB2912002, an interest rate of 2.37%, a maturity date of December 10, 2029, and a semi-annual yield of 1.62%. The 10-year bond has an issuance number of 10GB3505001, an interest rate of 2.29%, a maturity date of May 15, 2035, and a semi-annual yield of 1.929%

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The government reopens 5-year (acting as 3-year) and 10-year RMB Special Administrative Region government institutional bonds

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The RMB To USD Midpoint Rate was quoted at 6.8594 yuan

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On Tuesday (21st), the China Foreign Exchange Trading Center announced the central parity rate of the Renminbi against the US dollar, which was adjusted upward by 54 points to 6.8594 against one US dollar

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The central parity rate of the RMB was raised by 54 points to 6.8594 against the US dollar

The People's Bank of China (PBOC) is expected to set the USD/CNY reference rate at 6.8112, a key indicator in Asian foreign exchange markets. The PBOC operates a managed floating exchange rate system, allowing the yuan to trade within a 2% band around a daily midpoint. This midpoint is influenced by various factors, including previous closing prices and economic conditions. The fixing serves as a policy signal, with a stronger midpoint indicating resistance to depreciation, while a weaker rate may suggest tolerance for a softer currency. The fixing's significance increases during global volatility, providing insights into China's currency priorities.

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PBOC is expected to set the USD/CNY reference rate at 6.8112 – Reuters estimate

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On Monday (April 20), during the New York close (Tuesday at 4:59 AM Beijing time), the offshore RMB (CNH) traded against the USD at 6.8158, up 2 points from the previous Friday's New York close, with intraday trading generally ranging between 6.8283 and 6.8139

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The onshore RMB against the US dollar rose by 68 points today (20th), closing at 6.8195 per US dollar. As of 4:37 PM, the RMB night session fell by 42 points; the offshore RMB dropped by 52 points, trading at 6.8202 per US dollar, which is 7 points lower than the onshore rate

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The RMB spot exchange rate rose by 68 points, reporting 6.8195 against one US dollar

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Today (20th), the People's Bank of China conducted a 500 million yuan (same below) seven-day reverse repurchase operation in the open market, with the operation rate remaining at 1.4%. Today, 500 million yuan of reverse repos are maturing

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The People's Bank of China conducted a reverse repurchase of 500 million yuan today

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On Monday (the 20th), the China Foreign Exchange Trading Center announced the central parity rate of the renminbi against the US dollar, which was lowered by 26 points to 6.8648 per US dollar

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The central parity rate of the RMB was lowered by 26 points to 6.8648 against the US dollar

CFETS: The RMB Exchange Rate Index fell by 0.37 on a weekly basis to 99.88 as of April 17

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Recently, the Ministry of Finance plans to issue RMB 15.5 billion in government bonds in Hong Kong, marking the expansion of the offshore market in Hong Kong. Despite the high borrowing costs, this move aims to expand the asset pool of offshore RMB and address the investment needs of offshore RMB holders. Since 2018, offshore RMB deposits and related assets in Hong Kong have grown rapidly, indicating that this trend may continue

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New situation! Pay more attention to RMB opportunities in Hong Kong

On Friday (April 17) near the close of trading in New York, offshore RMB (CNH) traded against the USD at 6.8160, up 69 points from Thursday's close, with intraday trading ranging between 6.8102 and 6.8297. The currency appreciated by approximately 100 points this week, representing a gain of about 0.14%

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On Wednesday (April 22), in the late New York session (04:59 Beijing time on Thursday), offshore RMB (CNH) traded at 6.8320 per USD, down 34 points from Tuesday's late New York session, with intraday trading ranging between 6.8217 and 6.8331

PBOC is expected to set the USD/CNY reference rate at 6.8233 – Reuters estimate

ROI-China's yuan is undervalued, but maybe not as much as you think: McGeever

Sheng Songcheng: Now is a Favorable Time to Enhance the RMB's Financing Function

The government reopens 5-year (acting as 3-year) and 10-year RMB Special Administrative Region government institutional bonds