The basis point of the middle rate of the RMB raised by 118 on June 5, and this was the greatest daily appreciation ever since the exchange rate reform. RMB appreciation was opposelessly high on the trading markets. Some people in the business think that the listing of the Bank of China and the weakening of the US dollar play a part in the great appreciation of the yuan.

The median rate of the US dollar to the RMB opened with the rate as high as 8.0096 yuan on the spot exchange market between banks, which was 118 points higher than 8.0214 yuan last week. The yuan kept on rising until it broke the point of 8.02 and 8.01. This was the greatest daily appreciation since the exchange rate reform, and the first time to break the point of 8.01 in two weeks. The accumulative total appreciation rate of the yuan since the exchange rate reform rose from 1% to 1.2%.

RMB seemed to be invincible on the trading markets, too. The US dollar to the yuan closed at 8.0086 yuan at the match secondary market, which was 129 points lower than the day before. On the enquiry market, the closing price was 153 points lower, at 8.0077 yuan. Thus, the yuan broke the record of the highest daily appreciation on both the secondary and enquiry market, and its all three trading prices greatly raised, which is very rare.

Some traders observe that as far as the US dollar can not cast off the shadow of weakening, it will be the force to drive RMB to further appreciation.
 
Editor: Yan