China's renminbi rose 5 days to 9-month highs

The renminbi's median price to the dollar rose yesterday for 5 consecutive days, while overseas markets, the 1-year renminbi against the US dollar, had reached a record high of nearly 9 months.　　Analysts said the expectation that the dollar might continue to weaken was pushing the ndf higher, although some experts said in an interview that the US dollar downgrade may be staged fluctuations and adjustments, the short-term will not be sustained depreciation. The dollar continued to fall against major currencies the PBOC authorized the China Foreign Exchange Trading Center 25th, the U.S. dollar to the renminbi median price yesterday 6.8235, lower than the previous Friday 6.8239.　　USD 1-year non-principal delivery forward (NDF) of RMB 6.6750 to 6.6850 Yuan, 22nd, the end of the RMB 6.6850 to 6.6800 yuan. Industrial and Commercial Bank of China Traders said last week, despite the lack of momentum in the subsequent gains in the stock market, investors ' concerns about US sovereign debt ratings or downgrades triggered a wave of dollar sales, sustained declines in the dollar against major currencies and support for the renminbi.　　It is expected that the renminbi will maintain a range of fluctuations in the dollar overall, but there is a slight rise in short-term momentum.　　Yesterday morning, however, news of China's continued purchases of US debt kept the dollar down, and the dollar's exchange rate for the renminbi in Monday was slightly higher on the inquiry trading system. Monita, an independent research institute analyst Zhang Zhizhou, says the dollar is weak in the near term or in stages. Some recent Fed officials have expressed a certain degree of tolerance for the dollar's gradual devaluation, and since 1990, the U.S. economy has seen a period of depreciation after each recession.　　As the U.S. economy continues to bottom out, the likelihood of this period of depreciation rising again.　　The RMB exchange rate is difficult to rise sharply. Lu Commissar, chief economist at Societe Generale Capital Operations Center, said in an interview with the Daily economic news that the dollar may be under pressure to take a short-term, phased downward and volatile, but in the next year or two, it is difficult to market the sustained depreciation of the fear. Lu Commissar also said that the renminbi is currently lacking the basis for continued significant appreciation, because the real exchange rate of the renminbi is likely to be overvalued, and foreign trade data is likely to have emerged from the "physical" angle of the trade deficit, that is, although the nominal value of foreign trade in the currency is a surplus,　　However, the decline in export prices is much smaller than the decline in import prices, resulting in the reduction of "physical volume" after the trade deficit. BNP Paribas Foreign exchange trader Song told reporters that although the RMB ndf higher, but from the immediate market as a whole, the next or two months, the renminbi against the dollar will still be dominated by a narrow range, it is difficult to have a trend breakthrough, or a sharp rise.　　and the current market in the U.S. dollar and renminbi trading is relatively smooth, the exchange rate of volatility, trading range are relatively stable. The commodity rally, which was marked by a weaker dollar, last week saw a general rise in international commodity markets, with the CRB Index, which represents a package of commodities, up 2.74%, while the dollar index plunged 3.02% in the same period and fell below the 80.00-integer mark, the worst performance since March. Agricultural futures rose significantly, with corn, wheat, soybeans and cotton maintaining more than 4% per cent; Precious metals continued to record highs, with New York gold breaking 950 dollars/ounce, and the top price of international spot gold climbed to $960.90 in Friday, closing at $956.75. Although nonferrous metals have been differentiated, they still maintain their gains, with commodity taps – the New York crude, hitting a staggering 9% per cent.