The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that the median price of the RMB exchange rate in the inter-bank foreign exchange market on March 23, 2012 was US$1 to RMB6.2891. On the last trading day, the US dollar rose by 88 basis points. On the 23rd, the central parity of the RMB continued to rise sharply by 113 basis points, not only returning to the 6.2 level, but also hitting a new high since the exchange rate reform after several days. On the 22nd, the New York currency market, the US dollar continued to be strong against the euro, spurred by the news that the US employment data was positive and the Eurozone PMI was shrinking. At the close, except for the yen, the dollar has risen to varying degrees in other major currencies, and the US dollar index rose 0.06% to 79.70. In the case that the US dollar was stable yesterday, the RMB was still refreshing the exchange rate record on the US dollar on the 23rd, indicating that the current appreciation of the RMB is growing stronger. Since this time, the US trade protection against China has shown signs of warming up. On the 21st, the US Department of Commerce made an anti-dumping or countervailing investigation on three types of Chinese exports to the United States, and launched trade protection against China six times a week, with unprecedented density. Under this circumstance, it is necessary for the renminbi to resume appreciation to ease trade friction with the US. The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that the central parity of the RMB exchange rate in the inter-bank foreign exchange market on March 23, 2012 was: US$1 to RMB6.2891, 1 Euro to RMB8.310, and 100 yen to RMB7.6075, HK$1 For RMB 0.80989, 1 pound to 9.9478 yuan, 1 Australian dollar to 6.5356 yuan, 1 Canadian dollar to 6.2945 yuan, 1 yuan to 0.48899 ringgit, and 1 yuan to 4.6683 Russian rubles.
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