In June 1st, the renminbi against the dollar at 6.3308, up 47 basis points, but in May dropped a total of 0.9%, set in 2005July reform of the RMB exchange rate since the start of the biggest monthly depreciation.

The exchange rate of RMB devaluation in May mainly due to the dollar rose, the dollar index from the beginning of the 78.80rose to a maximum 83.25, the cumulative increase of about 5.5% as of 2010May, the biggest monthly rise.

But with other emerging market countries currencies, the RMB exchange rate depreciation is not big. In May, the Russian Ruble against the dollar in 11.7%, and the first 4 months of this year Russia a record $42000000000of capital outflow.

Also in order to fight against capital outflow pressure, the Central Bank of India in May 11th, the local exporters must be within 15 days to hold more than 50% of the foreign currency into the rupee India rupee against the dollar in May, but still about 6% weaker for the last year, the biggest decline since November.

" The RMB exchange rate adjustment direction correctly, but amplitude relative to other emerging economies, China's current economic situation and market situation is still insufficient." Bank chief economist Lu political commissar, think, the slowdown in economic growth under the background of RMB exchange rate, should reflect the overestimation of the problem, the RMB exchange rate against the dollar depreciation shall then3%-5% to stimulate exports.

Compared with the inter-bank foreign exchange market, Hongkong offshore renminbi depreciation anticipated more intense market. In June 1st, US dollar against the RMB non-deliverable forwards ( NDF ) year period price is about 6.4310, compared with about 0.15% spot exchange rate depreciation. At the same time, the RMB deposits in Hongkong four months has been reduced, as at the end of 4to 552400000000yuan RMB deposits in Hongkong.

The RMB exchange rate against the dollar fell at the same time, the renminbi against the euro in the rose, the middle price broke8,7.9other important points, has set a new high of ten years, the price has risen 5.5% in May.

In Greece and Spain, the European debt crisis has continued in the background, market participants expect the dollar rally will continue, short-term inside its currency against the dollar, the euro appreciation trend will continue. ( Liu Lanxiang )