On September 1, the central bank's official website announced that in order to enhance the ability of foreign exchange funds for financial institutions, it was decided that from September 15, 2023, the foreign exchange deposit reserve ratio of financial institutions was 2 percentage points, that is, the foreign exchange deposit reserve ratio was from the current current current.6%down to 4%.
Since the beginning of this year, due to the continuous interest rate hikes of the United States, the US dollar index (104.1566, 0.0402, 0.04%) has continued to strengthen, including RMB (7.2755, 0.0080, 0.11%). Non -US dollar currencies have depreciated to varying degrees.In July of this year, the Central Bank and the State Administration of Foreign Exchange also raised cross -border financing macro -adjusted parameters to 1.5.The last time the central bank used the foreign exchange deposit reserve rate to use the tools in September 2022. At that time, the central bank reduced the foreign exchange deposit reserve ratio of financial institutions by 2 percentage points, which was reduced from 8%to 6%.
Analyzing the reasons for the central bank's shot. On the one hand, the recent depreciation of the renminbi has been depreciated. It is mainly due to factors such as the domestic macroeconomic, financial data of financial, financial data, and the rebound of the US dollar.And the spread between the RMB exchange rate and the intermediate price spread in the shore has expanded.On the other hand, the interest rates of banks have recently reduced deposits and mortgages. The central bank has rationally regulated market foreign exchange liquidity in a timely manner, meets market demand, and better stabilizes market expectations.
It is understood that foreign exchange deposits reserve refers to financial institutions to deposit a certain proportion of foreign exchange deposits in accordance with regulations.Foreign exchange deposit reserve rate refers to the ratio of foreign exchange deposits reserves of financial institutions to deposit the central bank's foreign exchange deposit reserve to its absorption of foreign exchange deposits.
After the central bank announced that the foreign exchange deposit reserve ratio was reduced from the current 6%to 4%, from the market response, the RMB's exchange rate against the US dollar rose sharply.As of 10 am on September 1st, the offshore RMB exchange rate on the US dollar rose from nearly 7.28 and rose to 7.27, 7.26, 7.25 and 7.24.The narrowing, as of the close, the offshore RMB exchange rate was reported at 7.2680.
