The daily fluctuation range of 0.3% of the exchange rate of USD against RMB is based on the fluctuation range of 1994 after the exchange reform. The daily maximum fluctuation range of non-US dollar currencies such as euro and Japanese yen against the US dollar is determined according to the fluctuation of the international foreign exchange market.
It is estimated that from June 5438+ 10 to July 3, 20051,the daily fluctuation of the exchange rate of the euro against the US dollar reached 2.2%, and the daily fluctuation of the exchange rate of the Japanese yen against the US dollar reached 2.76%. In order to prevent the exchange rate risk of banks' settlement and sale of foreign exchange in non-US dollar currencies such as euro, the floating range of non-US dollar currencies such as euro, Japanese yen and Hong Kong dollar against RMB in the inter-bank foreign exchange market was expanded to 3%.
The exchange rate of USD 4 fluctuates slightly, while the exchange rates of non-USD currencies such as Euro and Japanese Yen fluctuate greatly, which is in line with the objective situation of high liquidity of USD in the foreign exchange market.
At present, about 80% of China's foreign trade and economic activities are denominated and settled in US dollars, which reflects that the trading volume of US dollars is absolutely dominant in the domestic inter-bank foreign exchange market, and the liquidity of US dollars is much higher than that of non-US dollar currencies such as Euro and Japanese yen. The experience of the international foreign exchange market shows that the higher the currency liquidity, the easier it is for the market to clear and the smaller the price fluctuation. In the domestic foreign exchange market, the liquidity of the US dollar is relatively high, which objectively requires a relatively low fluctuation range. On the contrary, the liquidity of euro and yen is insufficient, so objectively, traders can only provide more volatile risk compensation.
The market operation since the reform of RMB exchange rate formation mechanism shows that the floating range of US dollar is appropriate, which not only meets the trading needs of market participants, but also ensures the basic stability of RMB exchange rate level.