News and Information

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on November 6, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1780 yuan for 1 US dollar, 7.7262 yuan for 1 euro, 4.8303 yuan for 100 yen, 0.91753 yuan for 1 Hong Kong dollar, 8.9077 yuan for 1 pound, 4.6941 yuan for 1 Australian dollar, and 4.6941 yuan for 1 New Zealand dollar.

  U.S. private sector payrolls fell well short of expectations in October, but that likely understates the health of the labor market, which remains tight. On Wednesday (Nov. 1), the ADP report released showed that private sector payrolls rose by 113,000 in October, below expectations 150,000. Despite the Federal Reserve's 525 basis point rate hikes since March 2022, the labor market remains strong. A Conference Board survey on Tuesday showed that 1...

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on November 3, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1796 yuan for 1 US dollar, 7.6612 yuan for 1 euro, 4.8037 yuan for 100 yen, 0.91746 yuan for 1 Hong Kong dollar, 8.7904 yuan for 1 pound, 4.6405 yuan for 1 Australian yuan, and 4.6405 yuan for 1 New Zealand yuan for 1 yuan.

  On November 1, Chen Zhiwei, editor-in-chief of the Foreign Exchange Research Center of the State Administration of Foreign Exchange, introduced the work done by the State Administration of Foreign Exchange in improving the level of cross-border trade and investment and financing facilitation at the press conference of the 2023 Financial Street Forum Annual Meeting. According to Chen Zhiwei, since the beginning of this year, the State Administration of Foreign Exchange has mainly promoted relevant work in three aspects: First, continue to promote cross-border trade and investment and financing facilitation reform to benefit more business entities. First, high-quality enterprises trade foreign exchange receipts...

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on November 2, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1797 yuan for 1 US dollar, 7.6332 yuan for 1 euro, 4.7994 yuan for 100 yen, 0.91783 yuan for 1 Hong Kong dollar, 8.7798 yuan for 1 pound, 4.6359 yuan for 1 Australian dollar, and 4.6359 yuan for 1 New Zealand dollar.

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on November 1, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market will be 7.1778 yuan for 1 US dollar, 7.6399 yuan for 1 euro, 4.7861 yuan for 100 yen, 0.91727 yuan for 1 Hong Kong dollar, 8.7814 yuan for 1 pound, 4.5884 yuan for 1 Australian dollar, and 4.5884 yuan for 1 New Zealand dollar.

  On October 31, the World Gold Council released a report on global gold demand trends for the third quarter of 2023, showing that the global central bank continued to strongly purchase gold, providing support for gold demand. Gold demand (excluding over the counter) in the third quarter was 1,147 tons, 8% higher than the five-year average. Gold, as one of the important official reserve assets, has been increased by central banks for many consecutive months. As of the end of September, China's official gold reserves have increased for 11 consecutive months to 219...

  After so many rate hikes, the U.S. economy shouldn't have expanded so fast, or even at all. But the Commerce Department reported on Thursday that despite the difficulties, the economy grew at an annualized rate of nearly 5 percent last quarter. That's more than double the rate of growth in the previous quarter. In response to inflation, which hit a 40-year high of 9.1 percent in June 2022, the Federal Reserve sharply raised interest rates to a 22-year high in 10 months. By raising the prices of businesses and consumers...

  Traders bet on Friday that cooling inflation could cause the Federal Reserve to pause interest rate hikes in the coming months, although continued underlying price pressures from strong consumer spending keep the possibility of a rate hike later this year open. The Fed's preferred inflation gauge, the Personal Consumption Expenditures Price Index, rose 3.4 percent year-on-year in September, while the Fed believes the core PCE price index rose 3.4 percent from a year earlier, according to a report released Friday by the Commerce Department's Bureau of Economic Analysis. Due to the lack of...

  With interest rates soaring, is the financial storm still far away? Maybe, but often it's not that simple. This week, the 10-year Treasury yield topped 5% for the first time since 2007. While not high by historical standards, it's a huge change from less than 1% for most of 2020. James Grant, founder and editor of Grant Rate Observer, said: "The problem is the structure that comes with a decade of ultra-easy money, which people put...

  On Thursday (October 26), the European Central Bank (ECB) ended a 15-month streak of interest rate hikes after leaving interest rates unchanged at historic highs, echoing recent actions by the Federal Reserve and the Bank of England. The world's major rate-setting bodies are ready to announce the end of their actions to combat inflation and begin lowering interest rates, ushering in the end of the most aggressive monetary tightening cycle in decades. So far in this cycle, nine advanced economies have...

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on October 27, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 1 US dollar to 7.1782 yuan, 1 euro to 7.6180 yuan, 100 yen to 4.8094 yuan, 1 Hong Kong dollar to 0.91782 yuan, 1 British pound to 8.7536 yuan, 1 Australian dollar to 4.5746 yuan, 1 New Zealand dollar to the people...

  In the US on Wednesday (October 25), the Nasdaq Composite Index and the S & P 500 Index fell as Google's parent company Alphabet's share price fell, and a rebound in 10-year Treasury yields also weighed on related stocks. As of press time, the Nasdaq Composite Index fell 1.61%, while the S & P 500 Index fell 0.82%. The Dow Jones Industries Average Index rose 0.25%. The S & P 500 Index fell about 2% in October....

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on October 26, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 1 US dollar to 7.1784 yuan, 1 euro to 7.6272 yuan, 100 yen to 4.8212 yuan, 1 Hong Kong dollar to 0.91760 yuan, 1 pound to 8.7400 yuan, 1 Australian dollar to 4.5529 yuan, 1 New Zealand dollar to the people...

  The dollar rallied against a basket of currencies on Tuesday (Oct 24) as a slew of new economic data highlighted the strength of the U.S. economy relative to Britain and the European Union. Standard & Poor Global said Tuesday that as new orders picked up and manufacturing shrugged off a five-month contraction, U.S. business output edged higher in October and service sector activity accelerated modestly on signs of easing inflationary pressures. It was the latest sign that the U.S. economy is withstanding a surge in interest rates spurred by the Federal Reserve's crackdown on inflation...