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The onshore yuan rose on Wednesday, and the governor of the People's Bank of China once again took a tough stance to maintain stability

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The onshore Chinese yuan rose against the US dollar on Wednesday, but has already left its intraday high.
The President of the People's Bank of China once again emphasized the need to "resolutely prevent the risk of exchange rate overshoot". However, with more Fed officials speaking hawkishly, the market is worried that Powell's speech tonight will also be more hawkish, and the US dollar index has bounced for three consecutive days.
As of 16:30 Beijing time, data from the China Foreign Exchange Trading Center shows that the onshore RMB is trading at 7.2756 yuan to the US dollar, up 95 points or 0.13% from yesterday's official closing price of 7.2851 yuan.
According to Wande, the daily high and low of onshore RMB to USD are 7.2668 yuan and 7.2849 yuan respectively.
As of 4pm Beijing time, the offshore Chinese yuan was trading at 7.2793 yuan to the US dollar, up 0.04%.
The US dollar index continued to rebound by 0.2% on Tuesday, and rose by another 0.2% in the Asia Pacific session today. After a sharp decline last Friday, it has rebounded significantly for three consecutive days.
Federal Reserve Governor Bowman stated that he still believes that the Federal Reserve needs to further raise interest rates to curb inflation; Previously, Minneapolis Federal Reserve Bank President Kashkari said it was too early to announce a victory over inflation.
There will be more speeches from Federal Reserve officials today, including Chairman Powell.
On the Chinese side, Pan Gongsheng, the President of the People's Bank of China, stated today that he will resolutely rectify market pro-cyclical behavior, deal with behavior that disrupts market order, prevent exchange rate overshoot risks, prevent exchange rates from deviating from fundamentals, form unilateral consensus expectations, and self strengthen. He also stated that the annual economic expectation target of 5% is expected to be successfully achieved, and in the next stage, monetary policy will pay more attention to cross cycle and countercyclical adjustment.
This morning, the central parity rate between the Chinese yuan and the US dollar was 7.1773 yuan, an increase of 3 basis points.
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