“8·11汇改”十年：人民币汇率弹性增强，双向波动成常态

Core Viewpoint - The "8·11 exchange rate reform" marks its tenth anniversary, highlighting the importance of the RMB central parity rate in stabilizing market expectations and enhancing the flexibility of the RMB exchange rate [1][4][7]. Group 1: Historical Context and Mechanism - The People's Bank of China (PBOC) announced the "8·11 exchange rate reform" on August 11, 2015, to improve the RMB to USD central parity rate quotation, which has since served as a benchmark for foreign exchange transactions [1][3]. - The RMB central parity rate is disclosed daily by the China Foreign Exchange Trade System, and it has become a reference for pricing in both interbank foreign exchange trading and retail currency exchange [3][4]. Group 2: Market Impact and Performance - Since the beginning of 2025, the RMB central parity rate has appreciated by 479 basis points, with the current rate at 7.1405 RMB per USD [1][6]. - The onshore and offshore RMB against the USD have also shown appreciation trends, with the onshore rate at 7.1832 (up 1.59% year-to-date) and the offshore rate at 7.1879 (up 2.03% year-to-date) as of August 11, 2025 [6]. Group 3: Future Outlook - Analysts suggest that the RMB central parity rate will continue to be a crucial tool for the PBOC in stabilizing exchange rates and managing market expectations, while also enhancing the RMB's internationalization [4][7][8]. - Future reforms are expected to focus on maintaining the RMB at a reasonable equilibrium level while increasing its exchange rate flexibility to better serve as a macroeconomic stabilizer [8].