0 On the last trading day of September, the RMB mid-price against the US dollar and the spot exchange rate of continued to rise.
htmlOn September 30, the spot exchange rate against the US dollar opened and recovered the 7.11 mark, continuing the appreciation momentum of the previous trading day, further recovering the 7.10 and 7.09 marks during the session, closing at 7.0931 at 16:30, up 1,069 basis points from the previous trading day. The intermediate price ofhas risen for two consecutive trading days. Data from the China Foreign Exchange Trading Center showed that the central price of the RMB against the US dollar was 7.0998 on September 30, up 104 points.
Throughout September, the central bank against the US dollar fell by 2092 points, a drop of 3%. The spot exchange rate of the RMB against the US dollar fell by 2,026 basis points, a drop of 2.94%.

RMB against US dollar mid-price and spot exchange rate trend chart
Faced with the sharp fluctuations in exchange rate , the central bank took action twice in September, lowering the reserve ratio of financial institutions foreign exchange deposit by 2 percentage points, and adjusting the reserve ratio of foreign exchange risk for forward foreign exchange sales business from 0 to 20%.
Financial regulatory authorities also sent a continuous signal to the market to stabilize foreign exchange market expectations on September 28 and 29.
The central bank announced on the evening of September 28 that the National Foreign Exchange Market Self-Discipline Mechanism Video Conference pointed out that the foreign exchange market is of great importance and maintaining stability is the first priority. RMB exchange rate has a solid foundation to maintain basic stability. Member units of the self-discipline mechanism should consciously maintain the basic stability of the foreign exchange market and resolutely curb the ups and downs of exchange rates.
On September 29, the People's Bank of China disclosed the press release of the 2022 third quarter regular meeting of the People's Bank of China Monetary Policy Committee, propose to deepen exchange rate marketization reform, enhance RMB exchange rate flexibility, guide enterprises and financial institutions to adhere to the concept of " risk neutral ", strengthen expectation management , and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.
On the evening of September 29, Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, pointed out in response to reporters' questions about the balance of payments situation since 2022 that the internal foundation of my country's balance of payments balance is still stable, which is also the fundamental support for the stability of my country's foreign exchange market and RMB exchange rate.