The formation mechanism of RMB exchange rate in the daily inter-bank foreign exchange market is the opening price calculated by the weighted quotation of market makers.
Before the opening of the inter-bank foreign exchange market, market makers calculate the range of bilateral exchange rate of RMB against the US dollar according to the change of the exchange rate of a basket of currencies on the previous day, and directly add it with the closing exchange rate of the previous day to obtain the quotation of the middle price of RMB against the US dollar on that day, and submit it to China Foreign Exchange Trading Center.
Because each market maker, according to his own judgment, refers to the different proportions of the three currency baskets, and the reference degree of exchange rate changes in each basket is also different, so the quotation of each market maker is different. China Foreign Exchange Trading Center takes market maker's quotations as calculation samples, and after excluding the highest and lowest quotations, it takes the average to get the central parity of RMB against the US dollar on that day, and the release time is 9: 15. In this way, the change of the central parity of RMB against the US dollar not only reflects the change of the exchange rate of a basket of currencies, but also reflects the situation of market supply and demand, and the characteristics of adjustment based on market supply and demand with reference to a basket of currencies are more clear.
Comparatively speaking, the market maker mechanism is more open, transparent and standardized, taking into account the relationship between market supply and demand, maintaining the basic stability of a basket of currencies and stabilizing market expectations.