Xinhua News Agency, April 21, the State Administration of Foreign Exchange spokesman Wang Chunying said at a news conference of the State Information Office on the 21st that as of yesterday, the domestic RMB exchange rate against the US dollar had appreciated by 1% compared with the end of last year. According to the basket of currencies of the China Foreign Exchange Trading Center, the multilateral exchange rate index of the renminbi rose 1.3 per cent, while the emerging market currency index rose 1.1 per cent over the same period. Judging from the changing trend, the recent trend of RMB exchange rate is more stable. In the first two months of this year, especially before and after the Spring Festival, the RMB exchange rate fluctuated in both directions due to internal and external economic, financial and seasonal factors. Since mid-March, major domestic economic indicators have improved steadily, monetary policy tightening in major developed economies has also narrowed, the pace is slowing, and the overall stability of the RMB exchange rate has risen. So we sum up the first characteristic, RMB exchange rate two-way fluctuations, a small appreciation, in the global performance is relatively stable, there is no big rise, no big fall.