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During the last three trading days, the daily benchmark, or the central parity rate of renminbi (RMB) against US dollar, dropped 387 basis points.

The daily benchmark hit the highest of 7.6398 yuan on June 6. But it was reported at 7.6502, 7.6656, and 7.6785 respectively on June 7, 8 and 11.

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Zhang Yujie, a foreign exchange dealer with Industrial Bank's capital operation center, said the RMB exchange rate against the US dollar hovered around 7.67 yesterday.

The second round of the China-US Strategic Economic Dialogue led to the continuous appreciation of the RMB against the US dollar in May. So after the conclusion of the dialogue, the recent depreciation of RMB is not surprising, Zhang added.

Ye Yaoting, a foreign exchange analyst from Bank of Communications, attributed the rapid RMB depreciation to the US dollar's rising value in the global market.

A dealer from a foreign-funded bank indicated that China's big trade surplus and rising consumer price index (CPI) in May are expected to back up the current level of the RMB exchange rate.

In May, China-US trade surplus surged to US$22.45 billion, up 33 percent from April¡¯s US$16.88 billion. Furthermore the CPI in May increased 3.4 percent year-on-year, which may lead to the anticipation of an interest rate rise.

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