The recent appreciation of RMB against USD is a result of market phenomenon, according to Cheng Songcheng, a counselor of the People's Bank of China. He expects the RMB will remain stable or even appreciate and will continue the current trend in the rest of the year. He also believes the exchange rate of RMB against USD will vary from 6.5 to 6.6 at the end of this year. He also points out that to maintain the stability of the exchange rate is to maintain the scale of the foreign reserve; both exchange rate and foreign reserve will become volatile otherwise.