在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

US EUROPE AFRICA ASIA 中文
Business / Markets

Yuan depreciation spurs foreign exchange boom

By CHEN JIA (China Daily) Updated: 2016-01-12 07:46

Yuan depreciation spurs foreign exchange boom

US dollar and Yuan notes are seen in this picture illustration taken at the Korea Exchange Bank in Seoul in this November 10, 2010 file photo.[Photo/Agencies]

The renminbi's fall to a five-year low against the US dollar has triggered a currency exchange boom on the Chinese mainland, forcing the regulator to strengthen intervention to ease capital outflow pressure.

An increasing number of people have been asking banks to change the Chinese currency into dollars, Guangzhou Daily reported on Monday.

Since last week, they have also been buying more foreign currency-denominated financial products, with most using up their annual currency exchange quota, the report said.

According to the State Administration of Foreign Exchange, the country's top foreign exchange regulator, mainlanders can each exchange renminbi for a maximum amount of $50,000 annually, or the equivalent in other foreign currencies.

Another Guangzhou-based newspaper, Nanfang Metropolis Daily, reported that the regulator has given guidance to mainland banks on controlling their dollar supplies. Employees have also been told not to suggest foreign exchange products to clients.

The renminbi traded on the Shanghai-based China Foreign Exchange Trade System has fallen by more than 1.5 percent against the dollar in the past week.

This is the largest weekly decline since August 11 last year when the People's Bank of China, the central bank, announced a foreign exchange rate reform.

Market watchers are speculating that the bank may tolerate faster depreciation of the renminbi and introduce a more flexible foreign exchange policy this year.

Guan Tao, a former official with the regulator, said the rush to sell the renminbi will increase capital outflow pressure and lead to more irrational activities in the market.

On Monday, the central bank stabilized the daily reference rate of the renminbi, which restricts onshore movements to a maximum rise or fall of 2 percent, at 6.5626 renminbi per dollar.

This compares with the multiyear low of 6.5646 on Thursday that triggered a halt to trading in onshore equity markets for two days last week.

A report by Xinhua News Agency said there is no need for the majority of households to exchange the Chinese currency for dollars to preserve the asset value, as the renminbi is unlikely to fall sharply. The return on renminbi-denominated investment products is also still higher than on US dollar-denominated ones.

Regulator names new head

People's Bank of China Deputy Governor Pan Gongsheng is to replace Yi Gang as head of the State Administration of Foreign Exchange, while also retaining his post at the central bank, the currency regulator said in a statement.

It said the regulator will proceed with plans to make the yuan convertible "in an orderly fashion" and will tackle violations of foreign-currency regulations.

China has "relatively abundant foreign-exchange reserves", it said.

Pan previously worked at Agricultural Bank of China and before this held a number of positions at Industrial and Commercial Bank of China, the nation's largest lender.

Yuan depreciation spurs foreign exchange boom

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 亚洲成人精品在线观看 | 老司机午夜免费精品视频 | 日本精品网站 | 久久视频一区二区 | 免费视频一区二区 | 91狠狠干 | 日韩中文字幕在线观看 | 国产精品久久一区二区三区 | 亚洲另类色图 | 91精品国产成人www | 人人艹人人 | 国产欧美一区二区三区在线看蜜臀 | 亚洲成人久久久 | 日本伊人网 | 亚洲精品在线免费 | 九九精品在线观看 | 黄色在线免费 | 欧美亚洲三级 | a毛片视频| 国产美女在线播放 | 久久精品福利 | 欧美黄色一级 | 国产成人精品一区二 | 俺去俺来也在线www色官网 | 日本精品在线视频 | a级片网址| 黄色www| 免费黄色一级片 | 欧美不卡在线观看 | av在线免费观看网址 | 亚洲www. | 国产二区视频在线观看 | 精品日韩一区二区 | 欧美日韩成人 | 精品一二三 | 成人精品在线观看 | 欧美一级一级 | av网站免费观看 | 久久久久久久久久久国产 | 色哟哟一区二区三区 | 色黄视频在线观看 |