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

PBOC chief's remarks boost yuan

Updated: 2016-02-16 09:39

By Emma Dai in Hong Kong(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

The renminbi continued to gain ground against the US dollar on Monday, fueled by uncertainties over economic recovery in the US, as well as remarks by the head of the People's Bank of China (PBOC) that there's no basis for the Chinese currency to depreciate further.

The renminbi advanced 0.33 percent, or 214 basis points, to hit its strongest level so far this year at 6.4872 yuan per US dollar in the offshore market on Monday - the first trading day on the Chinese mainland after the Spring Festival holidays.

The offshore yuan, or CNH, was traded at 6.4968 yuan against the greenback as of 8:06 pm in Hong Kong.

The redback rallied in the onshore market as well after trading was suspended for five days for the holiday break. The China Foreign Exchange Trade System (CFETS) set the daily fixing rate at 6.5118 yuan per US dollar on Monday, 196 points stronger. In Shanghai, the yuan closed at 6.4944 on Monday.

The yuan rally reflects panic dumping of US dollars by offshore investors, who had accumulated a good amount of long dollar positions before the holidays, said Wang Ju, senior foreign exchange strategist at HSBC.

"Over the past few days, the (US) dollar has weakened significantly against a number of major global currencies. Yet, in the CNH market, there were few counter parties to trade with due to the Spring Festival break. Dollar bears have been eager to liquidate their long dollar positions," she explained.

In the first two weeks of this month, both the euro and the yen had strengthened against the US dollar - by 3.5 percent and 7 percent, respectively.

The rally was spurred by fears that US economic recovery may not be as buoyant as expected and the US Federal Reserve wouldn't be able to raise the Federal funds rate for four times as previously anticipated.

"The December figures show lackluster PMI (Purchasing Managers Index) and car sales in the US. Investors have been risk-off and buying other major currencies," said Liu Ligang, Greater China chief economist at ANZ.

Liu added that the jump-start of the renminbi daily fixing rate on Monday was in line with the PBOC's plan to peg the renminbi to a trade-weighted basket of currencies, of which the euro and the yen combined account for 36 percent.

"Monday's move is encouraging. It shows that China's foreign-exchange rate mechanism is flexible, which is necessary for the country to maintain an independent monetary policy while opening up its capital account. Along with the remarks by the PBOC chief, market confidence on China's reform is enhanced," Liu added.

Central bank governor Zhou Xiaochuan said in an interview with Caixin - a Chinese-language magazine - that the authorities would be patient and wait for the right opportunity windows to carry on reforms, and strike a balance with growth and stability.

He emphasized that there's no reason for continued renminbi depreciation. The central bank will continue to target a foreign-exchange regime based on market supply and demand with reference to the basket of currencies, in order to maintain broad exchange-rate stability.

The CFETS' trade-weighted RMB Index published on Monday showed a reading of 99.23 on Feb 5 - depreciating by 0.77 percent compared with the end of 2014.

"These comments signal there's no intention of a sharp one-off devaluation, but they leave scope for further rounds of gradual and managed depreciation in what might be thought of as a continued search for a reasonable and balanced RMB level," said MK Tang, an economist at Goldman Sachs.

emmadai@chinadailyhk.com

PBOC chief's remarks boost yuan

(HK Edition 02/16/2016 page9)

主站蜘蛛池模板: 国产一区二区欧美 | 日韩a在线| 日本黄色免费看 | 日本一区二区不卡视频 | 成人在线免费视频观看 | www.午夜| 成人在线视频播放 | 国产又粗又长又爽 | 黄色片网站在线观看 | 久久一区精品 | av大片在线观看 | 成人看片网 | 久久精品久久久 | 国产精品自拍一区 | 日韩亚洲一区二区 | 夜夜操天天干 | 在线观看视频一区二区三区 | 国产黄a三级三级三级看三级男男 | 午夜免费福利 | 欧美日韩免费看 | 亚洲一区免费视频 | 成人动漫免费观看 | 黄色av免费| 国产精品网站在线观看 | 日韩免费在线 | 日韩一级在线观看 | av三级在线观看 | 三上悠亚一区二区 | 中文字幕日韩高清 | 久久国产亚洲 | 欧美成在线| 日韩精品成人 | 日韩小视频 | 久久国产综合 | 操久| 国产精品乱| 成人毛片在线播放 | 国产资源在线播放 | 欧美三级又粗又硬 | 中文字幕一区二区三区四区视频 | 在线播放中文字幕 |