国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Finance

Stability for yuan seen in long run

By WANG YANFEI (China Daily) Updated: 2016-10-20 07:57

Stability for yuan seen in long run

A photo of Chinese 100 yuan banknotes [Photo/VCG]

A strong dollar and external uncertainties are creating pressure for short-term depreciation of the yuan, but economic fundamentals will help stabilize the exchange rate in the long run, the spokesman for the National Bureau of Statistics said on Wednesday.

The onshore exchange rate rose for the first time in nine days after data on Wednesday showed that the nation's economic growth expanded by 6.7 percent year-on-year in the first three quarters of the year, easing some concerns of continued deprecation.

"Recent depreciation of the yuan was mainly driven by external factors, where rising expectations of interest rate hikes in the United States and uncertainties brought by the slowly recovering global economy played major roles," said Sheng Laiyun, spokesman for the NBS, "but the currency does not face medium- to long-term depreciation pressure."

"A steadily recovering economy would be the strongest support for a relatively stable exchange rate," he said, adding that a trade surplus would also fend off the risks of a further substantial depreciation.

Xu Gao, chief economist of China Everbright Securities Co, said the market has become accustomed to two-way volatility.

"Although the yuan has room for depreciation in the short run, it will not enter a depreciating path because recovery of the economy in the United States remains weak," Xu said.

Xu made the remarks after the yuan fell sharply versus the dollar in the past two weeks, following the yuan's inclusion in the Special Drawing Rights basket of the International Monetary Fund at the beginning of the month.

Market watchers expected a sharp depreciation soon after the SDR inclusion, considering that policymakers need to further liberalize the exchange rate controls.

Sheng said the SDR inclusion can help stabilize the exchange rate, since it will prop up the demand for the yuan in the international market.

"Central banks will raise the demand for the yuan after it becomes a reserve currency," said Sheng.

Bu Yongxiang, deputy director of the research institute of the People's Bank of China, the central bank, said the short-term impact brought by the SDR inclusion on exchange rate fluctuation will be minimal.

"The message is that it marks a new start for China in deepening reform in the financial sector and boosting capital-account convertibility, and further strengthens our exchange rate policy and makes it more market-oriented, flexible and transparent," he said.

Hot Topics

Editor's Picks
...
都昌县| 南川市| 泾源县| 灵石县| 沈阳市| 永济市| 碌曲县| 绵阳市| 鄱阳县| 梅河口市| 滁州市| 如皋市| 秦皇岛市| 阿克苏市| 波密县| 慈利县| 泗水县| 通榆县| 麟游县| 保靖县| 元氏县| 蓬安县| 拜泉县| 天全县| 大同市| 怀化市| 邢台县| 桃江县| 宜君县| 大石桥市| 九寨沟县| 花垣县| 广西| 宣城市| 贡嘎县| 武义县| 凤山县| 绥中县| 封丘县| 镇巴县| 新巴尔虎左旗|