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

RMB depreciation in recent weeks no reason for concern

(Xinhua) Updated: 2016-10-20 16:04

RMB depreciation in recent weeks no reason for concern

A clerk counts yuan bank notes and US dollar bills at a bank of the Industrial and Commercial Bank of China in Huaibei, East China's Anhui province, Nov 28, 2012. [Photo/IC]

BEIJING - The seemingly abrupt fall in the value of the Chinese currency against the US dollar in recent weeks is mostly due to a strengthening dollar and such pressure will remain in the short term.

However, there is no ground for concern that the Chinese yuan would embark on a one-way street of devaluation, given that the fundamentals of the Chinese economy are sound and the internationalization of the yuan has steadily moved forward.

In anticipation of the rate hike by the Federal Reserve in December, the US dollar index recently surged to its highest level since March.

Against such a backdrop, all the other major currencies haved headed lower, including the Chinese yuan.

But it is noteworthy that while the yuan exchange rate against the dollar has reached the lowest in six years, it is gaining value against other currencies.

According to a Bloomberg report dated Oct 17, the yuan slumped 0.8 percent against the greenback last week but rose 0.6 percent against a trade-weighted currency basket during the same period, registering its biggest advance in three months.

The Chinese currency has in the past experienced a long period of stable exchange rates and China's reform to make its exchange rate mechanism more market-oriented will probably see higher volatility for the yuan.

That said, recent depreciation of the?yuan against the dollar has only minimal impact on the domestic market and due to the strong macro-regulating capacity of the Chinese central bank, it is unlikely that the yuan will be mired in a messy devaluation.

Analysts believe that although the yuan will still be in a weaker position against the dollar in coming weeks, the room for continuing yuan depreciation is quite limited.

China has maintained a substantial surplus in its current account and it also has a huge foreign reserve. Meanwhile, its financial system is well-anchored compared to many other leading economies. Such factors decide that a long-term devaluation of the yuan is an unlikely scenario.

Moreover, the yuan's internationalization and China's ongoing endeavor to further open its financial markets will only bolster the currency.

Hot Topics

Editor's Picks
...
秭归县| 乌什县| 巴里| 天镇县| 福鼎市| 广昌县| 潍坊市| 怀宁县| 宝应县| 鹿泉市| 正定县| 彭州市| 嘉祥县| 舒兰市| 吉木乃县| 海淀区| 拉孜县| 广宁县| 扎兰屯市| 金坛市| 都匀市| 沈丘县| 东光县| 凤冈县| 南汇区| 景泰县| 东山县| 海原县| 福清市| 彭阳县| 龙岩市| 聂荣县| 晋城| 阳江市| 大同县| 雷州市| 中宁县| 伊金霍洛旗| 四子王旗| 贡觉县| 崇礼县|