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 / Markets

Yuan suffers biggest loss since 2008

By ZHENG YANGPENG (China Daily) Updated: 2015-01-27 08:07

Yuan suffers biggest loss since 2008

The yuan slid 0.41 percent to 6.2542 per dollar in Shanghai on Jan 26, extending a decline of 0.31 percent on last Friday, according to securities information provider Wind Information Co Ltd.[Si Wei / China Daily] 

Biggest two-day loss for currency since the onset of global financial crisis

The yuan's value tested the boundaries of what the authorities will tolerate on Monday, trading as much as 1.94 percent weaker than the lower limit of the People's Bank of China's reference rate.

Further declines are possible as the dollar has been strengthening in response to the European Central Bank's quantitative easing program and the outcome of the Greek parliamentary elections, analysts said.

But they said that China still has plenty of tools to prevent a sharp decline.

The yuan slid 0.41 percent to 6.2542 per dollar in Shanghai on Monday, extending a decline of 0.31 percent on Friday, according to securities information provider Wind Information Co Ltd.

It was the currency's biggest two-day loss since 2008, when markets were shaken by the global financial crisis.

The PBOC sets a reference rate every trading day and imposes a trading band of 2 percent. If the currency touches the bottom of the reference range, the central bank can take one of three steps: intervene to support the yuan, cut the reference rate or widen the band.

The central bank adjusted its daily fixing lower to 6.1384 from 6.1342 previously to prevent the spot rate from hitting the bottom of the range.

"The dollar is on a cyclical rise, rather than an instant one," said Ding Zhijie, a professor of international finance at the University of International Business and Economics in Beijing. "That means downward pressure for all major currencies around the world, not only the yuan."

Wang Youxin, a researcher at the Institute of International Finance under Bank of China Ltd, noted the 12-month nondeliverable yuan forwards, which signal the offshore market's outlook for the currency's value, have been declining since July.

That trend implies that the global market's bet on a weaker yuan a year down the line is based on China's own declining economic growth.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
武夷山市| 泽库县| 三穗县| 靖宇县| 贵溪市| 黑水县| 拉萨市| 乐都县| 延川县| 剑河县| 渝中区| 雷州市| 建瓯市| 辽阳市| 中宁县| 宜宾县| 濉溪县| 阿荣旗| 宝鸡市| 湘潭县| 长海县| 丁青县| 泗水县| 深泽县| 巴南区| 云和县| 和田市| 台前县| 城市| 璧山县| 大连市| 洛扎县| 临桂县| 保德县| 璧山县| 清河县| 涟源市| 古交市| 渝中区| 融水| 昌邑市|