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

US Treasury softens stance on China's exchange rate policy

(Xinhua) Updated: 2015-10-21 10:00

WASHINGTON - The US Treasury Department on Monday softened its stance on China's exchange rate policy as China had allowed market forces to play a greater role in setting the currency's exchange rate.

In its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies, the Treasury dropped its previous assessment that Chinese currency yuan, also known as the renminbi, was "significant undervalued." Instead, the Treasury said the renminbi "remains below its appropriate medium-term valuation".

Washington's shift tone comes after China's central bank announced on Aug 11 to improve its central parity system, which is the starting point for daily forex trading, to better reflect market development in the exchange rate between the Chinese yuan against the US dollar.

"The Treasury is carefully monitoring the implementation of the new exchange rate policy approach and how it will work in practice,specifically, whether China will allow the renminbi to respond to market forces for appreciation as well as for depreciation," the report said.

The International Monetary Fund (IMF) has welcomed China's move to improve its exchange rate formation mechanism, saying that a more market-oriented exchange rate would facilitate the SDR (special drawing rights) operation if the renminbi was included in the basket, which currently includes the US dollar, Japanese yen, British pound and the euro.

Earlier this year, the IMF said the substantial real effective appreciation of the renminbi has brought the exchange rate to a level that is "no longer undervalued".

The Treasury also acknowledged that China's real effective exchange rate (REER) has appreciated by 3.6 percent in the year-to-date through September, despite the renminbi depreciated 2.3 percent against the dollar between Aug 11 and Sept 30. Since June 2010, the renminbi has appreciated nearly 30 percent, the report said.

While the near-term trajectory of the renminbi is difficult to assess "given economic uncertainties, volatile capital flows, and prospects for slower growth in China", the Treasury believed the fundamental factors for renminbi appreciation remain intact, including "strong external balances which include a sizeable and growing current account surplus, sharply improved terms of trade, and ongoing net inflows of foreign direct investment".

The Treasury welcomed China to subscribe to the IMF's Special Data Dissemination Standard (SDDS) in October as "a much-needed step" toward increasing the transparency of China's foreign exchange reserves and exchange rate policy.

China has also begun to report its foreign reserve portfolio to the IMF by participating in the currency composition of official foreign exchange reserves (COFER) survey, another effort to improve its data disclosure transparency, the IMF said last month.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
连城县| 枣庄市| 名山县| 花莲市| 景宁| 舟曲县| 山丹县| 靖西县| 南漳县| 凤阳县| 山西省| 榆林市| 自贡市| 全南县| 平谷区| 崇州市| 友谊县| 古浪县| 新干县| 桓仁| 沙洋县| 方山县| 波密县| 泰宁县| 同心县| 淮南市| 佛坪县| 民县| 紫阳县| 灌云县| 荔波县| 原平市| 荔浦县| 吉木萨尔县| 社会| 南丰县| 盈江县| 巴林右旗| 图片| 邵武市| 鹤峰县|