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 / Economy

RMB to remain 'basically stable' against basket of currencies: central bank

(Xinhua) Updated: 2015-12-14 19:24

BEIJING - China's central bank said Monday the Chinese currency has the fundamentals to remain stable relative to a basket of currencies after a change on Friday in the way the renminbi's value is calculated.

The fundamentals include a high economic growth rate, a large trade surplus, increasing overseas renminbi (RMB) assets accumulation, strong foreign exchange reserves, and a sound fiscal condition, the People's Bank of China (PBOC) said in a note posted on its official website.

China Foreign Exchange Trade System (CFETS) on Friday released a yuan exchange rate composite index that measures the currency's strength relative to a basket of 13 foreign currencies, including the US dollar, euro and Japanese yen, weighted according to the trade volume with China.

"Compared with just one currency, a basket of currencies can better capture the competitiveness of a country's goods and services and better enable the exchange rate to adjust import, export, and investment activities and the balance of payments position," said the PBOC.

Valuing against a basket of currencies does not mean a peg to the basket, said the PBOC in the note, adding that market demand and supply will also play a key role in formulating the interest rate.

The PBOC suggested that the market should view the RMB's strength relative to a basket of currencies rather than just the US dollar, according to a CICC Macro team report released on Monday.

But the RMB's bilateral exchange rate against the USD will continue to be the most closely watched indicator, the CICC report said.

Since the PBOC adopted the managed floating regime in 2005, it has been policy to manage the RMB against a basket. The yuan exchange rate has largely followed this regime, supplemented by necessary management in times of financial crisis or other special circumstances, the central bank said, though it did not provide further details.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices set by market players before the opening of the interbank market each business day.

The yuan weakened by 137 basis points to 6.4495 against the USD Monday, its lowest level since July 2011, according to the CFETS. The correction came after the Chinese currency had appreciated 2.93 percent against the USD as of late November, compared with the end of 2014.

Hot Topics

Editor's Picks
...
武清区| 多伦县| 林州市| 老河口市| 榕江县| 巴南区| 茌平县| 友谊县| 密云县| 仁寿县| 临湘市| 东阳市| 巨鹿县| 宜宾县| 如皋市| 白河县| 鄄城县| 广灵县| 会泽县| 普陀区| 清涧县| 温州市| 陕西省| 湖州市| 萨迦县| 安徽省| 理塘县| 天镇县| 莱芜市| 石嘴山市| 寿光市| 科技| 临清市| 加查县| 肇东市| 茂名市| 景谷| 吴川市| 西乌| 桦川县| 赤壁市|