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

Make me your Homepage
left corner left corner
China Daily Website

Yuan's devaluation message

Updated: 2014-02-27 07:19
( China Daily)

The unexpected fall of the yuan against the US dollar since mid February has gained far more attention than is justified by its size.

The Chinese currency slid for a seventh day on Wednesday to a six-month low against the greenback, sparking widespread speculation that its long-term strengthening has now reversed.

Given that many other emerging-market currencies are under great pressure from the reversal of capital flows triggered by the US withdrawal from its super loose monetary policy, it would be understandable if the Chinese currency follows suit as its economy slowed.

Yet, the fact that the yuan has so far weakened by only about 1 percent against the US dollar during this round of depreciation should not be taken as compelling evidence that the steady rise of yuan has come to an end.

Although the world's second-largest economy has bid farewell to its double-digit growth, there is no sign of any fundamental change to its global competitiveness that would significantly affect the value of its currency.

Hence the abrupt change in the exchange rate of yuan against the US dollar just after the country registered much-better-than-expected trade growth in January must be telling us something else.

Some people have pointed to the rising number of speculators betting heavily on the continued rise of yuan as a reason why Chinese policymakers need to step into the foreign exchange market.

The negative impact of such short-term capital inflows, especially when accelerated, would make a good reason for the Chinese authorities to make a timely intervention. But that can hardly be a key reason given the country's effective control over capital account.

More likely, the real reason that Chinese policymakers would like to let the currency drop for the moment lies with their growing concern over the country's ballooning foreign exchange reserves, which had soared to $3.82 trillion at the end of 2013.

The rapid accumulation of more than necessary foreign exchange reserves will only make it increasingly difficult to address China's domestic and international imbalance while protecting the value of its forex reserves, the world's largest.

The recent storm in the currency teacup might be sending the message that there will be more actions are in order to better regulate the country's balance of payments to support domestic reform and growth.

(China Daily 02/27/2014 page8)

8.03K
...
建昌县| 福贡县| 浙江省| 潮安县| 浠水县| 温州市| 沙河市| 西宁市| 大渡口区| 中方县| 怀宁县| 博客| 个旧市| 崇仁县| 高雄市| 竹溪县| 手机| 琼海市| 固阳县| 宣汉县| 双城市| 甘洛县| 通城县| 南投县| 同心县| 界首市| 尉犁县| 长丰县| 长顺县| 安平县| 利津县| 囊谦县| 聂拉木县| 凤阳县| 清远市| 都兰县| 石家庄市| 济宁市| 礼泉县| 彩票| 海盐县|