日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / World Economic Forum

Stricter financial supervision needed before exchange rate flows freely

By Wang Yanfei | China Daily | Updated: 2017-01-18 10:31
Share
Share - WeChat

China's exchange rate system reform's aim is to eventally establish a free exchange system without government intervention, economists have said, while it is reasonable for the country to use short-term measures to stabilize the yuan's exchange rate given its immature financial market.

The most recent measure taken by China's currency authorities was to increase the number of currencies in the yuan's reference basket from 13 to 24 from the first day of this year. The central parity rate of the yuan against the dollar is set based on the average of this basket of currencies before the opening of the inter-bank market each trading day, and traders are allowed to trade 2 percent on either side of the reference rate.

The increase in the number of currencies in the basket will reduce the dollar's weight from 26.4 percent to 22.4 percent amid market speculations over the yuan's depreciation in the coming days. The change will be able to better reflect the fluctuation between the yuan and the other currencies used by China's major trading partners, according to China Foreign Exchange Trade System.

China initiated a major exchange rate reform on Aug 11, 2015, after having adopted a de facto dollar-pegging system for years, which many said was opaque and failed to reflect the yuan's real value against the greenback.

The steps were taken following the country's pledge to promote exchange rate reform to increase the volatility of the currency while ensuring it fluctuates within a reasonable margin, according to a statement released after Central Economic Work Conference that concluded in December.

Xie Yaxuan, chief economist with China Merchants Securities, has said the country needs to strengthen financial supervision before allowing the yuan to float freely. He added, however, that a free-floating yuan will not be a reality in the short term.

The current exchange rate reform has not been fully effective, putting brakes on the country's efforts to open up the financial market, according to Guan Tao, a senior fellow at China Finance 40 Forum and a former State Administration of Foreign Exchange official.

Guan said the exchange rate system reform should be combined with other moves, say, fiscal measures that would help improve economic fundamentals and thus inject confidence in the market.

Otherwise the central bank may have to consume foreign exchange reserves to dispel market fears over the yuan's further depreciation, which might be unnecessary, according to Guan.

Recent fluctuations in the offshore market reflect discrepancies between the authorities and investors. The yuan registered a record rally of 2.5 percent in the offshore market in the first week of this year following media reports that the central bank had intervened in the market, only to fall by 1.1 percent later, the biggest decline in a year.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 亚洲精品国偷拍自产在线观看 | av日韩一区二区三区 | 欧美高清不卡午夜精品免费视频 | 综合精品在线 | 免费香蕉视频 | www.309809.com| 色婷婷综合在线 | 日韩经典欧美一区二区三区 | 九九视频在线观看 | 成人欧美视频在线观看 | 国产在线精品一区 | 日日干夜夜操 | 男人天堂av网站 | 精品亚洲一区二区三区 | 日韩精品手机在线 | 久久国产精品免费一区二区三区 | 久久精品久久久久久 | 欧美成人伊人久久综合网 | 久久婷婷av | 免费黄色日韩电影 | 国产精品欧美一区二区三区 | 国产精品一二区 | 久久久噜噜噜久久中文字幕色伊伊 | 亚洲欧美在线观看 | 中文字幕自拍偷拍 | 一区二区三区中文字幕 | 日本黄色小视频在线观看 | 久操久热 | 久久久久网站 | jiucao在线看片www | 久久久精品久久视频只有精品 | 欧美成人a∨高清免费观看 毛片特级 | 国产欧美一区二区三区免费看 | 久久九 | 欧美激情精品久久久久久变态 | 久久草在线精品 | 看免费一级毛片 | 免费又色又爽1000禁片 | 久久久久国产一区二区三区四区 | 国产一级毛片视频 | 明明电影高清在线观看 |