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 / Finance

Healthy August data lift yuan to 16-month high

By SHI JING in Shanghai | China Daily | Updated: 2020-09-17 08:24
Share
Share - WeChat
A bank staff member counts RMB and US dollar notes in Nantong, Jiangsu province, on Aug 28, 2019. [Photo/Sipa]

China's yuan climbed to a 16-month high on Wednesday as the better-than-expected economic data reinforced the market's confidence in the country's recovery from the COVID-19 epidemic.

According to the China Foreign Exchange Trade System, the central parity rate of the renminbi strengthened by 397 basis points to 6.7825 against the US dollar on Wednesday, the largest intraday gain since April 8 and the highest level since May 9,2019.

Traders said that the onshore and offshore renminbi rose by over 3,500 basis points against the US dollar since the end of May.

Gao Shanwen, chief economist with Shenzhen-based Essence Securities, said the bullish trend in renminbi exchange rates will last for a long time. The depreciation of the US dollar and the turnaround in China's exports despite the COVID-19 epidemic are the major triggers for the renminbi's recent gains, he said.

The General Administration of Customs said on Sept 7 that China's foreign trade rose by 6 percent on a yearly basis to 2.88 trillion yuan ($425.96 billion) in August, with exports surging 11.6 percent on a yearly basis.

Han Tan, a market analyst at FXTM, a global foreign exchange broker, said: "China's better macroeconomic indicators have been the driving force behind the renminbi rally."

Data released by the National Bureau of Statistics showed that industrial output in China increased by 5.8 percent on a yearly basis in August, and by 0.8 percentage point on a monthly basis. Retail sales rose by 0.5 percent on a yearly basis in August, the first expansion so far this year.

Global multi-asset index provider FTSE Russell is expected to announce its annual review results for WGBI-the widely tracked government bond index on Sept 24. Analysts from UBS Wealth Management expect China to be included in the index this year, which will attract possible capital inflows of between $125 billion and $150 billion into China in the next 18 to 24 months.

This will be conducive to China's economic recovery and further bolster renminbi's strong credentials, they said, adding that the yuan-US dollar exchange may touch 6.7 by September next year.

HSBC has also adjusted its forecast for the renminbi exchange rate given the currency's bullish momentum and the country's stronger economic outlook. The bank said that the exchange rate will reach 6.7 by the end of this year, while its earlier forecast was 6.95.

Sun Wu, chief financial market analyst for global markets research at MUFG Bank China, expects the exchange rate to be around 6.80 and 6.85 in the following months.

The market in general holds a positive outlook on the effectiveness of China's recent policies, especially those regarding technology innovation. An increasing number of Chinese brands will thus gradually move up the value chain to churn out products of better quality and higher added value. This will provide more impetus for a further rally of the Chinese currency, said Sun.

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: 午夜视频免费 成人 | 日韩精品免费视频 | 成人午夜性视频欧美成人 | 欧美日韩中文字幕 | 中文一区二区 | 欧美一区二区在线观看 | 中文字幕国产一区 | 日日摸夜夜添夜夜添精品视频 | a级片在线免费观看 | 精品在线一区二区 | 亚洲欧美综合日韩字幕v在线 | 亚洲日本中文字幕天天更新 | 日韩欧美一区二区三区在线视频 | 99热久久这里只精品国产 | 亚洲一区二区三区在线 | av在线电影网站 | 午夜亚洲福利 | 久久久精彩视频 | 亚洲精品一区二区三区精华液 | 国产成人免费 | 黄片毛片免费观看 | 亚洲精品国产综合一线久久 | 日本高清高色 | 日韩欧美天堂 | 性猛交ⅹxxx乱巴西 无人精品乱码一区二区三区 | 色呦呦在线观看视频 | 欧美日韩大片在线观看 | 久996视频精品免费观看 | 日日操日日操 | 亚洲午夜在线播放 | 国产精品毛片无码 | 人人爱免费在线观看 | 91精品国产综合久久国产大片 | 99精品在线 | 国产免费久久精品44 | bb毛片| 美日韩精品 | 欧美a在线| 免费性 | 欧美成人免费看片一区 | 97免费在线视频 |