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

US EUROPE AFRICA ASIA 中文
Business / Hangzhou G20

No basis seen for long-term drop in Chinese currency

By Wang Yanfei (China Daily) Updated: 2016-09-05 09:09

No basis seen for long-term drop in Chinese currency

Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, March 30, 2016. [Photo/Agencies]

Worries about large-scale capital outflow can be eased and market expectations adjusted

Experts expect the renminbi to remain stable against a basket of currencies as there is no long-term basis for depreciation.

"Despite short-term pressure due to the prospect of higher interest rates in the United States and uncertainties in the global economy, the renminbi does not face continuous depreciation pressure in the long run," said Jiang Chao, an analyst with Shanghai-based Haitong Securities.

Jiang said the impact on the Chinese currency of hikes in US interest rates, which were hinted at last month by Janet Yellen, chair of the Board of Governors of the US Federal Reserve, would not be significant, as investors have digested the news and are aware the pace at which the Fed will raise interest rates will be slow.

Xie Yaxuan, chief economist at China Merchants Securities Co, echoed this view, saying that the weaker dollar had lessened the depreciation pressure on the renminbi since May.

"The economy in the United States has yet to show strong signs of a recovery following the slowdown in the first half of the year," said Xie.

Data showed the US' gross domestic product increased 1.2 percent in the second quarter compared to the expected 2.6 percent growth.

Although other factors such as the United Kingdom's exit from the European Union could still increase the depreciation pressure on the Chinese currency, "it would not last for too long," said Qu Hongbin, chief economist with HSBC Holdings.

"The market has calmed compared to the days around the referendum," said Xie. "And investors have become more accustomed to the renminbi's two-way volatility after the Chinese government adopted a market-oriented exchange rate mechanism."

"As China becomes more integrated into the global market, any out-of-expectation one-way fluctuation is unlikely-the global economic conditions do not support a sharp depreciation of the renminbi, and a one-way depreciation would not favor the country itself," he said, referring to concerns that the People's Bank of China might allow continuous depreciation in order to boost exports.

In the meantime, economists said the renminbi's official inclusion in the International Monetary Fund's Special Drawing Rights this October marks a further step in China's global economic emergence and it will further help stabilize the Chinese currency.

Xie said that as more central banks hold more of the Chinese currency in their foreign exchange reserves, demand for renminbi assets would rise with more capital inflows.

"Less worries over capital outflows would ease market expectations for a continuous depreciation of the renminbi," he added.

Lian Ping, chief economist with Bank of Communications, said that the currency is expected to remain stable as long as the economic fundamentals remain stable in the second half of the year, following pretty good performance last month.

 

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 日韩欧美亚洲一区 | 成人在线视频在线观看 | 久草电影网站 | 奇米777视频 | 欧美激情 在线 | 天天做天天爱夜夜大爽完整 | 欧美精品欧美极品欧美激情 | 99在线精品免费视频九九视 | 91视频观看免费 | 亚洲精品在线播放 | 操出白浆在线观看 | 噜噜噜动态图超猛烈 | 国产色综合一区二区三区 | 亚洲3atv精品一区二区三区 | 夜夜夜操操操 | 嫩草网站 | 欧美日韩精品一区二区在线播放 | 一级片网 | 自拍偷拍亚洲欧美 | 欧美日韩乱 | 亚洲区激情区图片小说区 | 狠狠色噜噜狠狠狠狠97影音先锋 | 91亚洲免费视频 | 国产肝交视频在线观看 | 婷婷综合网站 | 96国产精品久久久久aⅴ四区 | 日韩亚洲欧美中文高清在线 | 午夜免费看片 | 欧洲精品在线视频 | 九一国产在线观看 | 国产探花在线精品一区二区 | 成人午夜视频网站 | 亚洲精品在线免费 | 成人在线不卡视频 | 精品一区二区高清在线观看 | 国产精品久久久久久久网站 | 欧美一区二区三区四区五区 | 国产精品免费视频网站 | 日本久久精品视频 | 99国产欧美久久精品 | 欧美另类专区 |