综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Business / Markets

Yuan sees increased volatility as depreciation pressure mounts

(Xinhua) Updated: 2015-01-30 10:09

Prior to the recent depreciation, the Chinese currency had consistently risen against the dollar since China started a major foreign exchange reform on July 21, 2005 by scrapping a peg against the dollar. Since then, the yuan has climbed more than 32 percent against the dollar.

However, the Chinese currency has seen regular two-way movements since February after hitting a historical high of 6.04 in mid-January last year. The central parity of the yuan fell 0.36 percent against the dollar in 2014.

Views on the yuan's decline

"It is not surprising to see the yuan fall against the dollar given the currency's cumulative appreciation over the past eight years," said Yu Xuejun, an official at the China Banking Regulatory Commission.

"If the yuan stays firm as it has in past years, it will bring more harm than benefits to the Chinese economy because exports will be less competitive, which will further hamper employment and economic recovery," Yu said.

Analysts caution that while the yuan has recently fallen against the dollar, it has essentially appreciated against other currencies such as the euro and Japanese yen as their depreciation against the dollar has been much steeper.

Yao Jingyuan, former chief economist of the National Bureau of Statistics, predicted that the yuan's exchange rate would be generally stable this year rather than undergoing drastic ups and downs.

Wang Bin said that as the central bank gradually eases foreign exchange interventions, the yuan's exchange rate will be influenced more strongly by market factors and reach an equilibrium.

Analysts also said that China's efforts to promote the yuan's globalization mean authorities will maintain the currency's stability.

Under China's exchange rate reforms, including allowing greater volatility for the yuan by raising floatation bands and conducting currency swaps with other central banks, the yuan became one of the five most widely used currencies in global payments in December behind the dollar, the euro, the British pound and Japanese yen, a report revealed on Wednesday.

Deputy governor of China's central bank Pan Gongsheng said last Friday that China will continue to improve the renminbi exchange rate mechanism this year in line with the central leadership's financial reform drive.

"We will continue to allow the yuan's greater volatility this year by allowing the market to play a more decisive role," Pan said.

Economists also warn of the impact on industries amid the yuan's volatility, with exporters likely to benefit. Meanwhile, airline companies, which have heavy dollar debts, and the real estate market with its exposure to speculative capital investment are likely to suffer the brunt of the yuan's fall and divestment.

 

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
麦盖提县| 图片| 万全县| 介休市| 延川县| 滦南县| 邹平县| 增城市| 黔江区| 樟树市| 南和县| 中阳县| 嘉峪关市| 龙里县| 江安县| 嘉祥县| 沧源| 衡阳市| 临泉县| 博湖县| 吉安县| 烟台市| 芒康县| 龙江县| 腾冲县| 大名县| 安徽省| 吉水县| 桃江县| 通山县| 仁寿县| 武定县| 华阴市| 康平县| 海安县| 涿鹿县| 宾川县| 射阳县| 云龙县| 苏尼特右旗| 平顶山市|