Foreign Exchange Bureau: RMB Appreciation Expectations Weaken

In from July 5th to 8th, the State Administration of Foreign Exchange released the hot spot question and answer on foreign exchange management policy for four consecutive days.

In yesterday's answer, the safe believes that since May, the net inflow pressure of foreign exchange has eased, which is affected by domestic and international factors.

On the 8 day of July, the State Administration of foreign exchange said that the task of promoting the balance of payments is still arduous. In 2010, the economic environment at home and abroad is generally stable, and the scale of China's balance of payments surplus will still be larger.

According to the safe, at present, the task of promoting balance of payments is still arduous.

The cross border arbitrage trade in the United States is prevailing. Under the condition of continued existence of the positive spread of foreign currency and the expectation of appreciation of RMB in China, there is a trend of further expansion of the assets and liabilities of the enterprises and personal assets, and the pressure to prevent abnormal cross-border capital inflows is greater.

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As for the current changes in foreign exchange capital flows, the safe pointed out that since May, the net inflow pressure of foreign exchange has eased. Due to domestic and international factors, the appreciation of the renminbi is expected to weaken, and the interest rate of the US dollar is rising, and the arbitrage trading momentum has eased.

For China's current external debt situation, the safe said that foreign debt has little impact on China's economic security.

Compared with the scale of China's foreign exchange reserves, the short-term external debt is smaller, the ratio between short-term foreign debt and foreign exchange reserves is 10.81%, and the short-term external debt is mainly from the financing under trade terms. In the short-term external debt balance, the balance of trade credit is US $161 billion 700 million, which accounts for 62.37% of the short-term external debt balance.

In addition, China's foreign debt debt ratio, debt ratio, debt service ratio and other common external debt risk indicators are in the international standard safety line. According to the preliminary calculation, in 2009, our foreign debt repayment rate was 2.87%, the debt rate was 32.16%, the debt ratio was 8.73%, all in the international standard safety standard.

As for the floating range of the RMB exchange rate, the foreign exchange bureau reiterates that at present, the exchange rate of RMB exchange rate between RMB and US dollar in the spot foreign exchange market of our country is 5/1000, and the non dollar currency fluctuates within 3% of the price of non dollar currency pactions published by the China foreign exchange exchange center.

The safe reiterates that it will dynamically manage and regulate the RMB exchange rate fluctuation in accordance with the floating range of the foreign exchange market, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, promote the basic balance of the balance of payments, and maintain the stability of the macroeconomic and financial markets.