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The RMB Exchange Rate Is Seven Consecutive Down. The Foreign Exchange Bureau'S Position Is To Stabilize Market Expectations.

2014/2/27 13:11:00 26

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the industry generally believes that since the beginning of last week, the "a href=" http://www.91se91.com "RMB" /a "continued to depreciate to a large extent is the central bank's intention to control the pace of RMB appreciation and avoid attracting more hot money inflows due to the rapid appreciation of the renminbi. But is such a persistent volatility the central bank's intention to guide or the market has started to continue to empty the renminbi? 
 in the recent period, from the periphery, the withdrawal of Q E triggered a sharp withdrawal of emerging market capital. From the domestic perspective, the risk that China's real estate bubble might burst is again being worried by the market. The industry analysis shows that if the domestic asset price bubble burst and the depreciation of RMB expectations continue to intertwined, it may lead to uncontrollable risks. Under such a background, when the market appears to be away from the central bank's intention to guide and spontaneously depreciate, regulators immediately issued a statement of maintaining stability. 
The atmosphere of devaluation of RMB P has been hanging over the market for a long time. According to statistics, from the low point of February 18th to February 26th, the spot exchange rate of RMB has depreciated by nearly 1.2% in seven trading days. On the 26 day, heads of relevant departments of the State Administration of foreign exchange said that the recent trend of RMB exchange rate is the result of the adjustment of the early Yuan Trading Strategy by the market players. The fluctuation of the exchange rate is a normal fluctuation compared with the fluctuation of the developed and emerging market currencies, and there is no need to read over it. 
 facing the recent "a href=" http://www.91se91.com/news/index_s.asp > market < /a > fluctuation, the head of the foreign exchange bureau said, "recently, the RMB exchange rate in the domestic and foreign markets did show a two-way fluctuation. In this regard, we should look at the following aspects: first, the recent trend of RMB exchange rate is the result of the adjustment of the early Yuan Trading Strategy by the market players. Two, the fluctuation of exchange rate is a normal fluctuation compared with the fluctuation of developed and emerging market currencies. Three, with the deepening of the reform of the RMB exchange rate formation mechanism and the decisive role of the market, the two-way fluctuation of the RMB exchange rate will become the norm, and the market participants should take the initiative to adapt and respond positively. Four, the two-way fluctuation of the RMB exchange rate at a balanced and reasonable level is conducive to promoting the balance of payments, improving the foreign-related economic environment and preventing financial risks. 
 for this statement, Zhao Qingming, an adjunct professor at the finance and Economics College of the University of foreign trade and economics, said the foreign exchange bureau intends to maintain stability. On the 26 day, the RMB exchange rate against the US dollar once again dropped sharply after the opening of the spot dollar exchange rate. It stabilized after reaching a high level of 6.1351 and dropped to 6.1266. At about the end of the session, the spot exchange rate rose sharply to 6.1168, and then returned to 6.1248 again. Some analysts believe that the RMB has increased significantly in the intraday or affected by the remarks of the foreign exchange bureau on "maintaining stability". However, on the 26 day, the spot exchange rate of the RMB is still lower than the middle price of most of the trading periods by 6.1192. According to the analysis, the spot rate is below the middle price, indicating that the market is expected to have a strong expectation of depreciation. "You may understand that the central bank intends to guide expectations, and the renminbi will appreciate in the long run, but traders who want to earn more money will sell the renminbi in line with the market." An interbank market trader told reporters. 
 Zhao Qingming told the economic reference daily that the central bank had intervened in the exchange rate in order to split the expectation of RMB's unanimous rise. However, the supervisory authorities also did not want to see that the renminbi was unanimously derogated. The regulatory authorities looked forward to the expectation of differentiation. "Fluctuations in exchange rates, rising or demotion are normal and need not be overinterpreted." Zhao Qingming said. 
"P >" 26 yuan "issued by the Bank of China," the central bank's RMB experiment "reported that whether the renminbi will appear greater a href=" http://www.91se91.com/news/index_cj.asp "> depreciation" /a "may not be too much. Although the central bank does not like too much capital inflow, it does not want too much capital outflow. If the offshore exchange rate continues to be lower than the domestic exchange rate, it will be a sign of capital outflow. Under such circumstances, the people's Bank of China will probably again stabilize the renminbi.