RMB Exchange Rate Floating Interval Expanded To 1.5%

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Yesterday, Premier Li Keqiang of the State Council pointed out in the government work report that one of the key tasks in 2014 is to deepen the reform of the financial system, including continuing to promote the marketization of interest rates and expanding the independent pricing power of interest rates of financial institutions.

We should keep the RMB exchange rate basically stable at a reasonable and balanced level and expand the two-way floating range of exchange rates.

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< p > "expanding the independent pricing power of financial institutions is the direction of interest rate liberalization. Expanding the two-way floating zone of exchange rate is an important step in the internationalization and marketization of RMB, which is conducive to enhancing the pricing of RMB exchange rate market.

Personally, this year's two-way float should be achieved in the two quarter or the three quarter, or extended to 2%~3%. "

Dongguan bank financial market analyst Chen Long told reporters.

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Wang Ping, director of macroeconomic research at Bank of China International Finance Research Institute (P), said the central bank is expected to take a "small step" approach to expand the RMB exchange rate in an orderly way. The central bank or the floating sector will expand to 1.5% in the two quarter, and will gradually expand to 3% in the next 1~2 years.

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< p > < strong > improve bank < a href= "http://www.91se91.com/news/index_cj.asp" > independent pricing < /a > ability < /strong > /p >

Last July, the central bank fully liberalized the lending rate control of financial institutions and abolished the lower limit of 0.7 times the lending rate of financial institutions. This means that China's interest rate liberalization has taken an important step forward in the market reform of P.

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"P" yesterday, Premier Li Keqiang put forward in the government work report that "continue to promote interest rate liberalization and expand the interest rate independent pricing power of financial institutions".

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The core of "P > < < a href=" http://www.91se91.com/news/index_cj.asp > interest rate marketization > /a > is also a difficult point, which is the upgrading of the pricing power of commercial banks. It not only puts forward higher requirements for the level of asset liability management of financial institutions, but also poses greater challenges to risk management capabilities.

The process of expanding the interest pricing rights of financial institutions is also a process of advancing interest rate liberalization.

Wen Bin pointed out to reporters.

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< p > Wen Bin said, at present, < a href= "http://www.91se91.com/news/index_cj.asp > > financial institutions < /a > interest rate independent pricing power includes two parts: loan pricing and deposit pricing: in terms of loans, although commercial banks have been able to float freely on the benchmark interest rate, the benchmark interest rate still has a strong guiding role. In order to improve the autonomy of commercial banks' interest rate pricing, it is necessary to improve the yield curve of treasury bonds as soon as possible, and clarify its basic position in the pricing of medium and long-term loan interest rates.

In terms of deposits, on the one hand, it can continue to increase the floating interest rate of deposits; on the other hand, it will increase the proportion of commercial banks' marketization of liabilities.

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< p > Chen Long predicts that this year will expand the interest rate independent pricing power of financial institutions within a certain scope.

In January, the regulatory authorities issued a qualified and prudent assessment method for financial institutions, that is, allowing qualified and prudent institutions to participate in the assessment and joining the loan interest rate market pricing platform.

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Zhao Qingming, an expert on international issues, also pointed out that the central bank has liberalized loan interest rate control last year, but the pricing power and pricing power are inadequate. Expanding the interest rate independent pricing power of financial institutions is conducive to improving the ability of banks to make independent pricing and cultivating the ability of market price discovery. P

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< p > < strong > RMB exchange rate floating interval or enlarged < /strong > < /p >.

Since February, the RMB has depreciated sharply. Many market participants pointed out that regulators are preparing to expand the floating range of the RMB exchange rate in P.

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< p > "RMB exchange rate formation mechanism includes two parts: determination and fluctuation of intermediate price.

The central bank can achieve the goal of exchange rate stability through these two means.

For intermediate price reform, expanding the floating range is relatively easy. The interval has been expanded to 5/1000 from the positive and negative 3/1000 in the initial stage of the exchange reform, and then to the current 1%. From the actual trend of the RMB to us dollar exchange rate, there are very few trading days that touch the 1% upper and lower limit. Therefore, the timely expansion of the floating zone will not only cause the sharp fluctuation of the exchange rate, but also reflect the market supply and demand more effectively, and also help to make the determination of the market power influence the middle price under the premise that the pricing mechanism of the intermediate price is unchanged.

Wen Bin pointed out.

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< p > Wen Bin pointed out that it is expected that the central bank will take the "small step and fast run" to expand the floating range of RMB exchange rate in an orderly way. In the two quarter, the central bank will expand the floating range to 1.5%, and gradually expand to 3% in the next 1~2 years.

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< p > Chen Long also told reporters that expanding the two-way floating zone of exchange rate is an important step in the internationalization and marketization of RMB. It not only helps to enhance the basis of pricing the RMB exchange rate market, but also helps to break the unilateral appreciation expectation of RMB and control short-term funds.

In addition, the current RMB depreciation is the leading move to serve the domestic monetary policy and RMB internationalization. The two-way floating exchange rate should be achieved in the two quarter or the three quarter, extending to 2% to 3%.

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< p > Zhao Qingming pointed out that it is meaningless to simply expand the fluctuation within a day. The most important thing in the current reform is not to expand the fluctuation range of the RMB exchange rate.

In fact, the current 1% volatility is enough because it is aimed at the upper and lower amplitude of the opening middle price. If the fluctuation between the highest and the lowest prices is observed, the fluctuation interval is 2%, while the international exchange market has little more than 2% of the intraday volatility of the US dollar.

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< p > < strong > Internet financial first entry government work report < /strong > /p >

< p > "Internet finance as a new thing represents the direction of information technology development, and also shows a new blueprint for the future development of the financial industry.

The Internet financial products, represented by Alipay, balance treasure and P2P, although they are still small in scale, they are developing rapidly. They have profoundly affected and changed people's understanding and understanding of finance.

Writing it into the government work report reflects the government's high regard for this new thing.

Wen Bin pointed out.

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Dong Jun P told reporters that the support for Inclusive Finance in the third Plenary Session of the 18th CPC Central Committee has been mentioned in the third Plenary Session of the 18th CPC Central Committee.

Internet finance, especially the P2P industry, is a practitioner of Pratt and whiten finance. The industry is very eager to take the supervision of government work on the east wind, to implement the supervision as soon as possible, to make the whole industry develop healthier and more orderly.

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Tang Bin, chief executive officer of P, believes that it is not possible to have comprehensive supervision in 2014. It is expected that more regulation will be added to the bottom line plus industry associations, and the real regulation will be at least in 2015.

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< p > Chen Long pointed out that this is the concrete implementation of last year's State Office No. 107 (that is, the notice to strengthen the shadow banking business), which means that regulators' attention to Internet Finance and the thinking of standardized management are conducive to the standardized management of Internet Finance and the rational use of shadow banking services in the financing needs of the whole society, and also conducive to the marketization of interest rates.

For Internet Finance alone, 2014 is the year of supervision.

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