• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    Enhancing RMB Exchange Rate Flexibility

    2014/5/11 23:23:00 25

    RMBExchange RateElasticity

    < p > overvaluation has brought risks to China's economy, such as hollowing out industries, economic "de going to reality", and increasing non-performing loans in banking industry.

    It is necessary to revise the overvalued RMB real effective exchange rate, improve the RMB exchange rate formation mechanism, enhance exchange rate flexibility, modify the long term equilibrium exchange rate, enrich the risk management tools of exchange rate, and establish effective risk hedging measures.

    < /p >


    Since P > 2014, the RMB has changed to a strong appreciation in 2013. As of the end of 3, the cumulative depreciation rate of RMB against the US dollar (CNY) has reached 1%.

    In spite of the significant depreciation of the RMB, the depreciation rate is still not enough. According to the author's capital enhanced equilibrium exchange rate model, the effective exchange rate of RMB is still overestimated by 2.7% as of February 2014. That is to say, at present, there is still room for RMB to continue "a href=" http:// www.91se91.com/news/index_cj.asp > depreciation "/a".

    < /p >


    < p > the current RMB devaluation is mainly the result of market function.

    Since 2014, the offshore RMB (CNH) market has depreciated earlier than the onshore RMB market, and its depreciation rate has exceeded that of the onshore market.

    By the end of 3, the depreciation rate of CNH was about 3%.

    CNH is mainly determined by the supply and demand sides of the offshore market, reflecting the market price and expectations. The depreciation of CNH indicates that the offshore market is expected to depreciate. This signal is pmitted to the domestic market, causing the depreciation of CNY.

    < /p >


    < p > > a href= "http://www.91se91.com/news/index_cj.asp" > market expectation < /a > the main reason for the depreciation of RMB is that the appreciation of RMB has been excessive since 2013.

    In 2013, the RMB appreciated faster against the US dollar, and the real effective exchange rate of the RMB appreciated by 6%. The appreciation rate was 3 times that of 2012, which was 11% higher than the 2012 low point, which deviated significantly from the equilibrium exchange rate level.

    The reason why the a href= "http://www.91se91.com/news/index_cj.asp" > RMB > /a > has increased significantly. First, in the backdrop of the appreciation of the US dollar and the depreciation of other currencies against the US dollar, the renminbi's strong trend of exchange has led to the overestimation of the effective exchange rate of the RMB.

    In 2013, the exchange rate pattern of our country changed, the US dollar entered the appreciation channel, the actual dollar index appreciated 4% of the main currencies, the emerging market currencies depreciated sharply against the US dollar, the peso dropped by 9%, the India rupee dropped by 16%, and Brazil's real dropped by 19%. However, in the same period, the RMB continued to appreciate 3% in the face of the strong dollar, and the superposition of the two increased the appreciation rate of the renminbi. The speed of RMB appreciation was accelerated in Philippines.

    The two is the expansion of China's foreign trade surplus, and the demand for settlement further aggravates the appreciation of the renminbi.

    Since the international financial crisis in 2008, China's trade surplus has been expanding.

    In 2013, China's trade surplus was 1 trillion and 600 billion yuan, an increase of 11% over the same period last year, an increase of 20% over 2009, which was greatly affected by the financial crisis.

    China's foreign trade settlement mostly uses US dollars. When investing in China, we need to convert US dollars into RMB. Because of selling US dollars to buy RMB at the time of foreign exchange, the demand for RMB in foreign exchange settlement is increasing, which further aggravates the pressure of RMB appreciation.

    < /p >


    < p > the strong appreciation of the RMB exchange rate in the past year has led to the fact that the effective exchange rate of RMB has deviated significantly from the equilibrium exchange rate. The RMB exchange rate has the necessity of correcting the equilibrium exchange rate under the action of the market. Therefore, the depreciation will inevitably occur. This is also the main reason for the significant depreciation of the RMB exchange rate since 2014.

    < /p >

    • Related reading

    Promoting RMB Internationalization Is A Better Time Window.

    Macro economy
    |
    2014/5/10 0:35:00
    36

    Weak Inflation Data Restored Market Expectations To Neutral

    Macro economy
    |
    2014/5/9 21:51:00
    29

    RMB Global Index Continued To Rise, Not Affected By Two-Way Fluctuations In Exchange Rate

    Macro economy
    |
    2014/5/8 16:46:00
    40

    RMB Appreciation Is Expected To Encourage Risk Free Arbitrage Activities

    Macro economy
    |
    2014/5/8 10:13:00
    73

    RMB Settlement Or Internationalization Of RMB

    Macro economy
    |
    2014/5/7 18:56:00
    51
    Read the next article

    張近東:已看到從彎道轉向直道的曙光

    蘇寧的戰略布局階段就像是蘇寧總部旁邊正在新建的二期高樓,平地而起,所有人都能看的清清楚楚。蘇寧轉型互聯網零售是中國乃至全球傳統零售業在互聯網環境下進入的一片全新的領域,沒有成熟的經驗可以參照和學習,已看到從彎道轉向直道的曙光。

    主站蜘蛛池模板: 日韩精品中文字幕无码专区| 黄色片在线播放| 波多野结衣伦理片| 大陆一级毛片免费视频观看| 免费人成再在线观看网站| xxxxx性bbbbb欧美| 男人插女人30分钟| 天堂一码二码专区| 亚洲老妈激情一区二区三区 | 67194线路1(点击进入)| 波多野结衣在公众被强| 国内精品久久久久久久影视| 亚洲男人的天堂在线| 亚洲午夜精品久久久久久人妖| 67194老司机精品午夜| 欧美v日韩v亚洲v最新| 国产成人精品无码一区二区| 久久香蕉国产线| 视频在线一区二区| 成a人片亚洲日本久久| 国产区精品视频| 久久免费看黄a级毛片| 耻辱の女潜入搜查官正在播放| 性美国xxxxx免费| 人妻无码久久中文字幕专区| 97国产在线播放| 欧美69vivohd| 国产亚洲成在线播放va| 三年片在线观看免费观看大全中国| 精品三级AV无码一区| 国语自产少妇精品视频蜜桃| 亚洲乳大丰满中文字幕| 香蕉国产人午夜视频在线| 成全动漫视频在线观看免费高清| 免费看国产一级特黄aa大片| 91高端极品外围在线观看| 最近免费韩国电影hd视频 | 亚洲欧美一区二区三区电影| 四虎国产精品高清在线观看| 无遮挡韩国成人羞羞漫画视频| 内射少妇一区27P|