• <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 >

    A New Appreciation Of RMB Or Near Inflection Point Is Just Around The Corner.

    2014/9/19 21:46:00 18

    RMBAppreciationInflection Point

    Asset Management Co AllianceBernstein (AB) believes that the RMB against the dollar is now likely to have reached the point of inflection, and there may be a surge in the Renminbi before the end of the year.

    AB Briscoe Asia Pacific fixed income director Hayden Briscoe wrote on her blog:

    Investors have been worried about the future trend of RMB after a sharp depreciation of the yuan.

    At present, the renminbi has reached a crucial intersection, and it is likely to rebound in the future.

    At the beginning of the year, the central bank's policy to suppress the RMB exchange rate shocked investors. They thought the renminbi would continue to strengthen in the long run.

    In fact, the RMB has strengthened against the US dollar for nine consecutive years, which is consistent with the Chinese government's determination to internationalize the RMB.

    For other more detailed observers, the fluctuation of the renminbi is not surprising, or is not necessarily inconsistent with China's policies.

    The Central Bank of China carried out similar moves in mid 2012, when the central bank lowered the daily parity of RMB against the US dollar.

    The renminbi entered a 6 month period of weakness.

    During this period, the central bank expanded the daily floating range of RMB against the US dollar.

    Finally, the RMB will return to the appreciation channel.

    This year's story is based on the same script.

    In January, the central bank lowered the central parity of RMB against the US dollar and weakened the RMB. In March, it announced that the fluctuation range of RMB against the US dollar would be expanded from +/-1% to + /-2%.

    The renminbi has been weakened by guidelines, relieving the market from unilaterally holding down the threat of appreciation and widening the trading range of RMB.

    We think this is consistent with the policy of making the RMB exchange rate go to market.

    At the same time, the behavior of the Central Bank of China does not necessarily mean that the policy of "managed appreciation" will end.

    In terms of monetary fundamentals, the renminbi has not been overvalued or even been priced at a fair price.

    China's trade surplus reached a record $47 billion in July and a record of $49 billion in August.

    China's foreign exchange reserves exceeded 4 trillion US dollars and grew by more than 500% since 2005.

    During this period, the yuan appreciated by only about 30%.

    The mismatch between the RMB exchange rate and its fundamentals makes the central bank control the hot money and curb the domestic credit bubble, but it also causes the renminbi to be greatly underestimated.

      

    Chinese government

    The countermeasure is to appreciate RMB every year, and from any intermediate price index of 12 months rolling, the renminbi has not depreciated.

    So from this point of view, China can honestly tell the global economic partners that the RMB is still on the track of appreciation.

    From this perspective, we believe that the depreciation of the renminbi this year is limited.

    The renminbi is likely to recover rather than weaken further.

    If investors believe that China has not changed its monetary policy currency because there is evidence that China does not change its currency, then the RMB will be rolling in 12 ways.

    cycle

    It will be flat or upward.

    If this is the case,

    depreciation

    The renminbi is close to last year's level. According to the trend of last year, the central parity of RMB may be strong and reverse.

    This will allow the RMB to continue to appreciate steadily for 12 months, and allow the central bank to maintain a positive monetary policy unchanged.

    In other words, we believe that the central bank's policy of maintaining the trend of RMB appreciation is likely to result in a rising trend of RMB at the end of the year.

    • Related reading

    60% Investors Do Not Buy Ali.

    financial news
    |
    2014/9/19 11:11:00
    26

    Anta Sports: Sponsorship Of Weightlifting Wrestling Judo National Team

    financial news
    |
    2014/9/19 0:37:00
    119

    German Cotton Stock: Signing The "Lease Agreement On Textile Equipment" With The German Cotton Group

    financial news
    |
    2014/9/19 0:20:00
    47

    Hong Kong And Shanghai Launched A Six Month Exemption From Capital Gains Tax And Dividend Tax.

    financial news
    |
    2014/9/18 20:32:00
    30

    European Central Bank Is Expected To Heat Up The Euro Zone Bond Yields Are Negative.

    financial news
    |
    2014/9/18 14:32:00
    28
    Read the next article

    Wu Peng: The ECB Is Not As Easy As Expected, The Euro Pressure Is Sharply Reduced.

    The overnight dollar index closed slightly higher after 4 years of high pressure, and then dropped 42 basis points to 84.25. The upward trend is still maintained, and the 84 integer pass is still strong support. Next, let's take a look at the details.

    主站蜘蛛池模板: 一二三四在线观看免费高清视频| 又大又湿又紧又大爽a视频| 亚洲人成网站日本片| 22222色男人的天堂| 欧美性猛交xxxx乱大交| 国产精品自产拍高潮在线观看| 亚洲欧洲日本天天堂在线观看| 87福利电影网| 欧美乱人伦中文字幕在线不卡| 国产精品久久福利网站| 亚洲AV一二三区成人影片| 成人福利在线视频| 日本大乳高潮视频在线观看| 国产一区二区三区日韩精品| 中文字幕亚洲乱码熟女一区二区 | 天堂а√在线最新版在线8| 伊人久久中文大香线蕉综合| 99国产精品永久免费视频| 欧美破处视频在线| 国产精品乳摇在线播放| 亚欧洲精品在线视频免费观看| 黑人巨大精品欧美一区二区免费 | 成人做受视频试看60秒| 免费女人18毛片a级毛片视频| 99精品久久久中文字幕| 欧美性猛交XXXX乱大交3| 国产成人精品免费视频大全五级 | 久久机热这里只有精品无需| 色妞色综合久久夜夜| 巴西大白屁股bbbbxxxx| 亚洲色精品vr一区二区三区| 91精品国产91久久久久| 欧美xxx高清| 国产乱妇无码大黄aa片| 一区在线免费观看| 欧美肥妇毛多水多bbxx水蜜桃| 国产精品成人自拍| 久久国产精品二区99| 精品无码一区在线观看| 国语自产精品视频在线看| 亚洲va国产va天堂va久久|