• <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 >

    The Time For RMB To Join The IMF SDR Is Not Yet Ripe.

    2015/5/27 18:42:00 36

    RenminbiIMFDrawing Rights

    Analysts at Capital Economics said that China has already applied to be included in the basket of currencies of the International Monetary Fund (IMF) for SDR this year, but the timing is not yet ripe.

    Kay investment macro: the time for RMB to join the IMF SDR is not yet ripe.

    Analysts said in a report that the renminbi is not fully convertible, and that the size of the renminbi and bond market is still small and not entirely foreign.

    Investor

    To open up.

    Therefore,

    Capital Economics

    In general, the most likely result is that the application will be postponed to the end of 2016.

    Analysts expect potential

    Financial stability risk

    The Chinese government will gradually push ahead until RMB convertibility is fully realized.

    At the same time, China's accession to the SDR will not change the position of China in the International Monetary Fund. Therefore, the Chinese side may not need to rush to achieve this goal.

    Related links:

    When the International Monetary Fund (IMF) released the preliminary findings of the annual review of China's economy, it made clear for the first time that the RMB exchange rate was no longer underestimated, and that it would work with China to achieve the goal of bringing the renminbi into the SDR basket.

    Zhuo Liang, senior economist at Bank of China in Hongkong, said in today's report that IMF has long argued that the RMB exchange rate is too low. This change in attitude is of great significance and is in sharp contrast to the US authorities who still insist on undervalued RMB.

    However, the stance of IMF does not mean that the probability of RMB joining the SDR basket in 2015 will increase significantly.

    He believes that on the one hand, IMF pointed out that the RMB accession to the SDR was only a matter of time, but it did not specify.

    On the other hand, the statement believed that RMB exchange rate flexibility should be improved as soon as possible, and suggested that the exchange rate should be effective floating in 2 to 3 years.

    In other words, before changing the basket of SDR currencies, IMF may want to see further reform of the RMB exchange rate.

    According to the report, the decision of IMF reform and the composition of SDR currency basket inevitably involves various political considerations.

    But if it is purely economic analysis, there is no evidence that the RMB is undervalued.

    From July 2005 to April 2015, the RMB appreciated by 33.5% against the US dollar.

    But IMF and other international organizations should not just focus on the exchange rate of the renminbi against the US dollar.

    According to the data of the International Bank of clearing (BIS), the trade weighted calculation of RMB nominal effective exchange rate rose by 45.6%.

    If the performance of price changes is fully reflected in the real situation of the exchange rate, the real effective exchange rate (REER) of the RMB has increased by 56.2% over the past 10 years.

    Although the yuan depreciated against the US dollar last year, REER rose by 9.8% from the end of 2013 to April 2015.

    In fact, in terms of REER, the RMB exchange rate has not declined in the past 16 months, and it has appreciated at the fastest rate after the reform.

    In addition, China's current account surplus has fallen from 10.1% in 2007 to 2.1% in 2014, and has been around 2% for 4 consecutive years, indicating that the external imbalance has been greatly improved in GDP.

    To sum up, the RMB exchange rate mechanism can not be denied that there are still a lot of room for optimization, but the exchange rate is no longer underestimated.


    • Related reading

    The RMB Exchange Rate Mechanism Still Has Room For Optimization.

    Foreign exchange trend
    |
    2015/5/27 18:40:00
    22

    The Dollar Can Go Up Unless FED Warns The Exchange Rate.

    Foreign exchange trend
    |
    2015/5/27 16:27:00
    29

    There Is No Fundamental Change In The Double Mismatch In The Asian Financial System.

    Foreign exchange trend
    |
    2015/5/27 16:13:00
    29

    New Interpretation Of Asian Bond Market

    Foreign exchange trend
    |
    2015/5/27 16:10:00
    27

    The Logic Of Macro Prudential Management Of Cross Border Capital Flows

    Foreign exchange trend
    |
    2015/5/27 16:08:00
    24
    Read the next article

    Greece'S Return To Europe Is The Biggest "Swan Swan" Facing The Global Economy.

    "Grey Swans" often refer to events that are not completely unpredictable but can not be seen at all. Once they are mishandled, they may escalate to a more well-known black swan event. Greece's return to Europe is the biggest "grey swan" facing the global economy. Let's take a look at the details.

    主站蜘蛛池模板: 又紧又大又爽精品一区二区| 插鸡网站在线播放免费观看| 国产精品无码制服丝袜| 亚洲熟妇av一区| 97人人添人澡人人爽超碰| 狠色狠色狠狠色综合久久| 天天综合亚洲色在线精品| 人人爽人人澡人人高潮| 99久久免费国产精精品| AV无码久久久久不卡蜜桃| 蜜桃麻豆www久久国产精品| 欧美成人精品第一区| 国产精品爽爽va在线观看无码 | 亚洲午夜爱爱香蕉片| 无遮挡1000部拍拍拍免费凤凰 | 久久久国产精品无码免费专区| 6080yy成人午夜电影| 欧美激情一区二区三区在线| 国产精彩视频在线| 亚洲一区爱区精品无码| 91色视频网站| 无码国产精品一区二区免费模式| 啊灬啊别停灬用力啊老师网站 | 国产精品videossex国产高清| 亚洲第一区se| 老司机精品免费视频| 最新国产在线拍揄自揄视频| 国产在线19禁免费观看国产| 亚洲国产av无码专区亚洲av| 91理论片午午伦夜理片久久| 欧美啪啪动态图| 国产精品日韩欧美| 乱人伦视频中文字幕| 色综合五月婷婷| 无码国产精品一区二区免费模式 | 人与禽交zozo| 18分钟处破好疼高清视频| 日韩视频免费在线观看| 国产精品国产三级在线专区 | 欧美精品偷自拍另类在线观看| 国产精品久久久小说|