The Renminbi Is Sharply Derogated From " Frightens The Baby " The Japanese Yen Is " The Biggest Winner Is "

In the first week of the new year, the RMB depreciated about one thousand points. The rapid devaluation trend made the market panic and further stimulated the demand for foreign exchange purchase.

Recently, many agencies have already raised the expected value of RMB devaluation.

The world's major banks expect the renminbi to depreciate 7%-10% in the next 12 months, but it has depreciated nearly 2.5% in just three days at the beginning of this year, which almost equals the one-off depreciation rate in August.

Yao Yuan, a senior economist at AXA Investment, said the Central Bank of China may be testing the market's tolerance for the depreciation of the renminbi.

The accelerated depreciation of the RMB exchange rate has increased the pressure on capital outflow.

China's foreign exchange reserves fell by 13% last year, according to central bank data, of which foreign exchange reserves fell more than 100 billion yuan in December.

To curb capital outflow and cross border arbitrage,

Frequent hand control.

On Friday, some local sub bureaus of China's safe have directed the banks in their respective jurisdictions, demanding that their sales volume in January should not be higher than that in December last year, sources said.

Previously, the central bank has banned some three foreign banks.

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Since the new year's day, the renminbi has experienced a new wave of depreciation. Since Monday, the middle price and closing price of the onshore market have been sliding all the way, from four and a half years low to five year low.

Some traders said,

Continuous sharp decline, the central bank initiative to guide the devaluation intention is obvious.

The market panic is intensifying, and it is expected that management can communicate more promptly to avoid panic stampede in the market.

China's currency network published a commentator article that the RMB exchange rate will continue to maintain a basic stability for a basket of currencies. In the face of some speculative speculation forces that cause abnormal fluctuations in the RMB exchange rate, the central bank has the ability to maintain the basic stability of the RMB exchange rate.

The central bank raised its central parity price on Friday for the first time in nine trading days, making the global market slightly more secure.

But in the medium and long term, China will continue to allow the renminbi to depreciate under other stimulus measures to help its exporters and maintain competitiveness in other countries in the Asia Pacific region.

Earlier this week, Saudi Arabia broke off diplomatic relations with Iran, North Korea announced the success of the nuclear test and other geopolitical events, which led to a comeback of market risk aversion, and the collapse of the global stock market led by the Chinese stock market, which prompted the yen to rise on the rise of the risk of demand, and the dollar / yen hit a four month low of 117.66, and the euro / yen reached a low level of nine months.

IG Securities market analyst Junichi Ishikawa said: "China's risk has increased support for the yen, and the yen appears to be rising this year, because Japan's current account surplus is growing faster than expected."

Sumitomo Mitsui Banking Corp. pointed out that the Central Bank of China lowered its central parity price, triggering market risk aversion and driving the Japanese yen to buy.

However, the bank believes that the US dollar / yen exchange rate may overreact to the reduction of the central parity of RMB.

Bart Wakabayashi, head of foreign exchange operations at State Street, said: "there are a lot of worrying news.

Our research shows that investor sentiment is very low.

At such a low level of popularity, people will not make new investments, which is worrying, from the beginning of the new year.