Huang Yiping: To Maintain The Relative Stability Of The RMB Exchange Rate For Some Time To Come.

Even if the yuan is weaker than the US dollar, it may also strengthen the euro and yen and maintain a stable exchange rate for a basket of currencies.

The RMB exchange rate will fluctuate in the future, but the risk of continued devaluation pressure is not great.

The expectation of RMB devaluation is partly due to the relatively pessimistic outlook of the market for China's economic growth prospects.

And the bank's bad debt rate, the pressure of capital outflow on the RMB exchange rate and the differentiation of monetary policy in major developed countries.

Huang Yiping also pointed out that "China

It may be a great misunderstanding that the renminbi may be depreciated to support economic growth, and the central bank will try to avoid sustained and significant depreciation as far as possible.

Under the global industrial chain, the devaluation of currency has limited impact on exports, and the weaker international market demand, the more open market, currency devaluation may encourage more capital outflows, and has a negative impact on domestic economic growth.

In addition, Huang Yiping also pointed out that the government has the will and ability to maintain the relative stability of the RMB exchange rate.

In fact, Huang Yiping said at a meeting in Hongkong last Friday that China is facing the challenge of growth and reform, and the economy is still in a downward trend for a long time.

China needs industrial upgrading and supply side reform. It must remove the zombie enterprises to revive the economy.

Yes

Growth should not be too pessimistic.

Last Thursday (September 8th), Fang Gang, a member of the central bank's monetary policy committee, told Bloomberg Television that China's economy has bottomed out, and that the government will moderate regulation to allow the renminbi to depreciate slowly.

Fang Gang pointed out that China's current round of economic structural adjustment is in progress, and that economic growth may not speed up, but has bottomed out.

The economy is stabilizing, the situation of the real estate industry is improving, imports are growing, manufacturing is stable, and there is no possibility of a banking crisis at this stage.

At present, the rate of bank loan bad debts is about 5% to 6%. This problem needs to be solved.

He said that the scale of China's external reserves is huge, which is just the depreciation of the renminbi, and the decline of foreign reserves is normal under capital outflow. At this time, capital outflow is a good thing and there will be more outflows in the future.

He added that there is no need to worry about the escape of hot money, which is only a small part of the capital outflow.

Despite the capital outflow and the depreciation of the renminbi, China's capital liberalization must continue.