男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

US EUROPE AFRICA ASIA 中文
Business / Finance

Yuan exchange rate hits 6-year low amid volatility of other currencies

By WANG YANFEI (China Daily) Updated: 2016-10-11 07:17

Yuan exchange rate hits 6-year low amid volatility of other currencies

A clerk counts 100 yuan banknotes at a branch of China Construction Bank in Nantong, East China's Jiangsu province, Sep 21, 2016. [Photo/VCG]

Experts see no long-term depreciation of the yuan, following the central bank's fixing of the currency's central parity rate at the weakest level in six years on the first trading day after a weeklong holiday.

The People's Bank of China set the midpoint of the currency at 6.7008 against the US dollar on Monday, which is the weakest level since September 2010 and about 0.3 percent weaker than on Sept 30, the last trading day before the National Day holiday.

Analysts attributed the fluctuation to the strong volatility of other major currencies in the past week, especially the British pound, and rising market expectations of a possible interest rate hike by the US Federal Reserve by year's end.

The pound fell unexpectedly by more than 6 percent against the dollar on Friday.

"The offshore yuan, as a risk asset, cannot be divorced from the pound's impact," said Wang Youxin, an economist at the Institute of International Finance, a think tank affiliated with the Bank of China. Wang added that the depreciation pressure would be transferred to the onshore yuan.

Recent strong data from the United States raised expectations for a rate hike and also strengthened the dollar.

The nonmanufacturing purchasing managers index in the United States rose to 57.1 in September, the highest level in a year, and the manufacturing PMI went back to the expansion range during the same period.

But depreciation of the yuan would not be long-lasting, according to Xie Yaxuan, chief economist at China Merchants Securities Co.

He played down speculation that the central bank would allow for 6.8 yuan per dollar by the end of this year.

"The depreciation of the yuan is quite natural, with the recent stronger US dollar," said Xie. "It is only a reflection of its two-way volatility. As China steps up efforts to open its domestic capital market coupled with progress made in the internationalization of yuan, market expectations will be more stable," he said.

Guan Tao, a senior official at the central bank, said that the fluctuation of the yuan shows that exchange rate reform is moving toward a more market-oriented mechanism.

"With signs of China's economy ticking up appearing in the past few months, the currency lacks fundamentals for long term deprecation," said Wang. "The exchange rate will not deviate too much from its current level."

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 淮北市| 仙游县| 荔浦县| 鄢陵县| 锡林郭勒盟| 胶南市| 达孜县| 盐津县| 台北市| 饶平县| 嘉峪关市| 双辽市| 闽侯县| 靖西县| 富民县| 武邑县| 昭平县| 遂平县| 毕节市| 临沂市| 南乐县| 汝州市| 大冶市| 庆安县| 万安县| 余江县| 亳州市| 濉溪县| 张家川| 称多县| 讷河市| 涞水县| 临夏市| 拉萨市| 渝中区| 紫阳县| 扶绥县| 辉南县| 林周县| 泰州市| 临西县|