三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

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: 国产成人综合久久综合 | 俄罗斯小屁孩和大人啪啪 | 久久综合精品国产一区二区三区无 | 青草国产 | 久久中国 | 黄色一级毛片 | 亚洲欧美日本一区 | a一级日本特黄aaa大片 | 色综合网站国产麻豆 | 国产狂喷白浆在线观看视频 | 日韩欧美一区二区三区中文精品 | 国产精品入口麻豆免费观看 | 国产日本欧美亚洲精品视 | 精品无码三级在线观看视频 | 成人久久伊人精品伊人 | 成人1000部免费观看视频 | 午夜一级毛片看看 | 激情亚洲色图 | 国产成人三级视频在线观看播放 | 久久精品国产99国产精品亚洲 | a爱做片免费网站 | 日本一级淫一片免费 | 王色在线观看视频 | 全午夜免费一级毛片 | 欧美日韩一区二区三区免费不卡 | 国产福利精品在线 | 99久热re在线精品视频 | 五月天婷婷综合 | 国产一区二区三区四区五区tv | 久久9精品 | 欧美一区永久视频免费观看 | 国产成人高清精品免费软件 | 韩日在线播放 | 窝窝午夜色视频国产精品东北 | 久久青青草原国产精品免费 | 高清色黄毛片一级毛片 | 国产麻豆永久视频 | 亚洲香蕉综合在人在线时看 | 国产免费片 | 中国xxxxx高清免费看视频 | 最近免费中文在线视频 |