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

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / World Economic Forum

Stricter financial supervision needed before exchange rate flows freely

By Wang Yanfei | China Daily | Updated: 2017-01-18 10:31

China's exchange rate system reform's aim is to eventally establish a free exchange system without government intervention, economists have said, while it is reasonable for the country to use short-term measures to stabilize the yuan's exchange rate given its immature financial market.

The most recent measure taken by China's currency authorities was to increase the number of currencies in the yuan's reference basket from 13 to 24 from the first day of this year. The central parity rate of the yuan against the dollar is set based on the average of this basket of currencies before the opening of the inter-bank market each trading day, and traders are allowed to trade 2 percent on either side of the reference rate.

The increase in the number of currencies in the basket will reduce the dollar's weight from 26.4 percent to 22.4 percent amid market speculations over the yuan's depreciation in the coming days. The change will be able to better reflect the fluctuation between the yuan and the other currencies used by China's major trading partners, according to China Foreign Exchange Trade System.

China initiated a major exchange rate reform on Aug 11, 2015, after having adopted a de facto dollar-pegging system for years, which many said was opaque and failed to reflect the yuan's real value against the greenback.

The steps were taken following the country's pledge to promote exchange rate reform to increase the volatility of the currency while ensuring it fluctuates within a reasonable margin, according to a statement released after Central Economic Work Conference that concluded in December.

Xie Yaxuan, chief economist with China Merchants Securities, has said the country needs to strengthen financial supervision before allowing the yuan to float freely. He added, however, that a free-floating yuan will not be a reality in the short term.

The current exchange rate reform has not been fully effective, putting brakes on the country's efforts to open up the financial market, according to Guan Tao, a senior fellow at China Finance 40 Forum and a former State Administration of Foreign Exchange official.

Guan said the exchange rate system reform should be combined with other moves, say, fiscal measures that would help improve economic fundamentals and thus inject confidence in the market.

Otherwise the central bank may have to consume foreign exchange reserves to dispel market fears over the yuan's further depreciation, which might be unnecessary, according to Guan.

Recent fluctuations in the offshore market reflect discrepancies between the authorities and investors. The yuan registered a record rally of 2.5 percent in the offshore market in the first week of this year following media reports that the central bank had intervened in the market, only to fall by 1.1 percent later, the biggest decline in a year.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 国产精品日本不卡一区二区 | 美国免费三片在线观看 | 高清欧美一区二区免费影视 | 香港经典a毛片免费观看爽爽影院 | 在线观看视频国产 | 精品视频一区二区三区在线观看 | 国产午夜高清一区二区不卡 | 可以免费看的毛片 | 欧美禁片在线观看免费 | 亚洲精品一二三四区 | 国产成人精品日本亚洲专区6 | 一级特黄性色生活片 | 久久99精品久久 | 久久精品嫩草影院免费看 | 欧美日韩国产成人精品 | 日本xxx片免费高清在线 | 免费中文字幕在线国语 | 日本乱人伦片中文字幕三区 | 久久99精品波多结衣一区 | 中国黄色一级毛片 | 久久精品视频在线观看榴莲视频 | 国产精品久久久久久久小唯西川 | 老人毛片 | 亚洲欧美一区二区久久 | 51国产视频 | 女人被狂躁的视频免费一一 | 天天爽影院一区二区在线影院 | 国产精品爱啪在线线免费观看 | 日本a黄色片 | 日本一级特级毛片视频 | 五月天六月婷婷开心激情 | 99re这里有免费视频精品 | 亚洲精品视频在线播放 | 91精品欧美一区二区综合在线 | 亚洲国产七七久久桃花 | 成人在线视频网址 | 皇色在线视频 | 中文字幕在线观看日韩 | 国产一区亚洲二区三区毛片 | 久草久爱| 国产男女性特黄录像 |