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 / Finance

Harder push likely on yuan, says HSBC

By Gao Changxin in Hong Kong | China Daily | Updated: 2013-03-19 05:36

Harder push likely on yuan, says HSBC

A clerk counts banknotes at a rural bank in Ganyu, Lianyungang city in Jiangsu province. A report by HSBC said China is likely to further widen the yuan's daily trading band and change the currency's fixing mechanism against the US dollar this year. [Photo/China Daily]

HSBC Holdings PLC expects China to push harder this year for the yuan's convertibility and trading freedom as part of the nation's goal to make the yuan a global reserve currency.

Qu Hongbin, HSBC's chief China economist, said at a news conference on Monday that the time is right for China to speed up liberalization of its currency, and this is consistent with his earlier prediction that the yuan will be fully convertible in trade and investment by 2015.

"Conditions have never been more favorable for capital account liberalization," said Qu, after publishing a 60-page report on the yuan's internationalization.

In the report, HSBC said Beijing is now "more confident than ever" about hastening liberalization because China's trade imbalance has been corrected and the yuan is much closer to its fair value. The fact that interest rate liberalization and other financial reforms have gained momentum recently also paves the way for a wider capital account opening.

HSBC expects the Chinese central bank to foster more offshore yuan centers this year, after setting up clearing banks earlier this year in Singapore and Taiwan, marking the birth of two new offshore yuan markets. London is likely to be the next place to have a bank that can clear yuan trading.

In the future, countries and regions that have signed currency swaps with China could all be granted yuan-clearing facilities.

So far, China has entered into currency swap agreements with 18 economies totaling 1.6 trillion yuan ($257.3 billion).

The country is also likely to allow individual investors to invest in overseas markets in a plan called QDII2, an extension of the QDII - qualified domestic institutional investor - program, which allows domestic fund managers to invest overseas under a set quota.

Central bank officials started to talk about QDII2 in January, and local media have reported that details of the program could emerge as early as May.

Another major step China is likely to take this year, according to HSBC, is to further widen the yuan's daily trading band. Last year, the yuan's daily trading band against the US dollar was doubled to 1 percent above or below a daily reference exchange rate, up from 0.5 percent.

HSBC made the forecasts after central bank Governor Zhou Xiaochuan stressed last week that a convertible yuan under capital accounts would not only facilitate the currency's global use, but also boost China's market openness and strengthen investor confidence in the yuan. The remarks are widely interpreted as a sign that the central bank will continue its reforms.

But Zhou also warned that opening up the capital account is "complicated" and needs to be done "step by step".

Australia and New Zealand Banking Group Ltd wrote in a report on Monday that a balance must be struck between the pace of capital account liberalization and domestic financial reforms.

"In our view, a better policy option would be to accelerate reforms in domestic financial markets and open China's financial services for foreign participation further, while maintaining a cautious approach to capital account liberalization," the report said.

Last year, the yuan expanded its presence in global trade and investment under government guidance. As of August, more than 10,000 financial institutions had a yuan business, up from 900 in June 2011.

For now, 12 percent of China's total trade is settled in yuan, up from 9 percent a year earlier and 3 percent in 2010.

And in Hong Kong, yuan deposits stood at 603 billion yuan at the end of 2012, accounting for 9 percent of the total deposits in the city's banking system.

gaochangxin@chinadaily.com.cn

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: 亚洲精品一区久久狠狠欧美 | a黄毛片| 欧美成人午夜毛片免费影院 | xxxxxx日本护士| 欧美成人全部免费观看1314色 | 国产成人影院在线观看 | 我要看欧美精品一级毛片 | 18到20岁女人毛片一区 | 国内在线亚洲精品第一线 | 国产激情一区二区三区成人91 | 69欧美xxxxx色护士视频 | 特a级毛片| 五月婷婷婷 | 成人娱乐网站 | 日韩中文字幕久久久经典网 | 久久久久久久免费 | 亚洲黄a | 欧美 日本 国产 | 97在线视频99播放 | 免费观看日本a毛片 | 国产精品国产三级国产a | 色综合久久婷婷天天 | 色婷婷综合久久久久中文一区二区 | 国产精品一区在线免费观看 | 亚洲国产成人久久综合碰碰动漫3d | 国内精品露脸在线视频播放 | 亚洲一区二区三区国产精品 | 日韩免费毛片全部不收费 | 久久香蕉国产线看观看8青草 | 欧美日韩性大片 | 久久日本经典片免费看 | 日韩日b视频| 国产欧美日韩在线观看一区二区三区 | 国产一级一级片 | asian极品呦女爱爱 | 中文字幕第98页小明免费 | 国产精品综合在线 | 欧美一区二区三区免费 | 青青操青青操 | 欧美一级特黄高清免费 | 免费特级黄毛片 |