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: 日韩毛片欧美一级a | 激情综合色五月丁香六月亚洲 | 色片在线看| 精品外国呦系列在线观看 | 黄色网免费 | 国产精品第一区亚洲精品 | www.成人网.com | 成人午夜免费剧场 | 国产逼| 久久er热这里只有精品免费 | 国内外成人免费视频 | 中文在线观看永久免费 | 视频二区精品中文字幕 | 久久九九精品一区二区 | 大黄网站在线观看 | 九九热线有精品视频99 | 国产亚洲精品美女一区二区 | 久久久精品久久 | a黄色网| 色老大影院 | 成人性视频在线 | 亚洲欧美在线播放 | 日韩在线视频网站 | 一级视频网站 | 亚洲欧美日产综合在线看 | 美女扣下面流白浆丝袜 | 精品视频一区二区三区免费 | 午夜精品久久久久久99热 | 亚洲成a人片在线观看中文动漫 | 老头做爰xxxx视频 | 在线观看视频一区 | 高清欧美日韩一区二区三区在线观看 | 亚洲成年人网 | 男女爽插视频 | 亚洲国产m3u8在线观看 | 国产啪精品视频网免费 | 亚洲精品aaa | 日韩国产三级 | 黄色毛片免费进入 | 久久99精品国产免费观看 | 欧美黄色片视频 |