www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

Central bank revises yuan-dollar rate

By CHEN JIA (China Daily) Updated: 2015-08-15 09:34

Central bank revises yuan-dollar rate

A man walks past an advertisement promoting renminbi, US dollar and euro exchange services at a foreign exchange store in Hong Kong. The daily reference rate for the Chinese currency was pegged at 6.3975 yuan per US dollar on Friday, compared with the four-year low rate of 6.4010 a day earlier. [Photo/China Daily]

The People's Bank of China, the central bank, raised the value of the yuan against the US dollar on Friday, the first increase after a three-day depreciation of more than 4 percent.

The daily reference rate for the Chinese currency was pegged at 6.3975 yuan per dollar, compared with the four-year low rate of 6.4010 a day earlier.

The move follows comments made by Yi Gang, vice-governor of the PBOC, on Thursday that the central bank would take necessary steps to stabilize the foreign exchange market.

According to data from the PBOC, China sold about $38.8 billion of foreign exchange last month, the highest on record, suggesting huge capital outflows and more depreciation pressure on the currency. Net foreign exchange sales in June was about $15.3 billion.

Persistent weakness in the yuan can have unintended consequences, experts said, by injecting fresh uncertainties into Asian currencies, or even affect the monetary policies of major economies.

Malaysia's ringgit plunged 2.8 percent against the US dollar on Friday, the largest drop since 1998. Turkey's lira weakened 0.5 percent. An index that tracks 20 emerging currencies declined 0.2 percent.

Market consternation arose after the PBOC announced on Monday a 1.86 percent decline of the yuan-to-dollar daily fixing, the sharpest since 1994. The drop continued for three consecutive days.

The depreciation was a result of a new regime used by the PBOC to set the reference rate according to market-oriented factors, which will correct the long-term misalignment of the yuan from its market equilibrium, said experts.

Teck Leng Tan and Dominic Schnider, analysts at the Swiss financial services firm UBS AG, wrote in a research note: "Given China's size in the Asia Pacific, the recent yuan decline will have broad repercussions for other regional currencies. We reiterate our negative stance on them versus the US dollar into the Federal Reserve rate hike cycle."

Daragh Maher, an economist at HSBC Holdings Plc, also warned: "All Asian policymakers should tread carefully with their foreign exchange policies and currencies at a time when the US Federal Reserve is seen as likely to raise rates and the risks of regional market contagion are high amid heightened nervousness."

The market also expected that the European Union and Japan may sustain its quantitative easing in the coming months, as the yuan changes may lead to weak demand in global markets and further slow their economic recovery.

"The change is a critical part of China's exchange rate reforms, rather than a macro-policy easing measure per se, but the announcement has nevertheless led to fears of a 'currency war' in the region," said Maher.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 91av视频| 成人丝袜激情一区二区 | 免费特级毛片 | 成人欧美日韩视频一区 | 在线はじめてのおるすばん | 久久综合狠狠综合久久97色 | 131的美女午夜爱爱爽爽视频 | 天天看片日本 | 国产美女在线精品亚洲二区 | 国产三级做爰在线观看 | 久久久久久毛片免费观看 | 美女张腿男人桶免费视频 | 亚洲成人在线视频 | 免费欧洲毛片a级视频 | 色老头久久久久 | 色樱桃影院亚洲精品影院 | 欧美一区二区三区精品 | 在线观看国产 | 精品视频一区二区三区四区 | 欧美午夜免费毛片a级 | 成年人网站免费视频 | 久久久久久免费观看 | 国产美女作爱视频 | 在线观看日本免费视频大片一区 | 毛片手机在线 | 国产伦久视频免费观看视频 | 在线观看欧洲成人免费视频 | 日本成人中文字幕 | 91亚洲精品一区二区福利 | 亚洲欧美在线综合一区二区三区 | 一级片大全 | 亚洲男人的天堂在线 | 韩国精品欧美一区二区三区 | 午夜成人免费影院 | 久久国产影视免费精品 | 精品国产一区二区三区免费 | 欧美另类 videos黑人极品 | 中国一级毛片在线观看 | 手机看片日韩国产一区二区 | 亚洲午夜网站 | 成年网站视频在线观看 |