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 / 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: 日本不卡高清免费 | 亚洲天堂男人的天堂 | www.av免费| 视频一区在线免费观看 | 久久久久综合一本久道 | 成人自拍网站 | 91精品国产免费久久久久久青草 | 国产亚洲精品九九久在线观看 | 亚洲欧美一二三区 | 怡红院免费全部视频在线视频 | 亚洲一区在线播放 | 午夜毛片免费观看视频 | 99久久精品免费看国产四区 | 国产精品99久久免费观看 | 欧美一区二区不卡视频 | 国产精品久久久久久久久久一区 | 国产一区国产二区国产三区 | 成人爽爽大片在线观看 | 成年男女拍拍拍免费视频 | 欧美成人私人视频88在线观看 | 成人久久视频 | 久久艹在线 | 加勒比色综合 | 久久视频国产 | 一级黄色录相片 | 亚洲精品自拍 | 99久久精品国产一区二区三区 | 欧美中文字幕一区二区三区 | 手机看片日韩日韩韩 | www日本高清 | 国产成人小视频 | 欧美高清一级片 | 成人综合婷婷国产精品久久免费 | 国产精品视频一区二区猎奇 | 欧洲亚洲一区二区三区 | 精品国产欧美一区二区 | 中文字幕日本一区波多野不卡 | 中国一级做a爰片久久毛片 中日韩欧美一级毛片 | 日韩国产欧美在线观看 | 自拍偷拍亚洲视频 | 俄罗斯美女毛片 |