综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

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
...
绥中县| 沁阳市| 灵山县| 沾化县| 万全县| 汽车| 通榆县| 陵川县| 吕梁市| 灵台县| 沁水县| 炉霍县| 贵港市| 定襄县| 田东县| 鹤壁市| 马龙县| 九台市| 崇义县| 资溪县| 乌拉特后旗| 霍林郭勒市| 平陆县| 新建县| 南部县| 乌拉特中旗| 中西区| 西林县| 美姑县| 林西县| 盱眙县| 乐亭县| 安徽省| 邹平县| 娄烦县| 浦东新区| 科尔| 田东县| 常州市| 澄城县| 阿克苏市|