日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Markets

Yuan enters new era with freer float

By Gao Changxin (China Daily) Updated: 2014-03-26 08:31

Yuan enters new era with freer float

A currency exchange counter at a subway station in Shanghai. The yuan closed at 6.1781 to the dollar on Monday, down 285 basis points from Friday. Provided to China Daily 

A more flexible and volatile exchange rate is likely to give riseto more genuine participationand less speculation, reports Gao Changxin from Shanghai

The good old days are gone when speculation simply refers to acquisition when it comes to the Chinese yuan.

Yuan enters new era with freer float
Yuan enters new era with freer float 

Now that the decade-long expectation of appreciation is in tatters, traders will have to use more brain than brawn if they want to keep themselves in the game.

While the central bank has always preached the idea of a free-floating yuan, the People's Bank of China finally practiced it by doubling the currency's daily trading band to 2 percent on either side of the daily reference rate.

Zhou Xiaochuan, the central bank governor, has been pushing the idea for years, but traders really started to embrace it this time as their long positions suffered badly from a nosedive in the yuan's exchange rate.

The yuan lost 1.4 percent in February along with another 1.2 percent lost so far this month, following 10 years of appreciation.

Morgan Stanley estimated that $150 billion of redemption forward contracts - a main tool to bet on yuan's appreciation - remains in the market.

And, assuming contracts are 24 months in tenor, investors will see about $4.8 billion in total losses for every 100 basis points the yuan reaches above the level of 6.20 per dollar.

But what really caused them to rethink their strategy were remarks by another governor from the other side of the globe.

Last week, United States Federal Reserve Chairwoman Janet Yellen raised the possibility of an earlier-than-anticipated rise in US interest rates next year.

At a scheduled meeting, Yellen said a further cutback on the bond-buying program, by $10 billion to $55 billion a month, and adjusting its guidance on interest rates. She added that the "considerable period" between the end of the Fed's economic stimulus program and the first rate increase could be six months, meaning that the first rate hike could happen as early as spring next year.

Higher interests rates in the US, analysts said, would reshuffle the pattern of international fund flow in place since the global financial crisis in 2008, driving funds back to dollar assets and weakening emerging market currencies, including the yuan, against the greenback.

After Yellen made the comments on Friday, the yuan continued to weaken against the dollar, trading as low as 6.22 at one point, its weakest level in more than a year.

 

Yuan enters new era with freer float
Yuan eases on widened trading band

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: www在线视频 | 超碰综合 | 美国一级大黄一片免费中文 | 久久草视频在线 | 亚洲精品影片 | 林心如三级全黄裸体 | 亚洲精品久久久久久国 | 奇米成人网 | 免费91看片| 中国二级毛片 | 国产又粗又猛又爽 | 黄色免费看网站 | 337p亚洲精品色噜噜噜 | 国产综合精品视频 | 美女av免费看 | av一区在线播放 | 成年人小视频 | 国产福利片在线 | 在线观看中文字幕 | 亚洲自拍偷拍精品 | 日韩大片在线观看 | 一区二区三区在线免费观看 | 国产黄色网络 | 久久午夜剧场 | 国产一区在线视频观看 | 91精品入口| 天天超碰| 最新日本中文字幕 | 黑人操亚洲女 | 四虎网站最新网址 | 99青草 | www国产视频 | 欧美亚洲第一页 | 精品午夜一区二区三区在线观看 | 国产日韩欧美综合 | 日本人亚洲人jjzzjjz | 久久久久黄色 | 久久久久黄 | 亚洲精品色 | 亚洲视频在线看 | 日韩国产在线观看 |