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

Central bank reportedly drafting tax for FX transactions

By Zheng Yangpeng (China Daily) Updated: 2016-03-17 10:02

Central bank reportedly drafting tax for FX transactions

A $100 banknote is placed next to 100 yuan banknotes in this October 16, 2010 file picture illustration taken in Beijing. [Photo/Agencies]

China's central bank has drafted rules for a tax on foreign-exchange transactions in a step to stem speculators, according to Bloomberg News.

Known as the "Tobin tax", it is designed to raise the cost for spot currency conversions, and is described by its originator, Nobel-winning economist James Tobin, as "throwing sand in the wheels of speculators". Citing anonymous sources, Bloomberg reported on Tuesday that the initial rate may be kept at zero to allow authorities to refine the rules.

The People's Bank of China didn't immediately respond to request for comments. Vice-governor Yi Gang has raised the possibility on several previous occasions but did not hint whether it would materialize any time soon.

The problem with the "Tobin tax", according to Tommy Ong, managing director for treasury and markets at DBS Hong Kong, is it can't guarantee less volatility in the market since it's difficult to identify if currency trading is due to speculation or the genuine need of companies hedging their foreign-exchange exposure.

The news surprised some observers since the PBOC has won an early victory in its defense of the yuan. Expectation of further depreciation eased when central bank data showed last week that the fall in foreign-exchange reserves was much smaller than in January.

In Hong Kong, the offshore yuan fell 0.12 percent to 6.5189 per dollar on Wednesday, trading around 12 basis points weaker than in Shanghai. After the worst start to a year in two decades, the yuan has strengthened 1.6 percent since Jan 7.

Hedge funds that previously bet against the yuan now are paying a price. According to Bloomberg, at least $562 million of options that pay out if the currency drops below 6.6 per dollar have expired worthless since August. Another $807 million will lapse within three months.

"The Chinese government has proved a stronger adversary than many traders anticipated. ... Bears now face a difficult choice: They can abandon the trade, or hunker down for what could become a costly waiting game," Bloomberg wrote.

PBOC Governor Zhou Xiaochuan said at a Saturday news conference that it is difficult for him to predict movement in the exchange rate, but "despite volatility, calm and normalization always follow a period of turmoil".

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 欧美乱色 | 欧美日韩一区二区在线 | 中文字幕avav| 黄色a级片在线观看 | 亚洲成人精品在线播放 | 一区二区三区日韩视频 | 免费无遮挡在线观看视频网站 | 精品国产久 | av在线免费观看网站 | 四虎网址最新 | 肉视频在线观看 | 欧美自拍偷拍一区 | 成人短视频在线播放 | 波多野吉衣一区二区三区 | 91人人干 | 在线观看黄色 | 日韩av片在线免费观看 | 天天拍天天射 | 成人免费毛片高清视频 | 久久国产主播 | 婷婷精品视频 | 日韩一区二区在线观看视频 | 久久尤物视频 | 超碰在线综合 | 中文字幕亚洲一区 | 国产中文字幕一区 | www成人网| 欧美丰满xx000 | 成年女人色毛片 | 在线一二三区 | 日日射天天操 | 国产精品永久免费视频 | 国产三级三级在线观看 | www.色婷婷.com| 日韩国产一区二区 | 国产3p视频 | 九九热这里有精品视频 | 中文天堂在线资源 | 中文字幕色哟哟 | 国产少妇精品 | 69婷婷国产精品入口 |