波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Business

Renminbi is 'still attractive'

By Cecily Liu | China Daily Europe | Updated: 2016-01-24 11:44

Many analysts hold positive long-term view, despite recent depreciation against the dollar

Overseas investors are still keen to hold the yuan for investment in China's debt and equity markets, showing confidence in its long-term stability and credibility as a reserve currency despite the renminbi's depreciation against the dollar over the past two months, analysts say.

They believe the renminbi will become increasingly useful to hold as China's capital account controls open up to release more investment opportunities in China for foreign funds, while its inclusion in the International Monetary Fund's reserve currencies basket has given investors an incentive to increase renminbi asset allocations.

 Renminbi is 'still attractive'

Analysts say the renminbi inclusion in the International Monetary Fund's reserve currencies basket has given investors an incentive to increase renminbi asset allocations. Xie Zhengyi / For China Daily

Miranda Carr, a senior analyst at Haitong Securities UK Ltd, says investors may be more cautious about the renminbi after the Chinese central bank's recent intervention, but such sentiment will have limited impact because most central bank and sovereign wealth funds take a long-term view on their currency and international investment positions, so they are thinking five years ahead.

She says China's bond market will be attractive to foreign central banks and other institutional investors, as the yuan's inclusion in the IMF basket will demand a greater allocation of funds in the currency for investment.

Meanwhile, the Chinese stock market indexes' future inclusion in international indices will channel more funds into the country's stock market, which will also create overseas demand for the renminbi, she adds.

The renminbi, traditionally a pegged currency, has made significant progress in recent years to liberalize its exchange rate and grow its international usage with the goal of becoming a global reserve currency, which more accurately reflects the Chinese economy's global trade and investment dominance.

It reached a milestone in November with the IMF decision, with some economists estimating that at least $1 trillion of global reserves will switch into Chinese assets as more central banks and institutional investors increase their holdings in renminbi.

Yet the yuan's 1.5 percent depreciation against the dollar in December, and an additional 1.5 percent in the first week of January, has caused some market confusion.

China's record-breaking foreign exchange reserves decline of $108 billion in December also caused fears of large capital outflows, pointing to a lack of confidence in the Chinese economy.

In this context, the move by the People's Bank of China to limit the speed of renminbi's outflow and prevent its further depreciation in recent months have caused concern of a further sharp depreciation of the currency.

Coupled with the backdrop of A-share market turmoil, it led to confusion and increased concerns about China's economy, exchange rate policy and global markets.

Wang Tao, chief China economist at UBS, says a large deprecation is unlikely. First, the government is unlikely to use depreciation to boost growth, and second, China's sizable current account surplus should continue to provide a handsome offset to capital outflows.

In addition, China will take into consideration any likely negative feedback from major trading partners as it moves toward internationalization, she says.

Furthermore, even if the central bank does not want to deplete its foreign exchange reserves too quickly, it has other ways to limit the speed and scale of capital outflows, most notably by tightening existing rules on cross-border capital flows, Wang says.

Andrew Malcolm, a Hong Kong-based partner at Linklaters, adds that the renminbi's depreciation is "less apparent" than the frequently quoted headline figures because a major cause of the depreciation is the dollar's strengthening.

"The (central bank) has indicated now on a couple of occasions that it is guiding the renminbi fix by reference to a basket of currencies, including of its major trading partners, and by reference to this basket the depreciation is much less apparent," he says.

He adds that the central bank's short-term controls to avoid a sharp renminbi decline are justifiable, as well as consistent with its long-term goal to give the currency convertibility.

He explains that what China has set out to achieve is "managed convertibility", where the government retains control over potentially destabilizing flows of "hot money", a strategy that is seen as an important lesson taken from the Asian currency crisis of 1998. This strategy is not only compatible with the renminbi's convertibility but defined as part of it, he says.

The Asian currency crisis, which was not only detrimental to the East Asian economy but raised fears of a worldwide economic meltdown due to financial contagion, started with the financial collapse of the Thai baht after the Thai government was forced to float it due to a lack of foreign currency to support its currency peg to the US dollar.

Looking long term, Malcolm says efforts to further liberalize the economy give international investors greater confidence in the long-term strength of the Chinese economy, and increased inflows of capital as the capital account is liberalized should support the renminbi.

cecily.liu@chinadaily.com.cn

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒
99r精品视频| 91精品国产综合久久精品麻豆| 欧美精品一区二区三区在线播放 | 波多野洁衣一区| 青青草自拍偷拍| 久久人人爽爽爽人久久久| 久久精品国内一区二区三区| 国产毛片毛片毛片毛片毛片毛片| 欧美日韩1234| 亚洲电影欧美电影有声小说| 国产精品99精品无码视亚| 欧美在线视频全部完| 一区二区三区欧美| 日韩av成人网| 欧美精品欧美精品系列| 天天影视网天天综合色在线播放| av av在线| 欧美一级理论片| 日本不卡视频一二三区| 不卡一区二区在线观看| 欧美mv日韩mv| 韩国一区二区视频| 女教师淫辱の教室蜜臀av软件| 国产三级欧美三级日产三级99| 国产一区二区三区蝌蚪| 欧美特黄一级片| 亚洲欧洲精品天堂一级| 可以看的av网址| 3d动漫精品啪啪1区2区免费 | 亚洲成年人网站在线观看| 野战少妇38p| 日韩一级完整毛片| 精彩视频一区二区| 黑人狂躁日本娇小| 亚洲久草在线视频| 麻豆精品国产传媒av| 精品国产精品网麻豆系列| 国产精品一区二区x88av| a在线视频播放观看免费观看| 日韩伦理av电影| 免费观看污网站| 亚洲精品在线免费观看视频| 福利一区福利二区| 欧美三级三级三级爽爽爽| 美女免费视频一区| 老熟妻内射精品一区| 亚洲国产欧美在线| 手机毛片在线观看| 亚洲裸体在线观看| 中日韩精品一区二区三区| 中日韩免费视频中文字幕| 香蕉视频免费网站| 久久综合久久鬼色中文字| 成人精品gif动图一区| 欧美日韩国产精选| 国产一区视频在线看| 色美美综合视频| 日本在线不卡视频| 97在线观看视频免费| 亚洲最色的网站| 国产小视频自拍| 1区2区3区国产精品| 成人免费毛片日本片视频| 国产精品免费丝袜| 欧美一区二区免费在线观看| 中文子幕无线码一区tr| 人妻av一区二区| 中文字幕欧美区| 精品国产av色一区二区深夜久久| 中文字幕高清一区| 538国产视频| 亚洲男同性恋视频| 91成年人网站| 亚洲黄色av一区| 成年人在线免费看片| 一级女性全黄久久生活片免费| 91网站免费入口| 亚洲资源中文字幕| 国产精品一区二区亚洲| 偷拍一区二区三区四区| 成年人av电影| 国产做a爰片久久毛片| 欧美久久久久久久久中文字幕| 懂色av一区二区夜夜嗨| 日韩色视频在线观看| 国产91在线免费观看| 国产日韩高清在线| 亚洲av无码一区二区二三区| 亚洲精品伦理在线| 日本黄色录像视频| 久久精品国产亚洲高清剧情介绍 | 疯狂试爱三2浴室激情视频| 日本中文在线一区| 欧美日韩一区二区三区四区五区| 国产精品亚洲а∨天堂免在线| 日韩三级视频中文字幕| 18深夜在线观看免费视频| 国产精品国产自产拍高清av王其| 日韩一级av毛片| 蜜臀av一级做a爰片久久| 6080亚洲精品一区二区| gogo大胆日本视频一区| 国产人伦精品一区二区| 亚洲欧洲久久久| 日韩av成人高清| 欧美精品久久99久久在免费线 | 粉嫩蜜臀av国产精品网站| 精品久久久久久无| 变态另类丨国产精品| 亚洲.国产.中文慕字在线| 欧美日韩日日摸| 中文字幕无码毛片免费看| 亚洲精品老司机| 日本电影欧美片| 97久久超碰国产精品电影| 中文字幕国产精品一区二区| 欧洲性xxxx| 日韩午夜电影av| 亚洲 欧美 日韩在线| 午夜视频一区在线观看| 欧美人与禽zozo性伦| 成年女人免费视频| 亚洲成人福利片| 678五月天丁香亚洲综合网| 亚洲一区二区三区黄色| 亚洲成a人片在线观看中文| 欧美另类高清zo欧美| 中文字幕天堂av| 首页亚洲欧美制服丝腿| 日韩午夜av一区| 国产人妻大战黑人20p| 激情图片小说一区| 国产丝袜在线精品| 亚洲国产123| 成人激情午夜影院| 亚洲欧美成aⅴ人在线观看| 欧美性生活久久| 欧美熟妇精品一区二区 | 色婷婷综合视频在线观看| 不卡在线观看av| 亚洲精品高清在线| 欧美美女视频在线观看| 色婷婷免费视频| 另类综合日韩欧美亚洲| 国产亚洲va综合人人澡精品| 亚洲xxxx3d动漫| 91视频在线看| 天堂在线一区二区| 精品福利av导航| 三级黄色录像视频| av电影一区二区| 亚洲成av人片在线观看| 日韩女优av电影| 波多野结衣家庭教师在线观看| 成人免费视频caoporn| 亚洲精品五月天| 91精品久久久久久久99蜜桃| 国产又粗又猛又爽又黄av| 成人性生交大片免费看视频在线 | 国产精品毛片大码女人| 欧美在线色视频| www.自拍偷拍| 国产成人精品免费视频网站| 一区二区三区欧美激情| 精品少妇一区二区三区视频免付费 | 精品伊人久久久久7777人| 欧美国产日韩在线观看| 欧美丝袜第三区| 小早川怜子久久精品中文字幕| 成人免费毛片app| 午夜激情一区二区| 久久只精品国产| 色婷婷av一区二区三区软件| 伊人网综合视频| 国产精品66部| 亚洲成人av中文| 国产欧美日韩视频在线观看| 中文字幕无码毛片免费看| 久久成人av少妇免费| 亚洲私人黄色宅男| 日韩免费一区二区三区在线播放| 欧日韩不卡视频| 久草免费资源站| 国产麻豆精品一区二区| 亚洲一区二区三区四区在线 | 日韩精品一区二区三区swag| 中文字幕另类日韩欧美亚洲嫩草| 精品人妻一区二区三区日产| 国产成人在线视频网址| 午夜日韩在线观看| 国产精品狼人久久影院观看方式| 91精品国产综合久久福利软件| www日韩在线| 青青草视频成人| www.欧美亚洲| 韩国精品在线观看| 无码av中文一区二区三区桃花岛| 中文字幕av不卡| 精品福利二区三区| 欧美人与z0zoxxxx视频|