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 depreciation spurs foreign exchange boom

By CHEN JIA (China Daily) Updated: 2016-01-12 07:46

Yuan depreciation spurs foreign exchange boom

US dollar and Yuan notes are seen in this picture illustration taken at the Korea Exchange Bank in Seoul in this November 10, 2010 file photo.[Photo/Agencies]

The renminbi's fall to a five-year low against the US dollar has triggered a currency exchange boom on the Chinese mainland, forcing the regulator to strengthen intervention to ease capital outflow pressure.

An increasing number of people have been asking banks to change the Chinese currency into dollars, Guangzhou Daily reported on Monday.

Since last week, they have also been buying more foreign currency-denominated financial products, with most using up their annual currency exchange quota, the report said.

According to the State Administration of Foreign Exchange, the country's top foreign exchange regulator, mainlanders can each exchange renminbi for a maximum amount of $50,000 annually, or the equivalent in other foreign currencies.

Another Guangzhou-based newspaper, Nanfang Metropolis Daily, reported that the regulator has given guidance to mainland banks on controlling their dollar supplies. Employees have also been told not to suggest foreign exchange products to clients.

The renminbi traded on the Shanghai-based China Foreign Exchange Trade System has fallen by more than 1.5 percent against the dollar in the past week.

This is the largest weekly decline since August 11 last year when the People's Bank of China, the central bank, announced a foreign exchange rate reform.

Market watchers are speculating that the bank may tolerate faster depreciation of the renminbi and introduce a more flexible foreign exchange policy this year.

Guan Tao, a former official with the regulator, said the rush to sell the renminbi will increase capital outflow pressure and lead to more irrational activities in the market.

On Monday, the central bank stabilized the daily reference rate of the renminbi, which restricts onshore movements to a maximum rise or fall of 2 percent, at 6.5626 renminbi per dollar.

This compares with the multiyear low of 6.5646 on Thursday that triggered a halt to trading in onshore equity markets for two days last week.

A report by Xinhua News Agency said there is no need for the majority of households to exchange the Chinese currency for dollars to preserve the asset value, as the renminbi is unlikely to fall sharply. The return on renminbi-denominated investment products is also still higher than on US dollar-denominated ones.

Regulator names new head

People's Bank of China Deputy Governor Pan Gongsheng is to replace Yi Gang as head of the State Administration of Foreign Exchange, while also retaining his post at the central bank, the currency regulator said in a statement.

It said the regulator will proceed with plans to make the yuan convertible "in an orderly fashion" and will tackle violations of foreign-currency regulations.

China has "relatively abundant foreign-exchange reserves", it said.

Pan previously worked at Agricultural Bank of China and before this held a number of positions at Industrial and Commercial Bank of China, the nation's largest lender.

Yuan depreciation spurs foreign exchange boom

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 国产91精品久久久久久久 | 中国美女黄色一级片 | 一级片在线免费观看 | 欧美亚洲专区 | 欧美大胆性生活 | 精品国产一二 | 亚洲男女av | 亚洲国产成人精品女人久久久 | 成人欧美激情 | 久久视频黄色 | www视频在线免费观看 | 久久国产精品-国产精品 | 久久精品久久久久久久 | 五月天青青草 | 国产在线不卡 | 久久久精品一区 | 日韩视频在线播放 | 污污视频免费看 | 国产一区二区三区四区五区六区 | 三级免费毛片 | 91在线资源 | 国产18在线观看 | 玖玖爱在线精品视频 | 成人自拍一区 | 久久久一区二区三区四区 | 欧美一级做性受免费大片免费 | 久久天堂 | 狠狠操很很干 | 华人永久免费视频 | 国产成人午夜高潮毛片 | 国产三级在线 | 日本天堂网 | 正在播放欧美 | 国产福利视频在线 | xxx一区 | 久久亚洲视频 | 欧美国产一级 | 久久国产99| 国产偷人| 国产黄色精品视频 | 一起草视频在线播放 |