(Beijing Comprehensive Television) The RMB has continued to depreciate to a low point in six months, but Chinese officials have almost no intervention so far.Experts analyze that in the context of weakening China's economic growth momentum, the depreciation of the renminbi helps export performance, and Chinese officials seem to tolerate the weakening of the renminbi.
Reuters reported on Friday (June 2) that since January this year, under the circumstances of China's economic data that is not as expected and the US dollar is strong, the yuan against the US dollar has depreciated by more than 5%.Essence
The offshore RMB that is not controlled by China's exchange rate policy, on Thursday (June 1), the exchange rate of the US dollar fell below 7.13 yuan (S $ 1.36), that is, 1 US dollars for 7.13 yuan, which was six months in six months.Low.As investors are concerned about the uncertainty of China's economic development, the RMB may have devalued further.
Reuters reports that although the People's Bank of China made a statement of curbing the substantial fluctuations in exchange rates last month, there are also sufficient policy tools to prevent excessive fluctuations in exchange rates.Support RMB transactions.
A number of experts told Reuters that the People's Bank of China has an attitude towards the trend of the devaluation of the renminbi.Senior Economist in French Industrial Bank said that China's economic recovery has not reached expectations. In the environment of global trade atrophy, the weakening of the renminbi will help export performance.
Experts also pointed out that recently the official RMB mid -price (that is, the exchange rate reference price) released by the People's Bank of China is consistent with market expectations, which shows that the central bank does not take intervention measures to support the exchange rate of the RMB.fluctuation.
Exports have always been one of the important streaming factor in China's economic growth.But in the past few months, due to the slowdown in global demand, new orders have declined.Sources told Reuters that the Chinese Ministry of Commerce recently asked the impact of the depreciation of the RMB on their business to their business.
"After all, the depreciation of currency is a form of loose currency", said Alvin Tan, the Asian foreign exchange director of the Royal Bank of Canada.
Economists from Ruisui Securities said that unless the RMB falls below 7.2, Chinese officials will not adopt any policy tools to support RMB.
RMB first fell below 1 US dollar to 7 yuan for RMB on May 17.On the 19th, some traders noticed that China's major state -owned banks traded RMB against the US dollar in the long -term market.This is a state -owned bank to reduce the depreciation of the RMB by reducing the supply of RMB in the market.
Experts predict that the depreciation trend may continue, but this year, the RMB exchange rate will not exceed $ 1 to 7.3 yuan, which is the lowest point of the renminbi during the impact of the crown disease in November last year.
