Industrial and Commercial Times Society
The firepower of President Trump in the United States on China's trade war, on Monday, the exchange rate of the RMB against the US dollar fell below the major level of US dollars to exchange RMB 7, coupled with the chaotic situation of strikes on the streets of Hong Kong, causing the global stock market and the foreign exchange market massacre.The global stock market has a comprehensive drop, and the financial market has encountered the worst challenge since the financial tsunami in 2008. The Sino -US confrontation that originally originated from the trade means. After a blockade of the technology industry, it has now expanded to the financial war.The depreciation of the exchange rate has fallen below the seven levels, which brings a huge psychological threat to the financial stability of Asian countries.
The depreciation of the RMB exchange rate has fallen below the impact of seven. In addition to the new low price that has not been seen since July 2009, it has not been seen, and it is more important to protect the seventh in the past three years.From 2015 to 2016, the RMB had depreciated sharply. From 6.1 RMB exchanged for $ 1 depreciation, it later caused a wave of funds to escape. China ’s foreign exchange preparations fell below the 3 trillion yuan mark.At the beginning of the year, a continuous strong protection disk is guaranteed to ensure that the exchange rate is preserved.In 2018, because Trump opened the trade war, the foreign exchange market in China once again challenged Baoqi Magnolia's defense line. In addition, the trade negotiations in May this year, the People's Bank of China adhered to the defense line of SeventhThe level and even have a certain connection with the confidence of the currency.
However, since the end of May, the former president of the People's Bank of China Zhou Xiaochuan and the current governor Yi Gang tried to resolve the market's psychological obstacles in different public occasions.Attitude, therefore, in addition to the psychological impact on August 5th, in addition to bringing psychological impact, the foreign exchange transaction volume of the RMB is not abnormal.The RMB exchange rate has a trend of opening low and high appreciation, allowing the market to gradually become familiar with normal transactions after breaking seven.
The mild depreciation of the RMB exchange rate is a weapon that hedge the rising export tariffs on the US export. Under the current situation of Sino -US trade negotiations, each other has no negotiation table pressure, although Trump immediately sacrifices the exchange rate to manipulate the country's weapons, in fact the United States cannot justify the RMB as the RMB.The depreciation of the exchange rate continues to be pressured. As long as China reserves enough low -cost imported materials, time and space can be obtained, and the depreciation strategy is used to extend the schedule of negotiations to the United States.
Compared with the depreciation of the RMB exchange rate, it is the street riots in Hong Kong. The Hong Kong Financial Center has important strategic significance for China and Europe and the United States.The window, just as the Hong Kong and Macao Office held a press conference and Hong Kong Chief Executive Lin Zheng Yue'e has repeatedly called for the stability of Hong Kong to be the most important goal. Any act of trying to impact the existing system by riots should be stopped.
Hong Kong was guaranteed by the Basic Law after the return of 1997. The existing legal system has not been shaken. In the first 30 years of China's reform and opening up, Hong Kong has always played the window of China's foreign trade.The throughput has fallen to one -half of the remaining Shanghai. Hong Kong's status as a free trade center has gradually faded, but Hong Kong has continued to strengthen the development of China's most important overseas financial center and maintain an irreplaceable key strategic position.
The Hong Kong stock market has become the most important overseas marketing market in Chinese companies. Last year, the amount of new shares listed on the Hong Kong Stock Exchange raised funds of up to 3,000 billion Hong Kong dollars, surpassing New York and London, and won the world -listed fundraising championship.State -owned enterprises and private enterprises, China Tower's listing raised $ 7.5 billion, Xiaomi raised US $ 5.4 billion, and US groups reviewed 4.9 billion US dollars, which also highlights the function of Hong Kong's assistance to the development of Chinese enterprises. It does not need to use domestic funds to absorb international funds worldwide.
Not only that, the Hong Kong contact rate system is guaranteed by 100 % foreign exchange reserves to ensure the free exchange between Hong Kong dollars and the US dollar.Traditional trade financing, renminbi's exchange between Hong Kong dollars and US dollars, provides a total of up to 1.0 million US dollars of transactions every year, providing sufficient nutrients for China's financial stability and economic development.
Hong Kong's one -nation and two systems are highly intelligent design, which is conducive to China's sustainable development and the Western world participating in China's economic growth. Both parties have obtained high benefits trading centers.Therefore, even if the Sino -US trade war has not been able to obtain specific conclusions now, even if the Hong Kong parade has continued to protests in the past two months, and even rumoring the United States will deliberately create turmoil or the people's Liberation Army to suppress it. In fact, whether it is led by Britain and the United States,Western countries, or decision -making officials in Beijing, cannot take the destroying the status of Hong Kong as a means of national strategic conflict.
The Hong Kong and Macau Office held many press conferences to emphasize the importance of stability in Hong Kong, and Trump also adopted the same argument as the Beijing government, saying that the street conflict on Hong Kong is a riot.Maintaining the rule of Law in Hong Kong, governments of various countries have not destroyed Hong Kong's intention.
Therefore, we believe that even if the Sino -US trade friction cannot find the key to reconciliation for a while, the two parties will still be restrained to avoid taking Hong Kong as a chip of the wrestling of the great country, because whether it is Beijing, Washington or London, they cannot bear the loss of Hong Kong brought by Hong Kong.The impact of coming, and whether the turmoil in Hong Kong can gradually calm down, is the most important wind -oriented chicken for global financial stability.
