With China's official launch of a series of policies that boost market confidence, it will be quickly transmitted to the exchange rate side.According to the early trading of Asian trading hours, the offshore RMB recovered the 7.0 mark against the US dollar, the first time since May last year.
Xinhua Finance on Wednesday (September 25) reported the above news at 8 am.
The three major financial regulatory departments in China held a press conference on Tuesday (September 24). Pan Gongsheng, president of the People's Bank of China, announced a package of economic stimulus policies at the meeting, including reducing the interest rate of 0.5 percentage points of the stock mortgage.The minimum down payment ratio of the nation's two sets of mortgages was reduced from 25%to 15%, and the central bank's funding support for the re -loan of housing housing housing was increased from 60%to 100%.
In terms of monetary policy, the Central Bank of China will reduce the key policy interest rate and reduce the stock reserve ratio of 0.5 percentage points, down to the lowest level since 2020, and provide long -term liquidity to the financial market about 1 trillion yuan(RMB, the same below, S $ 182.9 billion).This is also the first time that the People's Bank of China has reduced interest rates on the same day in the past 10 years.
In addition, the central bank also launched two new monetary policy tools to inject at least 800 billion yuan of liquidity support into the stock market.
A number of favorable policies have driven the Chinese stock market to rise sharply. The Shanghai Stock Exchange Index returned to 2,800 points on the same day.Essence
Regarding the RMB exchange rate, Pan Gongsheng said that the uncertainty of the current external environment and the trend of the US dollar still exists, but from the perspective of the Chinese situation, the RMB exchange rate still has a relatively stable and solid foundation.The influence of the exchange rate is diverse. Market participants should rationally treat exchange rate fluctuations, enhance the concept of risk neutrality, and do not "gambling rate direction" and "unilateral trend".
Pan Gongsheng said that the recent adjustment of the monetary policy of major economies has been adjusted, and the depreciation pressure of the RMB exchange rate has been significantly relieved.The 50 basis points of the Federal Reserve ’s interest rates are the first interest rate cuts after the interest rate hike cycle over the past few years. The monetary policy of the major economies has entered the interest rate reduction cycle, and the US dollar appreciation momentum has weakened.
He said that as the domestic and foreign monetary policy cycles have different convergence, the external pressure with basically stable RMB exchange rates has been significantly alleviated.The People's Bank of China's exchange rate policy is clear and transparent.The main points include two points: First, adhere to the decisive role of the market in the formation of exchange rates, and maintain the elasticity of exchange rates.The second is to strengthen the expected guidance, to prevent the formation of unilateral consistency expectations in the foreign exchange market, prevent exchange rate over -transfer, and maintain the RMB exchange rate at a reasonable balance level.
