The Central Bank Comprehensively Directed Down The Renminbi Diving

Although the market is expected to open the Chinese quasi cycle, traders generally believe that the key to the spot exchange rate is to see the middle price traction. The overall performance of the domestic and foreign markets is relatively stable today.

Traders also pointed out that the exchange rate policy is expected to be stable at the moment when the interest rate reduction tool is released.

Although the overall reduction and increase of RMB

Pressure, but if we do not touch the limit, the central bank can control the floating range of the spot exchange rate through the middle price, and the possibility of intervening in the market to ease the RMB's downward trend is not high enough.

Because the central bank intervention needs to throw the US dollar to buy the renminbi, which is bound to return the liquidity of the local currency, thus easing the effect of monetary easing.

China's central bank announced Wednesday the fall of financial institutions

0.5 percentage points, for the first time for the first time in the past three years, the first comprehensive reduction, conforming to the trend of stable monetary policy in the market trend easing expectations.

It is expected that this will release more than 600 billion yuan of capital and guide the reduction of market capital costs.

Downward pressure.

Micro-blog's chief economist, Lu Zheng commissar, believes that the depreciation rate of the Renminbi should not be less than the appreciation of the US dollar from the perspective of correcting the overestimation of effective exchange rate.

The overvaluation of the RMB effective exchange rate is the root cause of China's "economic reality" and "high debt" of enterprises and governments. "The current round of crisis, the experience of the world's major economic recovery also shows: who will depreciate first and who will recover first?"

Traders said that the drop in the RMB exchange rate was caused by the drop in accuracy, but the intra day intermediate price and spot rate were relatively stable.

In the limit of 2%, in fact, the RMB has not continued to fall. At present, the central bank has not yet seen the necessity of intervention by the central bank.

In the international currency market, the euro fell earlier on Thursday. Before the European Central Bank said it would no longer accept Greek bonds as collateral in its financing operations, it brought impact to Greece seeking loans from euro zone lenders.

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"The recent two weeks of sharp fluctuations in the RMB did indeed depreciate, which is only for the US dollar, the renminbi against the pound, the euro, Australian dollar, Japanese yen and other major currencies are rising."

Xie Yaxuan, chief macroeconomic analyst of China Merchants Securities [micro-blog], said: "the fundamental reason is not that the renminbi is too weak, but that the US dollar is too strong."

Zong Liang, deputy director of the International Finance Research Institute of the Bank of China, said that judging the real value of the RMB value depends on the real effective exchange rate.

"Since October 2014, the euro has depreciated more than 20%, and the Japanese yen has depreciated by nearly 15%, but the renminbi has fallen by only 2.2%.

The real exchange rate of the renminbi is on the rise.

Zong Liang said.

Correspondingly, it is hot outbound travel and busy overseas purchasing.

According to the staff of Beijing CYTS exit department, the number of European group tours has increased substantially over the past year, and the number of free travel is doubled.

"Except America, it's cheap to go anywhere."

Ms. Qian, who buys money in Germany, has been drying up in WeChat every day: "a 1530 euro LV female bag bought around six months ago is about 13000 yuan, and now it only costs 11000 yuan."

A number of experts said in an interview with reporters that currencies in different countries were mixed, and that the yuan would only depreciate against the US dollar, and that the impact on exports and capital outflows would not be significant.

For some of the "dollar just needed" citizens, the recent depreciation of the renminbi has created a real "Puzzle".

The lobby manager of a bank in Xicheng District, Beijing, told reporters that compared with two weeks ago, it would take about 500 yuan to exchange for ten thousand U.S. dollars in cash.

According to the reporter, at present, the annual interest rate of the US dollar is less than 1%, and the annual yield of related financial products is only about 2%. At present, the interest rate of RMB deposits can reach 3.3%, and the yield of financial products is about 5%.

It is not worthwhile for the general public to hoard the US dollar too early.