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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperOpinion / Op-Ed ContributorsEditorialsOp-EdColumnistsContributorsCartoonsSpecialsFrom the PressForum TrendsFrom the ReadersDebateEditors Pick:Syrian refugeescyberspaceV-Day paradeshrimp scandalTPPReducing risks in yuan tradingBy Zhang Monan(China Daily) Updated:2014-04-02 07:55Comments Print Mail Large Medium SmallA financial safety net should be established to prevent drastic exchange rate fluctuations and facilitate cross-border businessThe yuans recent drastic depreciation against the US dollar has underscored the need for China to set up an exchange rate stabilization mechanism and construct a financial defense framework to prevent drastic rate fluctuations and possibly damaging capital flows.Since mid-February, the yuans spot exchange rates against the dollar in the onshore and offshore markets have suffered continuous depreciation, changing the years-long one-way appreciation trend. The new round of deprecation was originally believed to be a result of rate interventions by Chinas central bank, however, the yuans higher central parity than its spot rates in recent rate fluctuations indicates that recent depreciations did not result from the authorities intentional interventions, but came from the impact of a fluctuation in global liquidity as a result of the US Federal Reserves quantitative easing tapering.The influence of fluctuating capital flows was reflected in other emerging markets after the Feds announcement of its second QE reduction in late January, when Argentina, Turkey, South Africa and other emerging markets witnessed large-scale sell-offs of assets by foreign capital, the second fierce market fluctuation emerging countries have experienced since May. The recent continuous decline of the yuans value in the offshore spot market is to a large extent believed to be the third impact on emerging markets caused by the Feds QE withdrawal. In terms of the size of its cross-border trade, deposit and bond issuances, the yuans offshore market is still at a small scale and thus bears the brunt of cross-border capital flows. The eight-month low the yuan has hit in its value against the dollar fully indicates the sharp decline of the offshore yuan positions and the large scale of the capital outflow.The outflow of capital and the yuans exchange rate depreciation will possibly further trigger an outbreak of foreign debt risk. Some of Chinas enterprises, especially real estate developers, taking advantage of the yuans appreciations in recent years, issued large volumes of bonds overseas last year and the momentum continued in the first months of this year. By the end of the first 10 days of February, Chinas housing enterprises had issued a $7.9 billion debt in the global market, 38 percent of the total debt borrowed by worlds housing companies.With rising expectations for the yuans appreciation, the foreign debt risk will also further increase. The Fed has said it will slash its monthly asset purchases from $65 billion to $55 billion in April, and may start to raise interest rates in early 2015. The dollars narrowing interest rate and exchange rate gaps with the yuan will possibly further promote capital outflows from China. In view of the dollars important role in global liquidity, Chinas contracting funds outstanding for foreign exchange will inevitably result in the shrinking of its pool of funds. That means the situation, whereby an ever-expanding foreign reserve has propped up the expansion of the domestic capital pool, will change and will add pressures to the yuans depreciation and aggravate concerns over Chinas economic prospects.Previous Page1 2 Next PagePrevious Page1 2 Next Page8.03KRelated StoriesChina, Germany to build yuan centerAppetite for yuan weakens as appreciation endsYuan fluctuation was not engineered, economist saysYuan enters new era with freer floatMost Viewed Todays Top NewsRising to the security challengesRussia faces tough road to successJoint efforts to meet challengesIs Vietnam safe?Abes dangerous moveForum TrendsForum trends: Cultural taboos in ChinaForum trends: Some “bad” habits Ive picked up in ChinaForum trends: Chinas number superstitionsHow to make friends with foreignersForum trends: You know you are in China when…(Part II)Chinas leftover women-intelligent and charmingForum trends: Why did you choose to live in China?ColumnistsHow good a govt India has gotNew type of urbanization is in the detailsFeatured ContributorsAsias increasing dependence on ChinaEat less, treat moreStar BloggersGetting old in ChinaWhen you look into the mirror today, imagine what you would say ten years from now about todays you. Its technically a downward comparison with the future youJob-seeking tips for the gradutesSometimes a small point could be more valuable, let’s check my job hunting experience and suggestions could be useful for you.Future of Western style educationA western style education system and the media surrounding it teaches people – not just what to think, but what NOT to think – not just what to question, but what NOT to question.SpecialChina Q1 GDP numbers in focusOur prayers are with youTop 10 policy changes since last two sessions…| About China Daily | Advertise on Site | Contact Us | Job Offer |Copyright 1995 -. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. 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