The onshore renminbi fell as low as 6.5348 against the dollar on Tuesday, hitting a fresh low since January 11 and closing in on a low for the year.The offshore renminbi, meanwhile, fell as low as 6.5444 to the dollar, its lowest level so far this year.At 12:58, the onshore and offshore renminbi were trading at 6.5320 and 6.5440 to the dollar.
On the 25th, the yuan was trading at 6.4893 to the dollar, down 89 basis points from the previous session and down for four consecutive days.
Ying xiwen, a senior researcher at China minsheng bank, said that although the renminbi has depreciated against the dollar this year, it has fallen much less than other non-us currencies.
He said that after the fed raised interest rates, the central bank did not follow suit and recently launched a targeted reduction in reserve requirements to support debt-to-equity swaps and small and micro businesses, which are expected to release $700bn in liquidity.As you can see, compared with 2016 yuan depreciation period, the policy focus is from external to internal equilibrium is balanced, to properly deal with credit and liquidity risk, to keep the real economy steady growth, avoid the deleveraging process cause systemic risk, thereby giving greater tolerance and flexibility of RMB exchange rate, thus maintaining the independence of the monetary policy more.
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