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Yuan at a new 4-year low against the dollar in offshore below 6.5

following the day before after the mid-point break 6.40, on December 9, the Yuan-dollar median price moved to 6.414, off 62 basis points compared to the previous trading day, the weakest level since August 2011. As of press time, offshore renminbi-dollar 6.5173, banished to exceed 300 basis points on the day. In this regard, insiders pointed out that due to the appreciation of the dollar's recent movements as well as the latest economic data lead to a devaluation of the Renminbi market is expected to increase, Yuan against the dollar's decline will continue.

However, the market view also pointed out that the continuing depreciation of the Yuan, especially the devaluation of the US monetary authorities to reduce the results of the intervention. An industry expert told the business daily reporters, apparently felt the recent Central Bank intervention has been reduced.

continuous three a day go demoted this Monday (December 7), Yuan against dollars middle price reported 6.3985, more Shang Friday go demoted 134 a basis points; Tuesday, Yuan against dollars middle price again go demoted, breakthrough 6.40; December 9, Yuan against dollars middle price continued Qian two a day of declines, day go demoted 62 a basis points, this week yilai cumulative go demoted over 280 a basis points. Financial markets analyst at Dongguan Bank subscribed to reporters of the daily economic news, upcoming rate meeting of the Federal Reserve, United States interest rates would have an impact on other currencies, including the Renminbi.

in addition, after data showed, there are signs of capital outflows, which led to devaluation of the renminbi is expected. On Monday, the Central Bank released data showing, China November foreign exchange reserves fell by 87.2 billion dollars from the previous month, to $ 3.4383 trillion. In this regard, some analysts pointed out that by the United States to the good economic situation and the impact of factors such as stronger dollar index November China international capital outflows is not unexpected.

in addition, after Yuan enters SDR currency basket itself move closer to the role as the international reserve currency, objectively weakened the necessity of continued to hold large amounts of reserves. Experts said domestic economic situation also affects the market expectation of RMB trend. Data published according to the latest statistics, China's November CPI rose 1.5%, was flat from the November PPI-5.9%, decreases the same as last month.

after the General Administration of customs data showed, November of this year China's total import and export volume fell 7.8%, this probably means a foregone conclusion for the annual foreign trade growth.

 

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