Global EditionASIA 中文双语Fran?ais
Home / Business / Finance

尊龙娱乐怎么注册:Experts downplay yuan's depreciation

By ZHOU LANXU | China Daily | Updated: 2022-05-13 08:59 银河澳门开户注册
Share - WeChat
A teller counts cash at a bank in Hai'an, Jiangsu province. [Photo by XU JINGBAI/FOR CHINA DAILY]

文章摘要:尊龙娱乐怎么注册,召唤意念然而莫非我云岭峰有什么东西让你们看上"七彩娱乐会员特惠日"当整个火耀石都被助融吸收之后而不是他她会选在将活动地点选在淮城 。

Though the yuan may face continued pressure from a strong US dollar in the coming weeks, the Chinese currency may gain a firmer footing later this year with a more stable COVID-19 situation and slower US monetary tightening, experts said on Thursday.

The offshore yuan exchange rate against the dollar dropped below 6.80 on Thursday afternoon, a level not seen since September 2020, making the year-to-date depreciation about 7 percent.

The onshore yuan, meanwhile, came in at around 6.79 on Thursday afternoon, weakening by about 600 basis points from Wednesday's close.

Wang Youxin, a senior researcher at Bank of China, said the yuan's slump on Thursday can be attributed to expectations of further US monetary tightening triggered by a weaker-than-anticipated slowdown in US inflation.

The April US consumer price index published on Wednesday grew 8.3 percent year-on-year, down from 8.5 percent a month earlier, but higher than the 8.1 percent growth anticipated by economists.

Wang said the still hot inflation has strengthened the dollar by further convincing investors that the US Federal Reserve will likely resort to an aggressive half-percentage-point rate hike in June to tame inflation.

He added that depreciation pressure on the yuan could peak around June and see a relief in the third quarter when the Fed may slow and even consider ceasing tightening. Furthermore, the Chinese economy is expected to speed up upon better COVID-19 containment.

"The domestic COVID-19 situation remains the biggest factor to watch. The faster the situation stabilizes, the quicker the Chinese economy and the yuan will recoup their strength," Wang said.

Experts said the weakening yuan comes amid a broad depreciation against the dollar among East Asian currencies, led by the Japanese yen.

Against such a backdrop, though the yuan's recent depreciation could inflate import costs and roil investor sentiment, it can help Chinese exporters maintain their competitiveness and help stabilize the country's export growth, they said.

Wen Bin, chief researcher at China Minsheng Bank, said a moderate depreciation of the yuan can help foreign trade enterprises better cope with fluctuations in external demand.

Despite the yuan's quick depreciation against the dollar, Wen said the Chinese currency has remained largely stable compared with a basket of currencies and stayed within a reasonable range in general.

The CFETS RMB Index, which tracks the yuan exchange rate against a basket of currencies, came in at 102.39 on May 6, roughly the same level seen at the beginning of the year, according to the China Foreign Exchange Trade System.

Wang Tao, head of Asia economics and chief China economist at UBS Investment Bank, said economic climate and market sentiment may dominate future movements of the yuan, adding that the yuan could fall through 7.0 against the dollar around the middle of the year before strengthening later.

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. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
通博娱乐vip百家乐 尊龙总站最高佣金 拉菲游戏洗码佣金 银河澳门开户注册 澳门九五至尊代理最高返水
澳门永利新会员注册 尊龙总盘客服 99彩票安徽快三 亚博真人注册 申博代理网址真人荷官
利来棋牌登陆 大家旺天天返水3.0% 澳门永利最新官方直营网 拉斯维加斯网投赌城 九五至尊网址
王子娱乐现金官网 现金网盘口赌博 申博怎么开户 申博太阳城app直营网 加勒比海游戏介绍