Monetary Policy Fine Adjustment Of RMB Devaluation Suspended

< p > domestic a href= "//www.sjfzxm.com/news/index_c.asp" > stock market < /a > continued weak, one of which cannot be ruled out is that the attractiveness of RMB assets is weakening.

This is evident in both overseas and domestic markets.

From the simple correspondence of causality, this may be related to the continued depreciation of the RMB against the US dollar since the beginning of this year.

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< p > in this situation, the central bank announced yesterday that the reserve requirement rate for supporting the "three rural" and small and micro enterprises financial institutions in June 16th has been reduced by 0.5 percentage points.

This measure is also effective for financial companies, financial leasing companies and auto finance companies.

Analysts said that the central bank's move is expected to stimulate consumption and enhance financial support for the real economy, the RMB exchange rate formation stage upward stimulation.

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< p > in fact, the depreciation of exchange rate is favorable to the export of a country or region.

However, devaluation also means that the price of local assets that is priced in this currency will not rise significantly.

As we all know, exchange rate derogatory often means the economic fundamentals are sluggish, which will undoubtedly affect the sales and profits of related enterprises.

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< p > < b > a href= "//www.sjfzxm.com/news/index_c.asp" > International Futures < /a > the research report indicates that the RMB exchange rate has stabilized briefly in 3 and April, but since the first half of this year, the overall depreciation has been the main trend, and the two-way fluctuation has also been enhanced.

According to the report, the overall weakness of China's economy in the past few months was manifested in the rise in new loans in March, but fell in April. In 3 and April, housing prices continued to narrow and foreign direct investment continued to decline.

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< p > comparing with the currencies of emerging economies such as India rupee, Mexico pesos and Brazil Real, it is found that during the six months from last December 10th to yesterday, the yuan fell to about 2.79% against the US dollar (Note: "US dollar to RMB", contrary to the text), which almost swallowed up the increase of RMB 2.88% against the US dollar in 2013.

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The US dollar index of less than P for the past six months rose from 79.98 to 80.43 in yesterday's trading. It experienced a peak of 81.38 in late January and a trough value of 78.91 in May 8th. The trend was clear in the past 20 trading days.

On this basis, the reporters found that the India rupee, Mexico peso and Brazil Real are basically corresponding to the US dollar trend.

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< p > data show that the India rupees fell to 63.09 at the end of 1, and then rose to 59.86 at the end of 3. At the end of 5, they rose further to 59.16, and appreciated about 6.23% in half a year. Mexico Peso rose to 13.51 after February 3rd, and all the way to the current 12.86, an increase of about 4.81%.

(all of them are against the US dollar) < /p >

< p > reflecting the gross domestic product (GDP) of a href= "//www.sjfzxm.com/news/index_c.asp" > economic trend < /a >, from the end of last year to the end of the quarter, GDP in India and Mexico rose sharply and Brazil fell slightly.

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< p > of course, apart from the relationship between exchange rate and economic fundamentals, it has different degrees of connection with resource reserves, import and export, foreign trade base and domestic industrial structure, so it can not simply match the exchange rate with the monetary policy of the country.

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< p > yesterday, the central parity of RMB against the US dollar rose by 138 basis points, the biggest gain in 20 months.

The official price led the spot market to strengthen by nearly 100 basis points.

For this reason, the day trading time once triggered the conjecture of the central bank's monetary policy adjustment. Some people think that the central bank has some measures to fine tune the exchange rate to guide the RMB exchange rate to strengthen.

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