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ast yearChina largely succeeds in RMB exchange rate reform ove▓r past yearChina largely succeeds in RMB exchange rate reform over past year08-15-2016 08:31 ▓BJTWASHINGTON, Aug. 14 (Xinhua) -- China's authorities have largely succeeded in its objective of re▓vamping the f

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oreign exchange mechanism t▓o make the currency renminbi (RMB) more mar▓ket-oriented and relative stable to a basket of curren▓cies over the past year, thanks to improved policy communication, U.S. experts have said.On Aug. 11,▓ 2015, the People's Bank of China (PBOC), the central bank, announced a major improvement to▓ the formation of the RMB's central parity rate against▓ the U.S. dollar, by taking into consideration the closing rate on the inter-ba▓nk for

ex market of the previous day.The move was described▓ by the PBOC as a "one-time correction" to bridge previously accumulated differences between the central p▓arity rate and the spot market rate, which would ▓make the central parity rate more consistent with the needs of market development.The central parity rate is the starting point for daily fo▓rex trading, and the RMB is allowed to rise or fall by 2 percent from the central parity rate each trading day from March 20▓14.Think tank and the International Monetary Fund (IMF)▓ experts agreed that

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the central bank'▓s move was very much in the direction to increase the role of market forces in the determination of the RMB exchange rate.But some market participants at that time misinterpreted it as a▓n effort to prop u

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p the economic growt▓h by currency devaluation and incorrectly jump▓ed to the conclusion that China's economy was probably worse than stated. The RMB fell sharply in value in the following days after the re▓form of the centra

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l parity system."I think initially when they started changing the system a year ago, they were not good at communication, and there was a lot of confusion in the market about what their intention wa▓s," David Dollar, a seni

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te policy over the next few weeks and months, Dollar said, citing authorities' arguments that they wanted to have more ma▓rket forces involved and there was no need for large depreciation of the currency.C▓hinese officials h

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ave also repeatedly said that China ha▓s no intention of devaluating the RMB to gain an advantage in global trade. China has successfully moved u▓p the value

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chain into higher value-added products and its share of global exports continued to expan▓d in recent years despite the significant appreciation of t

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he RMB, according to Nicholas Lardy, a seni▓or fellow at the Peterson Institute f▓or International Economics and a leading expert on China's economy.China's current account surplus was about 300 billion dollars last year, ▓which was the largest in the world in▓ absolute terms, indicating that China didn't need to devalue i

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ts currency to boost the economic growth, Lardy said."China has a large trade ▓surplus, and it's a rapid growing econo▓my, there' s not really the basis for depreciation," e▓choed Dollar.But capital outflows from ▓China increased significantly in Septembe▓r and December as market participants expected that the U▓.S. Federal

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Reserve would start raising interest rates by t▓he end of the year and the dollar would rise more rapidly against other currencies.On December 11, China intro▓duced a RMB exchange rate composite index to help guide market participants to shift their focus from the bilateral RMB/USD exchange rate to the effective exchange r

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ate based on a basket of currencies.The new index, released by China Foreign Exchange Trade System (CFETS), is ▓calculated by comparing RMB to the average 

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value of the 13 foreign currencies, including the U.S. dollar, euro and Japanese yen, wei▓ghted according to the trade volume with Ch▓ina.The PBOC noted that

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valuing against a basket of currencies does not mean a peg to the basket, but it "will contribute to maintaining the RMB exchange rate basically stable at a▓n adaptive and equilibrium level."The PBOC also took several other steps, including selling forex reserves, implementing macro prudential regulations and strengthen

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ing checks on capital outflows, to help stabilize market expectations for the RMB exchange rate, according to Guan Tao, a senior fellow at th▓e China Finance 40 Forum and former official at China's central bank.But the large decline in China▓'s forex reserves and rumors about tightening▓ of capital control measures seemed▓

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to further fuel market expectations of a weakening RMB at the beginning of this year. China's forex reserves shrank by 512.7 billion dollars in 20▓15, the largest annual decline on record."I think the argument that the decline in reserves is because of panic mainlanders trying to get their money offshore is somewhat m▓i

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sleading," Lardy said. "I think it largely reflects actions of investors and ▓corporations in response to change in exchange▓ rate expectations and interest rate differentials."The Institute of International Finance (IIF), a global association representing about 500 financial intuitions, also estimated that a large part of capital outf▓lows from China last year were repayments of dollar-denominated debts by Chinese companies, in

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an interview with Chinese magazine Caixin in February, Zhou Xiaochuan, governor ▓of the PBOC, chose a critical moment to clari▓

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China will keep the RMB broadly stable versus a basket of currencies while allow▓ing greater volatility against the dolla▓r.Zhou dismissed speculation that China plans to tighten capital controls and said there's no need t▓o worry about a short-term decline in forex r▓eserves. He reassured investors that there is no basis for the continued depreciation of the RMB and▓ that China would not let market sentiment be dominate▓d by speculative forces.Zhou's comments helped ease the RMB's depreciation pressures and received praise from the IMF chief Christine Lagarde. "We have bee▓n delighted to see the communication efforts undertaken by policymakers, parti

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s. This will help our expansion a lot."Besides the leading T

Zhou," Lagarde said in February, adding that it was "a good example of how communication can actually clear the uncertainties and trepidations."At the same month, the PBOC clarified that the central parity rate form▓ation system would be based on the closing ▓rate of the previous trading day and movements of a bask▓et of currencies. Such exchange rate regime reflects a balance among market supply and demand, rela▓tive stability

Do We Want an Extravagant Wedding?
Jan 4, 2013 | Category Two

against a basket of currencies and stable market expectations, the central bank said.Since then the RMB has seemed to enter a more sta▓ble period, as the Fed signaled slower pac▓e of interest rate hikes this year and market p▓articipants gradually got used to two-way flu▓ctuations of the RMB exchange rate. 

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Speculators have also learnt that it's not wise to battle against the PBOC.Charles Collyns, managing director and ch▓ief economist at the IIF, said Chin

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ths, compared to the period from▓ last August to this February."I think it finally convinced markets that it wanted to avoid ▓an abrupt depreciation of the RMB once kee▓ping market conditions broadly stable," Collyns told Xinhua, adding that "it has also shown it

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's possible for the RMB to fluctuate in respo▓nse to short-term shifts of market conditions withou▓t destabilizing markets" .He hoped that China's central bank would keep good communication and let the exchange rate move in line w▓ith market conditions going forwar

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d, noting that the central bank could reduce the risk of instabili▓ty "by communicating more openly with markets" ."We learned a very important lesson about the importance of commu▓nication," Dollar said, believing that Chinese authorit▓ies have "largely succeeded"

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in their ob▓jective of the market-oriented exchange rate refo▓rm over the past year with improved communication."The currency has been relatively▓ stable. It has appreciated a little bit against the baske▓t, but not very much, and then depreciat▓ed a

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坅nning to better improve the zone's i

little bit more against the dollar, because th▓e dollar has been strengthening against other currencies," he said."The renminbi remains broadly in line with fundamentals" , the IMF said Friday in a report after concluding its annual economic health check on Chinese eco▓nomy, expecting the volume of capital outflows from China to moderate this year."The large out▓flow seen i

n 2015:Q3-2016:Q1 will gradually moderate as t

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nfrastructure and market our brand. Me

he pressure from external debt repayment peters out. The secular trend of residents' acquisition of foreign ▓assets to balance their investment portfolio is expec▓ted to continue, but not materially accelerate fr▓om current levels," the report said.The IMF welcomed China's steps toward an effectively floating exchange rate regime and supported a cautious approach to capital

account l▓iberalization "that is carefully sequ

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anwhile, we will enhanc▓e exchanges o

enced with the progress on exchange r▓ate flexibility and financial sector reforms" .The IMF last year approved the inclusion of the RMB into its Special Drawing Rights (SDR) basket as a fifth currency, along with the U.S. dollar, the euro, the Japan▓ese yen and the British pound, marking a milestone in the RMB global march. T▓he new SDR basket will be effective from Oct

. 1, 2016.Dollar said China has done financial r

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e▓forms needed for the RMB to be officially included into the new SDR basket. He encouraged China to move ahead with structural reforms i▓n the real economy, dealing with excess capacity, zombie firms and bad debts, which would make China's financial system more robust and underpi▓n the RMB's reserve currency status.Please scan the QR Code to follow us on InstagramPlease s

can the QR Code to follow us on WechatCentral

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ng to boost production, but also expand into agricultu

bank drains money from marketCentral bank drains money from marketCentra▓l bank drains money from market07-07-2016 16:15 BJTJuly 7 (Xinhua) -- China's central ▓bank has drained 615 billion yuan (92 billion U▓.S. dollars) from the market so far this week.From Monday through Thursday, The People's Bank of China (PBOC) conducted 175 billion yuan in seven-day reverse repos, a process by which central banks purchas▓e securities fro

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ghest job market ever since the launch of ope▓ning-up

m banks with an agreement to sell them bac▓k in the future.The reverse repos we▓re all priced to yield 2.25 percent, according to statements▓ on the PBOC's website.Reverse repos worth▓ 790 billion yuan matured from Monday through Thursday, so the central bank has effectively withdrawn 615 billion yuan from the market.The central bank's move shows that liqui▓dity strain in the country's money market has eased. On Thur▓sday's interb

Registry and reform policies 30 years ago. They are the hope o

ank market, the benchmark overnight Shanghai Interbank Offered ▓Rate, known as Shibor, fell 0.2 basis point to 1.997 percent▓. Please scan the QR Code to follow us on InstagramPlease scan the QR Code to follow us on WechatChina to avoid financial market wild swing▓s: PremierChina to avoid financial market wild sw▓ings: PremierChina to avoid financial market wild swings: Premier06-28-2016 16:19 BJTTIANJIN, June 28 (Xinhua) -

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swings like skyrocketing ris▓es or precipitous falls," Li said during a session with business executives at a meetin

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growth of the global economy, Li said, adding that C▓hina will also develop its capital market gradually via financial reforms.Li said the UK's decision to leave the Europea▓n Union had spilled over into the global financial marke

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t, and the world should work together to reduce market panic▓ and maintain market stability.The high debt le▓vels of Chinese enterprises is a result of China's high savings rat

Events Calendar & RSVP ther 2 students in designing pro-environment garbage

bins. Chen Sidi, s▓tudent of Fudan University said "From

io, and the government is encouraging debt restructuring, bankruptcy and mergers to deleverage, Li said.The profits of China's major industrial firms rose 6.4 percent year on year in the first five months of this year, indicating▓ room for improved performance via deleveraging, Li added.Please scan the QR Code to follow us on Instag▓ramPlease scan the QR Code to follow us on WechatPremier Li promises financial market stabili▓ty

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Premier Li promises financial market stabilityPremier Li p▓romises financial market stability06-28-2016 13:▓46 BJT"The new economy and new business models are▓ creating more jobs than we expected," said Li, when meeting with business leaders ▓on the sidelines of the Annual Meeting of the New Champions 2016 in Tianjin, also known as ▓the Summer Davos, on Tuesday.The Chinese government has ▓been encouraging business startups, especially in technology, and has welcomed developme

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