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According to the 《Wall Street journal 》reported that as the RMB exchange rate faces downward pressure is growing, China is taking measures to maintain its strong position.
The People's Bank of China sets the yuan against the dollar on Thursday the fixing its highest level more than a year, it has to do with a series of weak economic reports this week, capital outflows show signs of rising and the government launched a wide range of stimulus action in contrast.
This kind of "upward track" is norm in the challenging market policy financial .In other countries, usually as aggressive monetary easing as stimulus measures will lead to its currency exchange rate fell sharply, as in Japan, Europe and the United States., but China is the process of the internationalization of the renminbi, and wanted to let the yuan in the International Monetary Fund (IMF) reserve currency status, but if the RMB exchange rate falls sharply or shows no signs of stability, then these goals will become more difficult to achieve.
At the same time, China's economic priority task is also changing.At present, China is seeking to make the economy toward consumption based paradigm shift, reduce reliance on cheap exports and investment.This will bring more space, to maintain a position of strength and stability of the yuan.
"China has changed goals have changed slightly recently."Manages $490.8 billion of Aberdeen Asset Management group of the portfolio manager Lin - Jing Leong said."According to the facts that China is trying to let the internationalisation of the renminbi, which has become a more larger important plan. In the past five years, they have been working towards that direction."
Lin - Jing Leong is managing many China's bond funds. She predicts that the RMB exchange rate will remain stable.
The People's Bank of China will set daily exchange fixing for the renminbi against the US dollar, the RMB exchange rate against the dollar in daily trading price shall not exceed 2% of the certain price.On Thursday, the RMB exchange rate hit the highest level since early may.The People's Bank of China will be the fixing set at One Dollar can excahnge per RMB 6.1093;In Asian trading, the money exchange rate of dollar excanged to RMB is 6.2017 yuan.
Bank of America Merrill Lynch, head of global currency and interest rate strategy ,David Woo pointed out that there is a law usually mentioned about economic law , there is no country can have a fixed exchange rate at the same time, also have an independent monetary policy, and open capital account, this is called "impossible trinity."
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