China Strengthen Its Efforts For Stability Of Yuan
Shanghai – China Strengthen Its Efforts For Stability Of Yuan; China stepped up its efforts to reduce betting on the decline of its currency and reassure skeptical investors after the central bank set a new price of the yuan on Tuesday after what he described as Trend Trader APP traders strong purchases of the currency abroad.
And led a decline in confidence in the decision-making process to China investors away from the economy, which is suffering from the slowdown and expectations that the Chinese currency will drop more what led to the widening of the gap between the domestic price which is subject to strict control and the price of foreign transactions in Hong Kong.
And it went down the yuan more than one percent since the beginning of the year and lost 4.7 percent against the dollar last year and has accelerated the pace of the decline of the growing doubts about Beijing’s intentions toward exchange rate.
Analysts said the purchases Million Dollar Months government banks – the Bank under the guidance of the Chinese people – withdrew liquidity in local currency to the extent that higher interest on borrowing in yuan price in Hong Kong to a record level.
As a result, it faded for some time difference in the price of the yuan’s exchange foreign and domestic transactions after hitting a two percent in the past week.
Hot and ten percent stock markets last week and five percent on Tuesday and is still trading Movement volatile ups and downs. Shanghai index rose 0.2 percent.
It Reform Commission and National Development on Tuesday is likely to be China’s economy grew nearly seven percent last year, as well as the addition of 13 million jobs. The Commission announced the approval of more mega-infrastructure projects to avoid the risk of slowing Lee Bo Maine commission spokesman, told a news conference that the economy will be in good shape this year, despite the continuing uncertainty.
He said without providing details. “We still face a complex and difficult environment and there will be more difficulties.”
Officials shall make every effort to support the currency through their statements.
He said Ma Jun, chief economist of the Central Bank of the People’s Bank of China plans to maintain the stability of the yuan against a basket of currencies while volatility will increase against the dollar.
Said Han Jun, deputy director of the Million Dollar Months Leading Group Office of Finance and Economic Affairs in the Chinese Party The biggest drop of the yuan was “absurd” and “impossible” to occur.
Han was speaking during a meeting with the Chinese consulate in New York, suggesting that the authorities expand statements aimed to curb the yuan sales campaign.
But the comments did not convince everyone, as Goldman Sachs cut its forecast for Monday yuan this year and next year.
And Goldman Sachs analysts wrote in a note “with exports fell sharply and expectations to remain weak in the months it will be easier to reach consensus on a policy that allows to reduce the value of the currency a little bit.”