Home Business Politics Life Culture��Edu Sci��Tech Sports Photos
��Search
China Observer
�� China's single children feel lonely?
�� Original music struggles on a thorny road
Photos
�� Waist drum players form a heart shape
�� HK's campaign to rescue endangered animals
�� Juveniles' environmental protection journey
��Home>>Business
RMB depreciated for two consecutive days
www.chinanews.cn 2006-03-10 15:15:35
Chinanews, Mar.10 - RMB depreciated two days in a row. After falling 43
basis points against the U.S. dollar on March 7th, it kept the downtrend
and fell another 50 basis points the following day. The US dollar
exchange rate against the RMB rose from 8.0382 to 8.0475 on the 8th,
indicating that the RMB has depreciated by 0.116%.
During the trading day on the 8th, the US dollar versus the RMB exchange
rate once shot up to 8.0492 and closed at an average auction rate of
8.0487. It seems that the impetus forcing down the RMB has not been
entirely dissipated.
Analysts pointed out that it was the first time in the history of RMB
trading that the RMB dropped sharply for two consecutive days. After the
RMB exchange rate regime reform, the currency has occasionally
depreciated by a large magnitude on one single trading session or
declined for several days in a row, but the one-day decline tends to be
small and the cumulative margin was smaller than the margin of decline in
the last two days.
Brokers believe that this sharp depreciation has something to do with the
sudden rebound of the US dollar. Recently, the US dollar turned stronger
continuously and investors anticipated that the US would raise its
interest rates once again. An official from the US Federal Reserve said
that the US economy has strong growth momentum and if the economy grew at
a faster pace than expected, the US Federal Reserve would raise interest
rates again. After this remark was made, the US dollar appreciated
against all Asian currencies and the RMB is no an exception.
Since 2004, investors have been expecting RMB appreciation. China's
central bank implemented the RMB exchange rate regime reform in July 2005
and revalued the US dollar exchange rate against the RMB from the
original 8.27 to 8.11. Many industry insiders forecast that the RMB will
continue to appreciate by about 3% in 2006.
��China to maintain stable RMB exchange rate
��China not to readjust RMB exchange rate in Jan.
��RMB appreciated by 0.4% since July
��RMB made 11-year new high against the dollar
��RMB made new high versus the U.S. dollar
��Rapid RMB appreciation will lead to disaster
Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service
Learn Chinese, Learn Mandarin online, Learning Materials, Mandarin audio lessons, Chinese writing lessons, Chinese vocabulary lists, About chinese characters, News in Chinese, Go to China, Travel to China, Study in China, Teach in China, Dictionaries, Learn Chinese Painting, Your name in Chinese, Chinese calligraphy, Chinese songs, Chinese proverbs, Chinese poetry, Chinese tattoo, Beijing 2008 Olympics, Mandarin Phrasebook, Chinese editor, Pinyin editor, China Travel, Travel to Beijing, Travel to Tibet
