l*n
2 楼
The Bank of China, one of the country’s main state-owned lenders, is now
allowing American firms to trade in renminbi, another step in China’s
effort to position the the renminbi on the world stage.
In July, China started a renminbi settlement system for cross-border trade
in Hong Kong, but it placed limits on how much currency could be exchanged.
Currency trading in the renminbi was already possible at other banks, but
the move by a state-owned lender signals a shift in official policy.
The Chinese central bank bowed to international pressure last summer and
agreed to make its currency more flexible; the renminbi is now allowed to
move as much as 0.5 percent each day. At the same time, the country is
cautiously pursuing a strategy of making the renminbi into an international
exchange currency.
“China sees the global financial system as too U.S.-centric and dollar
dependent,”’ said Robert Minikin, senior currency strategist at Standard
Chartered in Hong Kong. “That created issues during the financial crisis.”
Now, he said, the country is trying to take a step away from that dependence
. “Conditions are in place for sustained yuan appreciation against the U.S.
dollar,’’ he said, predicting that it would increase by 6 percent this
year, to 6.20 renminbi per dollar.
With a forecast for high inflation in the expanding Chinese economy, an
appreciating currency could help the country dampen so-called imported
inflation by making foreign goods less expensive.
With the Bank of China move, China is promoting the renminbi to Americans at
a time when loose monetary policy on the part of the United States Federal
Reserve has some concerned that the dollar’s value will continue to decline.
The Bank of China said in an announcement on the Web site of its New York
branch that trading firms and individuals could now open accounts in
renminbi, buying the currency from and selling it to the bank.
While the limits on personal accounts are $4,000 a day and $20,000 a year
worth of renminbi, and those accounts are largely for the purposes of
exchange and remittance, the bank is also soliciting business from trading
firms.
China’s decision to keep the renminbi effectively pegged against the dollar
at an exchange rate that favors its exports has long been a source of
contention between Washington and Beijing. China’s trade surplus with the
United States was $181 billion last year, a 26 percent increase from the
previous year, The imbalance is likely to put further pressure on the
exchange rate.
That said, the renminbi hit a new high of 6.6128 against the dollar on
Wednesday, an auspicious prelude to a visit to Washington next week by China
’s president, Hu Jintao.
Separately, the city of Shanghai said it was creating a new investment
window, allowing qualified private equity firms to buy renminbi and invest
in mainland companies. Reuters reported that the pilot project could grow to
be worth $3 billion.
allowing American firms to trade in renminbi, another step in China’s
effort to position the the renminbi on the world stage.
In July, China started a renminbi settlement system for cross-border trade
in Hong Kong, but it placed limits on how much currency could be exchanged.
Currency trading in the renminbi was already possible at other banks, but
the move by a state-owned lender signals a shift in official policy.
The Chinese central bank bowed to international pressure last summer and
agreed to make its currency more flexible; the renminbi is now allowed to
move as much as 0.5 percent each day. At the same time, the country is
cautiously pursuing a strategy of making the renminbi into an international
exchange currency.
“China sees the global financial system as too U.S.-centric and dollar
dependent,”’ said Robert Minikin, senior currency strategist at Standard
Chartered in Hong Kong. “That created issues during the financial crisis.”
Now, he said, the country is trying to take a step away from that dependence
. “Conditions are in place for sustained yuan appreciation against the U.S.
dollar,’’ he said, predicting that it would increase by 6 percent this
year, to 6.20 renminbi per dollar.
With a forecast for high inflation in the expanding Chinese economy, an
appreciating currency could help the country dampen so-called imported
inflation by making foreign goods less expensive.
With the Bank of China move, China is promoting the renminbi to Americans at
a time when loose monetary policy on the part of the United States Federal
Reserve has some concerned that the dollar’s value will continue to decline.
The Bank of China said in an announcement on the Web site of its New York
branch that trading firms and individuals could now open accounts in
renminbi, buying the currency from and selling it to the bank.
While the limits on personal accounts are $4,000 a day and $20,000 a year
worth of renminbi, and those accounts are largely for the purposes of
exchange and remittance, the bank is also soliciting business from trading
firms.
China’s decision to keep the renminbi effectively pegged against the dollar
at an exchange rate that favors its exports has long been a source of
contention between Washington and Beijing. China’s trade surplus with the
United States was $181 billion last year, a 26 percent increase from the
previous year, The imbalance is likely to put further pressure on the
exchange rate.
That said, the renminbi hit a new high of 6.6128 against the dollar on
Wednesday, an auspicious prelude to a visit to Washington next week by China
’s president, Hu Jintao.
Separately, the city of Shanghai said it was creating a new investment
window, allowing qualified private equity firms to buy renminbi and invest
in mainland companies. Reuters reported that the pilot project could grow to
be worth $3 billion.
az
4 楼
输液
【在 t**s 的大作中提到】
: rt
: 看板上的产经提到了，一直不知道是什么东东。
: 明天就要催产了，想问问
【在 t**s 的大作中提到】
: rt
: 看板上的产经提到了，一直不知道是什么东东。
: 明天就要催产了，想问问
c*p
5 楼
no comments on this?【 在 longtian (有人的地方,就有江湖) 的大作中提到: 】
trade
exchanged.
but
to
trade
exchanged.
but
to
l*i
6 楼
intravenous
静脉滴注
静脉滴注
l*n
7 楼
Chinese stock market will fly?
【在 c*********p 的大作中提到】
: no comments on this?【 在 longtian (有人的地方,就有江湖) 的大作中提到: 】
: trade
: exchanged.
: but
: to
【在 c*********p 的大作中提到】
: no comments on this?【 在 longtian (有人的地方,就有江湖) 的大作中提到: 】
: trade
: exchanged.
: but
: to
k*a
8 楼
国内俗称吊瓶，吊针
【在 t**s 的大作中提到】
: rt
: 看板上的产经提到了，一直不知道是什么东东。
: 明天就要催产了，想问问
【在 t**s 的大作中提到】
: rt
: 看板上的产经提到了，一直不知道是什么东东。
: 明天就要催产了，想问问
s*a
9 楼
我们也是有了小孩发现很多单词不认识
【在 t**s 的大作中提到】
: rt
: 看板上的产经提到了，一直不知道是什么东东。
: 明天就要催产了，想问问
【在 t**s 的大作中提到】
: rt
: 看板上的产经提到了，一直不知道是什么东东。
: 明天就要催产了，想问问
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