If the People’s Bank of China allowed these moderate outflows to weaken the renminbi, thatcould encourage the outflows, leading to a vicious cycle.
如果中国央行允许这些规模不大的资本流出压低人民币汇率,那将会鼓励资本外流,形成一个恶性循环。
Many of the exchange-rate reforms adopted over the past decade have had little impact onthe government’s ability to control the exchange rate.
过去10年采取的许多汇率改革措施,对中国政府操控汇率的能力没什么影响。
In March 2014 the People’s Bank of China widened the band in which the renminbi tradesagainst the dollar. Following this change, the spot exchange rate was permitted to fluctuateby 2 per cent above or below the central bank’s daily fixing, up from 1 per cent previously andjust 0.3 per cent in 2005.
2014年3月,中国央行扩大了人民币兑美元交易价浮动幅度。这意味着,即期汇率被允许在央行当日人民币兑美元中间价上下2%的幅度内浮动,高于此前的1%,而2005年时的幅度仅为0.3%。
Yet the wider band hardly makes government intervention more difficult. The PBoC need onlyset its fixing farther away from the spot rate to achieve the same effect. That is exactly what ithas done this year. The renminbi spot rate has traded weaker than the PBoC fix by an averageof 1.5 per cent in 2015 — a gap that would not have been possible before March 2014.
【汇改十年 中国仍坚守谨慎监管之路】相关文章:
★ 伊索寓言9
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15