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wholesale bulk aromatherapy jewelry The one -basket (grabbing) sub -policy
Package/Wholesale Monetary Policy
The appreciation of RMB on the dollar, of course, the exchange rate of other foreign currencies is also adjusted accordingly.
The past foreign trade settlement and foreign exchange reserves in China are mainly carried out in US dollars, so that huge exchange rate risks are hidden.
In order to change this situation, the "one -breed" monetary policy is proposed to maintain the exchange rate with a variety of currencies to avoid the exchange rate risk brought by a single dollar.
This is nothing more than doing this. There is a lot of controversy in the financial industry. Many major foreign currencies and the US dollar have a large exchange rate floating. For RMB, the basis of avoiding exchange rate risks is not to linked with a package or a single international currency, but it is its own tolerance for exchange rate fluctuations.
Dr. Ba Shusong, deputy director of the Financial Institute of the Development Research Center of the State Council, mentioned in the "Xinhua Interview" that the implementation of a basket of monetary policy can avoid the exchanges and falling rates.
Basong said that a reference department of the RMB balanced exchange rate is to refer to a basket of currencies. This observation period is also a process of simulation, calculation, and observation of a basket of currencies in decision -making agencies, and at the same time, it is a process of comparing with the market that is gradually discovered by the market. In other words, a basket of currencies also face a process of gradual improvement, reference, and observation.
The second, after implementing the policy of reference for a basket of currencies for adjustment, the fluctuation of the exchange rate is actually smaller. Because the fluctuations between currencies in the basket can be flushed each other, the stability capacity of the currency at the reasonable and balanced level is increased than the original, thereby achieving the effect of reducing the amplitude.
The important significance of referring to a basket of currencies is to adapt to the trend of the diversification of international currency finance and reflect China's grasp of the international economic development trend. From now on, there is at least a lot of room for depreciation in the US dollar (in 1985, the US trade deficit accounted for about 3%of the GDP, and the US dollar depreciated 38%at that time, and it gradually regulated its economic balance; The deficit accounts for about 5.5%of the GDP; the current depreciation is less than 20%, so there is still much room for depreciation in theory).
The said that such an unstable currency, if it continues to use it as the center of the currency system, is very unfavorable to the stable growth of China's economy. A basket of currency actually conforms to the trend of Chinese trade diversification. Many of China's original "currency mismatch" was formed by the system that focused on the US dollar.
In in an economical sense, the policy of reference to a basket of currencies is implemented to avoid interference of exchange rates, thereby maintaining the competitiveness of the trade department and the stability of the main export market. As for the composition of a basket of currencies, as the key, the proportion of the US dollar cannot be determined by the proportion of Sino -US trade in accordance with the proportion of Sino -US trade. Considering that the proportion of trade in China and the United States is relatively large, the US dollar pricing has traditional habits. In addition, foreign debt and foreign exchange investment in the US dollar accounted for a large liquidity.
The considerable currency in the currency basket is concerned about the US dollar. In fact, the US dollar is still the dominant currency in this currency basket. Basong believes that as for the adjustment of weight, it will depend on my country's country. The changes in trade and foreign investment structure depends on the changes in other currencies in the basket we reference. The specific proportion is not the key to the problem. Even after a complicated currency basket, after it announced for a period of time, it can be calculated through a series of data return.
The basket currency actually helps resolve possible speculative pressure and increase the risk of speculative capital. Because the initiative is in the hands of the central bank, the central bank can implement a certain range of fluctuations, which can intervene. Compared with the fixed exchange rate, the floating exchange rate is obviously stronger in response to speculative pressure. At the same time, a basket of currency also provides a exchange rate system that will be selected in the future when speculating pressure. Under this basket of exchange rate system, the speculation pressure on the currency country can be converted into speculation pressure on other currencies.
wholesale bling jewelry box Since July 2005, I have implemented a management floating exchange rate system based on a market supply and demand. The so -called one -basket currency is a management floating exchange rate system that previously implemented a single reference in the US dollar. The renminbi is not nailed to a single dollar, and several major currencies are selected to give corresponding weights to form a currency basket. Based on the economic and financial forms of the People's Bank of China, based on the domestic and foreign economic and financial forms, a market supply and demand is based on the changes in the multilateral exchange rate index of the RMB in a basket of currencies, regulate the RMB exchange rate, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.