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Chinese Premier Wen Jiabao Sunday rejected the international community's appreciation of the renminbi's request, her remarks to stimulate offshore yuan market, stop-loss set the emergence of one-year U.S. dollar against the renminbi non-deliverable forward contracts (NDF) Price 15, plunging 193 ideas, or 0.29%, the highest four months, the biggest one-day drop. U.S. dollar against the renminbi will remain the performance of the spot market stability, exchange rate fluctuations limited.
Wen Wei Po reported, some analysts pointed remarks or trigger temperature and the total United States Congress to take retaliatory action, In this regard, former president of the European Commission, former Italian Prime Minister Romano Prodi insights, he said yesterday that "foreign pressure on China to revalue its currency, only would be counterproductive and doomed to failure. "
Has dropped 193 basis points 4 months of the most drama
Following the People's Bank of China Governor Zhou Xiaochuan said China will carefully out of the "crisis of monetary policy" (including the maintenance of the RMB exchange rate stability), the Premier Wen's remarks on the 14th to the market with a very clear and strong signal that China has no intention to outside pressure forced the the short term to let the yuan to appreciate significantly. There is no doubt the market received the signal, according to Reuters data, subject to a large number of put a drag plate, 1-year U.S. dollar against the yuan fell to 6.6490 yesterday, NDF quotes over the previous day's closing price of 6.6297 tumbled 0.29%. As of 7:30 last night, the offer of 6.6480, compared with spot market, the closing price the day yuan 6.8260 liters 2.6%, that is, the foreign exchange market is expected appreciation of the renminbi over the next 12 months, 2.6%, down from last Friday is expected to rise 2.9%.
Prodi: Foreign pressure disservice
Bank of China, said Shi Lei, analyst at financial markets, I heard that many foreign traders selling yuan forward contracts, as Premier Wen's speech indicates that the renminbi will be no major change in cash this year, "he rebuffed international pressure and market speculation the tone of a very direct , but also very firm. " However, some critics worried about the Premier to respond to or trigger a strong counterattack in other countries. Bloomberg News yesterday titled "Premier Wen calls the U.S. Congress rejected the yuan revaluation fear of retaliation" analysis of articles, points out that the Senator Schumer (CharlesSchumer), including members of Congress is proposing, because China's undervalued yuan currency obtained through the non - unfair export advantages to deal with the implementation of punitive tariffs on China.
However, pressure from other countries may be a disservice. Prodi considers that China is increasingly hard-line attitude of a time when foreigners will not accept the decision of the yuan revaluation of tomorrow. "Therefore, if we followed the booing never yuan revaluation
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