Arab Today, arab today renminbi goes further on marketoriented course in 2014
Last Updated : GMT 22:49:43
Arab Today, arab today
Arab Today, arab today

Renminbi goes further on market-oriented course in 2014

Arab Today, arab today

Arab Today, arab today Renminbi goes further on market-oriented course in 2014

Beijing - XINHUA

As China's total exports and imports surpassed 4 trillion U.S. dollars for the first time in 2013, recent rates of the Chinese currency Renminbi (RMB) against the dollar have hit a new record high, infiltrating six is possible in the very near future. Experts believed that RMB would go further on the market-oriented course in 2014, which means exchange rates would be decided by supply and demand, and that its internationalization process could be accelerated to respond to strong global demand for the currency. Some of them told Xinhua that they have predicted the Chinese currency, which appreciated against the dollar by 3 percent in 2013, would continue to increase in value by around 2 percent in 2014. In fact, experts were divided on RMB's exchange rate, arguing whether it has been overvalued or undervalued, both of the situations have negative impacts to the Chinese economy. ' However, the core issue of RMB may lie in the formation mechanism of its exchange rate, not the rate itself, or namely "the decisive role of the market." Chinese authorities reaffirmed repeatedly that China would devote itself to pushing forward exchange rate reform to release RMB's flexibility and let the market play the basic role in its formation. Moreover, the currency's internationalization perspective would be more aspiring in the new year. "The renminbi is evolving at a remarkable pace," Patrick Zweifel, chief economist at Pictet Asset Management, wrote in an article headlined "Era of renminbi dawns as China's influence grows" and carried in the British newspaper Financial Times. "As a medium of exchange and unit of account, it is on course to acquire international status in three years; in 10, it may unseat the dollar as the world's reserve currency," he said. The Washington Post columnist Neil Irwin echoed his view, saying "China's currency is fast becoming the dollar's major competition for dominance in global trade." He referred to a report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), saying China's currency was used in 8.66 percent of global trade finance transactions in October 2013, ranking the No. 2 most widely used currency for trade finance. The change of RMB's status, however, can not take place without profound changes in the global financial picture, experts said. Against the backdrop of the U.S. dollar's dominance and the lack of alternatives, which could result in over-dependence on the U.S. currency and accumulation of risks, Stuart Oakly, general manager of Asian currency trading with Nomura Securities, called RMB "the global optimum currency." For the renminbi, the point does not lie in the economic data but the unprecedented structural needs of global sovereign debt funds, institutions and retail investors, he said. In comparison with any other currency, the yuan is more promising.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today renminbi goes further on marketoriented course in 2014 Arab Today, arab today renminbi goes further on marketoriented course in 2014

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today renminbi goes further on marketoriented course in 2014 Arab Today, arab today renminbi goes further on marketoriented course in 2014

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday