中国央行把持汇率指控不成立(国外英语资料).docVIP

中国央行操纵汇率指控不成立(国外英语资料) The China central banks manipulation of the exchange rate is not true Chinas currency has rallied against the dollar in the past three days. But amid the rare devaluation of the renminbi over the past two weeks, the industrys debate has continued. In this sharp devaluation, Chinas central bank has been acting differently than usual, making central bank manipulation of the devaluation of the renminbi a mainstream view. The theory of manipulation should answer three questions: why the central bank controls the exchange rate? How to control? Is there a purpose? However, the existing analysis fails to answer these questions. Look back at a history of the devaluation of the renminbi. Affected by the crisis, in early December, 2011, 12 consecutive days of their currency against the us dollar tumbled and CNY in intraday trading market price among the relative price close to 0.5% of the drop stop every day. The central banks response was not to comply with the market, but to do the opposite, setting the central price not only not only, but also slightly higher. This is done to keep the yuan down. Because the background is, downward pressure on the conduction from the overseas market to the domestic market, but there is no limit to the amplitude due to overseas market, so the CNH market in Hong Kong, the drop is larger than domestic, overseas dollar price is higher than domestic. Buying dollars in the territory, selling dollars outside the country, and the ability to arbitrage without risk, keep the dollar flowing from China to the outside world. As a result, the central banks management of the central price, at the time, reached the point of crowding out the dollar and easing the flow of liquidity. Consider the latest round of devaluations. Ample liquidity in the Chinese market after the Spring Festival, and out in January, according to the unrest in other emerging market countries, under the condition of capital outflows, China cross-border capital i