Skip to content
The Mindanao Examiner Regional Newspaper

The Mindanao Examiner Regional Newspaper

Title

Name

Primary Menu
  • Home
  • Mindanao
  • Visayas
  • National
  • Features
  • Opinion
  • Business
  • International
  • SciTech
  • Health & Wellness
  • Sports
  • About Us
    • Regional Advertising Rates
    • Contact Us
    • Profile
  • Home
  • International
  • RMB Rate To Depend More On Basket Of Currencies, Says PBOC Economist – Bernama
  • Business
  • Featured
  • International

RMB Rate To Depend More On Basket Of Currencies, Says PBOC Economist – Bernama

Editor January 12, 2016

The Chinese renminbi’s (RMB) exchange rate will be determined with more reference to a basket of currencies, as it faces persistent depreciation pressure against the US dollar, Xinhua News Agency reported.

“Giving more consideration to a basket of currencies means the RMB’s value will be kept basically stable against the whole basket,” it quoted Ma Jun, the chief economist of the People’s Bank of China (PBOC)’s research bureau.

He said that will be the key to the yuan’s exchange rate formation mechanism in the foreseeable future, adding, China will guide the market to form a yuan/dollar rate, so as to help stabilise the yuan’s value against the currency basket.

“The central bank will ask market makers to consider the yuan’s stability against the currency basket when reporting their central parity quotes to the China Foreign Exchange Trade System,” Ma added.

He predicted that the yuan’s value will be increasingly stable against the currency basket, while the yuan/dollar rate will fluctuate wider in a two-way manner, rather than in a single direction.

“When investors understand the basket-based exchange rate formation mechanism, short selling of the yuan will decline.

“The yuan’s exchange rate is currently not pegged to the US dollar nor is it allowed to float in an unchecked way. We will introduce a mechanism to properly limit daily yuan/dollar rate fluctuation,” Ma said.

He also said giving stronger consideration to a basket of currencies will not hurt the Chinese government’s autonomy in making monetary policies, adding, the yuan’s rate will not be strictly pegged to the basket.

Xinhua said Ma’s remarks came after the Chinese yuan, under persistent depreciation pressure, dipped to a five-year low against the greenback last week.(Bernama)

Link: http://www.bernama.com/bernama/v8/bu/newsbusiness.php?id=1206214

fb-share-icon
Tweet 20

Continue Reading

Previous: New leukemia treatment eyed from iPS cells – The Japan News
Next: Najib appalled Malaysians part of ISIS suicide squad in Iraq, Syria – The Malaysian Insider

Related News

Dmitry-Medvedev
  • International

Russian official claims nations ready to supply Iran with nuclear weapons

Editor June 23, 2025
Iran-Nuclear-Sites-target
  • International

Nuclear watchdog condemns US attack on Iranian nuclear sites as ‘illegal’

Editor June 23, 2025
JeromeMabaso_ JGF-1
  • Business

How a Teacher is Cultivating the Future of Agriculture, One Batch of Scholars at a Time

Editor June 19, 2025

Trending News

Russian official claims nations ready to supply Iran with nuclear weapons Dmitry-Medvedev 1
  • International

Russian official claims nations ready to supply Iran with nuclear weapons

June 23, 2025
Nuclear watchdog condemns US attack on Iranian nuclear sites as ‘illegal’ Iran-Nuclear-Sites-target 2
  • International

Nuclear watchdog condemns US attack on Iranian nuclear sites as ‘illegal’

June 23, 2025
PH gov’t hits country’s ‘false ranking’ as least safe for travelers Christina-Frasco-Dot 3
  • National
  • Tourism

PH gov’t hits country’s ‘false ranking’ as least safe for travelers

June 19, 2025
PhilHealth’s New Benefits for Post-Kidney Transplantation Services PhilHealth-Artcard 4
  • Health
  • National

PhilHealth’s New Benefits for Post-Kidney Transplantation Services

June 19, 2025
How a Teacher is Cultivating the Future of Agriculture, One Batch of Scholars at a Time JeromeMabaso_ JGF-1 5
  • Business

How a Teacher is Cultivating the Future of Agriculture, One Batch of Scholars at a Time

June 19, 2025
  • Facebook
  • X
  • YouTube
  • Blog
Copyright © 2025. The Mindanao Examiner Regional Newspaper. All Rights Reserved. | MoreNews by AF themes.