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People's Daily Online>>China Business

Value of yuan approaches equilibrium rate

By Ou Yangjie (People's Daily)

14:29, March 30, 2012

Edited and translated by People's Daily Online

The period of long-term RMB appreciation has been over. The yuan has been close to the equilibrium value, according to the Outlook for Economy and Finance in the Second Quarter of 2012 issued by the Bank of China On March 28.

In the first quarter of 2012, the global capital continued to flow into the emerging markets including China and India. By the end of February, 2012, the capital from stocks and bond funds flowing into the emerging markets had reached 26 billion U.S. dollars in total, according to the report.

In addition, the exchange rate between the RMB and the U.S. dollar attracts much attention from the markets. The report points out that due to the debt crisis in Europe, the U.S. dollar has swayed at a high level since the first quarter of 2012, which relieves the continuous appreciation pressure on currencies of emerging market countries.

The report also shows that this year, the RMB has dropped 0.21 percent against the U.S. dollar. Meanwhile, China's trade data, the cross-boarder capital flows and the growth of foreign exchange reserves have slowed down. The entire phenomenons indicate that the RMB exchange rate has no longer been substantially underestimated. In the future, the probability of two-way fluctuation of appreciation and depreciation will increase.

Read the Chinese version at http://paper.people.com.cn/rmrb/html/2012-03/29/nw.D110000renmrb_20120329_4-10.htm

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