July 25, 2024 at 09:40AM
The barrage of easing measures this week was meant to bolster the economy and shore up confidence in domestic markets. However, it has been anything but that. In trading yesterday, the Chinese yuan had weakened to its lowest level since November against the dollar before bids came through. And that is before the sudden wave of strength today:
Needless to say, we all know who’s the one in the market or at least pulling the strings in getting domestic banks to do so.
It seems like they are drawing a line closer to the 7.28 mark, as evident by the previous pushback earlier this month.
Still, I would argue this doesn’t change the long-term directive of markets in their view towards China at the moment. Beijing is expending a decent amount of ammunition in trying to bolster the economy but markets remain unconvinced.
After having plunged last year, valuations were certainly attractive for Chinese stocks. There was a brief respite up until May this year but the selling has returned since then. And the troubling part for Beijing is that investors are failing to find much confidence that the recovery path will be a solid and smooth run.
Going back to the yuan currency itself, it doesn’t look like there’s much scope for a rebound until next year at least. That despite Beijing’s efforts to keep a floor on the currency as seen above. Even with the Fed cutting rates, the trend this year in USD/CNY has been clear. And in the bigger picture, nothing has really changed to the overall outlook since the start of the year.
The narrative continues to be that Beijing will want to smooth out the depreciation in the yuan to be a more gradual one.
This article was written by Justin Low at www.forexlive.com.
伦敦作为国际金融中心之一,是世界上最大的外汇市场和除香港以外最大的离岸人民币市场,其自由贸易政策、法律体系完善等优势成为企业进入国际市场的最佳跳板。通过英国伦敦公司合派HUBFX开立英欧美加收款账户,企业可以实现更低成本的贸易资金快速流转,更快打通欧美与内地市场的贸易路径。不过,对于许多中小贸易企业来说,开户难、账户不稳定的问题始终难以解决。自行申请英欧美加银行账户,不仅流程繁琐、耗时长,且需要现场面签审核,开户条件非常苛刻。此外,随着CRS协议全球大范围实施以及国际监管政策愈加严格,许多英欧美加银行也加强了对开户公司的资格审查,这大大提高了企业的开户门槛。
合派HUBFX 可为企业在线开立英国、欧盟多币种收款账户,开户快捷,支持美元、欧元、英镑、日元、港币、离岸人民币等38个币种的收款需求,足不出户轻松满足企业安全快捷的收款需求。与传统方式不同,合派HUBFX与多家国际知名银行合作,秉承高标准合规与监管要求,为企业在线开立账户,无需亲赴英/欧/美/加,提交相关资质材料并审核通过后即可快捷开立,企业账户名称即为企业实名,无任何前缀,账号信息由企业专属,解决了外贸企业急于快速开户并进行跨境贸易收付款的迫切需要。汇率透明,安全高效整个过程中无开户、账户管理等额外费用,通过自有高新技术搭建的底层外汇交易引擎,企业可在HUBFX管理平台获得实时透明汇率,全流程自动化操作,每一笔资金及交易状态一目了然,方便企业高效进行资金管理,优化成本。此外,合派HUBFX拥有英国巴克兰银行的保障(Safeguard)客户资金账号,外贸收付款安全可靠。
如果您对我们的服务有兴趣请拨打以下电话或者添加最下方微信号:

The HUBFX Team
HUBFX
+442081338988
+35312548588
UK: 7 Bell Yard, London, WC2A 2JR
EU: The Black Church, Dublin 7, Ireland
Our Financial Services are Regulated in the UK, EU, Canada and the US.
大数跨境"最推荐跨境支付服务"之一

各项国际金融科技奖项

