The window of RMB exchange rate reform will be opened carefully- bearings center

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The window of RMB exchange rate reform will be opened carefully

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China's economy has entered the key stage of deceleration and quality improvement. At the beginning of this year, the RMB exchange rate has returned to steady state. During the two sessions, the officials of the Central Bank of China continued to increase their expectations of exchange rate stability. In addition, the impact of external risks has eased slightly this year, RMB exchange rate reform will make progress, and expand the range of fluctuations and increase the number of trading entities are expected to be put on the agenda.
However, analysts point out that the downward pressure of the peripheral economy has increased and the Sino-US trade frictions have eased slightly in the near future, but the threat of normalization of the economic and trade game is still present. In order to achieve the policy goal of exchange rate stabilization while expanding the opening door, China should take into account the internal and external balance. It is necessary for exchange rate reform to adhere to the bottom line thinking and guard against financial risks.
"In 2019, factors such as the slowdown of the Fed's tightening pace, the narrowing of economic cycle differences between China and the United States, and the flow of global capital to emerging markets will superimpose resonance, which will significantly reduce the internal and external pressure on the RMB exchange rate. Therefore, the RMB exchange rate is expected to maintain long-term stability and open a favorable policy window for the further improvement of the exchange rate formation mechanism. Cheng Shi, Chief Economist and Director of International Research Department of ICBC, pointed out.
Yi Gang, president of the People's Bank of China, also pointed out at the press conference that the general situation of market construction and China's opening up will make the RMB exchange rate move more towards market-determined reform. And with the increase and improvement of market tools, people's expectations are becoming more and more stable.

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