por admin » Mar Jun 22, 2010 5:26 am
El yuan ve su mayor caida desde Diciembre del 2008.
El yuan cayo en especulacion de que el gobierno intervendra para limitar el alza de la moneda despues de haber separado la moneda del dolar.
El yuan bajo 0.23% a 6.8136 frente al dolar a las 5:30 p.m. en Shanghai.
Yuan Falls Most Since December 2008 on Signs PBOC to Curb Gains
By Bloomberg News
June 22 (Bloomberg) -- China’s yuan declined the most since December 2008 on speculation the central bank will intervene to limit gains after dropping a two-year peg to the dollar.
The yuan weakened 0.23 percent to 6.8136 per dollar as of 5:30 p.m. in Shanghai, according to the China Foreign Exchange Trade system. The 12-month non-deliverable forward was little changed at 6.6402, reflecting bets for 2.9 percent appreciation in one year’s time.
China is seeking to allow the yuan to strengthen to deflect criticism from its trading partners and curb inflation, while protecting a recovery in its exports. The central bank, which has accumulated $2.4 trillion in foreign-exchange reserves by intervening in currency markets, said on June 20 it will prevent “excessive” exchange-rate moves.
“The central bank is trying to let the market know that its preference in this round of exchange-rate reform is a gradual appreciation of the yuan,” said Li Wei, an economist at Standard Chartered Plc in Shanghai.
The yuan surged 0.42 percent yesterday, the biggest increase since July 2005, and climbed a further 0.1 percent initially today. The exchange rate isn’t too far from equilibrium, the central bank said on June 20.
Reference Rate
The People’s Bank of China set the yuan’s daily reference rate 0.43 percent stronger at 6.7980 per dollar, compared with 6.8275 yesterday. That was the biggest daily increase in five years. The currency is allowed to fluctuate 0.5 percent either side of that rate.
“The fixing was at yesterday’s spot close, which indicates that true to their word, they are allowing market forces to play a greater role in determining the renminbi’s value,” said Mirza Baig, a Singapore-based currency strategist at Deutsche Bank AG, the world’s largest foreign-exchange trader.
Chinese authorities had prevented the currency from strengthening against the dollar since July 2008 to help exporters cope with the global financial crisis. The currency appreciated 21 percent in the three years after a managed float against a basket of currencies was introduced in 2005.
Gains this time round may be limited because the yuan has already strengthened 18 percent against the euro this year, eroding earnings for Chinese exporters in the European Union, the nation’s largest market. The yuan has climbed 0.9 percent against the euro so far this week.
Europe Concerns
Authorities will “ensure the exchange rate’s fluctuation is controllable and prevent the possibility of market forces causing excessive adjustment in the rate,” the central bank said in a June 20 statement. It noted that 16.3 percent of China’s trading volume is with the EU, compared with 12.9 percent for the U.S., making it important to manage the yuan with reference to the basket of currencies.
The euro dropped as much as 0.3 percent to 1.2276 per dollar, the weakest level in three days.
Europe’s debt crisis has added to pressure on exporters’ earnings. Swift Umbrella Co., based in the southern Chinese province of Fujian, was forced by European buyers to cut prices 6 percent this year, Xu Youchuan, sales manager, said in a June 2 interview.
“The markets are overreacting on the yuan-reform news,” said Paul Chan, Hong Kong-based chief investment officer at Invesco Asia Ltd., which has about $11 billion under management. “The yuan will appreciate only gradually. Europe is a huge trade partner of China, and if China wants a managed currency basket, they may not want the yuan to appreciate that much.”
Bonds Steady
Government bonds were little changed on speculation that a shortage of funds at banks curbed demand.
The seven-day repurchase rate, a measure of lending costs between banks, jumped 20 basis points to 2.84 percent, according to a daily fixing rate by the National Interbank Funding Center. The rate reached 3.2 percent June 1, the highest level since Oct. 2008.
“Tighter funding availability damped investors’ demand for debt,” said Huang Yanhong, a bond analyst at Bank of Nanjing Co., a Chinese lender partly owned by BNP Paribas SA. “We need to see if the yuan rate will rise steadily after the shift in the exchange-rate policy. We may see more capital inflows, which might help ease the liquidity shortage.”
The yield on the 2.33 percent note due in June 2013 was 2.5 percent, and the price was 99.52 per 100 yuan face amount, the funding-center data showed.
--Judy Chen, Patricia Lui, Belinda Cao. Editors: Sandy Hendry, James Regan