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The Japanese Yen Plunged To The Renminbi And Promoted The Trade Between China And Japan Two Consecutive Times.

2014/1/13 17:08:00 30

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Yen Exchange Rate RMB Trade Scale Between China And Japan

reporters found that the middle price of RMB to yen was found at the end of 2012, the central parity of RMB against the yen was 100 yen /7.3049 yuan, and by December 31, 2013, the central parity of RMB against the yen was 100 yen /5.7771 yuan, and the Japanese yen had fallen 20.91% in 2013. 
Zhou Chunsheng, a former Federal Reserve economist and professor of the Yangtze River Business School, told reporters yesterday (January 12th) that the reason for the sharp depreciation of the Japanese yen in 2013 was very simple. After taking office, Abe Shinzo adopted a very loose monetary policy in order to promote the < a href= "http://www.91se91.com/news/index_c.asp" > Japanese economy < /a >. In the case of Japan's loosening of liquidity, the Japanese yen did depreciate greatly, and the Japanese yen not only depreciated the RMB, but also the US dollar in P. 
Tan Yaling, President of the China Foreign Exchange Investment Research Institute, said that the fundamental reason for the depreciation of the Japanese yen in 2013 was mainly related to its industrial revitalization, overseas industrial expansion, and the monetary policy and the US dollar policy of the P. 
In January 10, 2014, the total export volume of China, which was released by the General Administration of Customs in 2013, increased by 7.9% compared with the previous year. The growth level was at the same level as that in 2012, but the bilateral trade volume between China and Japan decreased by 5.1%, which declined for the first two consecutive years. P 
 strong > yen also depreciated sharply against the US dollar /p >
 Zhou Chunsheng said that the Japanese yen has a certain position in the world. Although it can not be compared with the US dollar, the Japanese yen occupies a certain proportion in the Chinese currency fixed currency. Moreover, as an Asian country, despite the various political controversies, the trade between China and Japan is still frequent, and the yen needs to be given some attention. 
In the case of Japan's economic downturn and Japan's face of deflation, Abe Shinzo proposed to promote the economy by lowering the exchange rate when he was preparing to run for the Japanese Prime Minister. After that, the Bank of Japan issued a notice of "unlimited purchase of assets and raising the inflation target to 2%". P 
After P, the yen showed a sharp depreciation in 2013, and its annual decline in the US dollar amounted to 22%. The Japanese yen also fell sharply against the RMB in 2013, with an annual decline of 20.91%. 
Wu Qing, a financial researcher at the development research center of the State Council, said that, in a comprehensive way, Japan's foreign exchange market in 2013 was mainly driven by the "three carriages": "Andouble economics", the European recovery situation and the Fed's reduction of QE. 
Zhou Chunsheng P told reporters that the reason why the Japanese yen depreciated sharply last year is very simple. Since taking office, Abe Shinzo has adopted a very loose monetary policy to print a large number of Japanese yen in order to promote Japan's economy. In the economic depression of Japan, Japan is facing the situation of deflation. Japan has greatly relaxed its liquidity. The Japanese yen has indeed seen a significant depreciation. The devaluation of the yen is not only for the renminbi, but also for the US dollar, which has played a certain role in restoring Japan's exports and stimulating Japan's economic growth. 
 Tan Yaling said that the yen's concern is mainly related to Japan's economy, because Japan's economic recovery has already emerged. Secondly, Japan's foreign strategy has also changed. From the perspective of state relations, Japan is promoting its influence, looking for RMB appreciation from an economic perspective, and the depreciation of the Japanese yen to suppress China's development. 
 the latest data show that trade between China and Japan has shrunk for two consecutive years. In January 10, 2014, the total export volume of China, released by the General Administration of Customs in 2013, increased by 7.9% compared with the previous year. The growth level was the same as that in 2012. China has occupied the position of the world's largest exporter for 5 years in a row. The total trade volume of imports and exports also increased by 7.6%, breaking through the US $4 trillion mark for the first time, but the bilateral trade volume between China and Japan decreased by 5.1%. 
 2014 yen continued to depreciate /p >
 Japan's < a href= "http://www.91se91.com/news/index_c.asp > quantitative easing policy < /a >, from the economic data, it has played a certain role in boosting the Japanese economy. Data show that in the first half of 2013, Japan's actual GDP growth was much higher than that of the US and the euro area. However, Japan's growth slowed down in the three quarter of 2013 as export growth slowed down. Second, Japan's price index has been out of negative growth for many years. In November 2013, Japan's core inflation (excluding fresh fruits and vegetables) rose by 0.9%, the fastest in 5 years. Thirdly, Japan's economic vitality continues to improve. Since March 2013, the Japanese manufacturing PMI index has reached a critical point for 9 consecutive months. The index rose from 50.4 in March 2013 to 55.1 in November, the highest level since May 2010. 
Zhang Huilian, Department of international finance, School of international economics, China Foreign Affairs University, said that the obvious improvement of Japan's economy was mainly due to two spot products of Yu Qichao's loose monetary policy: first, the depreciation of the yen exchange rate (from September 2012 to September 2013, the real effective exchange rate of the Japanese yen depreciated by 22.4%), which stimulated the increase of Japanese exports; two, the wealth effect brought by the rise of the stock market. P From the beginning of 2013 to the end of November, the Nikkei index has risen by 43.1%. Over the same period, the US and eurozone stock index rose by only 21.2% and 18.7% respectively. 
 Zhou Chunsheng told reporters that because the relationship between the US dollar and the RMB is more closely related, if the RMB appreciates against the US dollar, the probability that the RMB will continue to appreciate against the Japanese yen will be very large. It is expected that the RMB yen will continue to appreciate in the new year, but the magnitude and speed of the appreciation will be smaller and slower, because a currency can not depreciate for a long time, and the value of the yen itself is relatively stable in the international environment. With the stabilization of the Japanese economy, monetary policy will gradually become stable and gradually slow down. 
 Tan Yaling said, "a href=" http://www.91se91.com/news/index_c.asp "> Japanese yen > /a > trend is not only the economic fundamentals and the government's own orientation, but also the relationship with the US monetary cooperation, plus the cycle and characteristics of Japanese economy, the Japanese yen depreciated value is very beneficial to Japanese economy. However, the so-called" Andouble economics ", the adjustment of industry and the input of fiscal deficit and the easing of financial policy may further promote the appreciation of the Japanese yen, so the yen trend in 2014 is uncertain. The trend of yen in 2014 is related to the yen itself and the Japanese stock market. If the Japanese stock market has a deep restoration, I'm afraid that the appreciation of the yen will happen. 
 "but the depreciation of the yen should be the keynote of 2014." Tan Yaling said.