RMB Financial Products Attributes To Strengthen The First Quarter Sales And Foreign Exchange Surplus Of $159 Billion 200 Million

< p > "the willingness of the market players to purchase foreign exchange increases month by month, and the willingness to settle foreign exchange will continue to fall, and the supply and demand situation in the foreign exchange market will continue to improve."

In April 24th, Guan Tao, director of the balance of Payments Division of the State Administration of foreign exchange (hereinafter referred to as the "foreign exchange bureau"), told the media about the first quarter's foreign exchange receipts and payments data.

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< p > this is the adaptive response of the market participants in this year when the RMB exchange rate continues to depreciate.

This response is also directly reflected in the first quarter's foreign exchange receipts and payments data.

Monthly settlement and sale data showed that the surplus of the bank's sales and sales decreased month by month, but the surplus in the first quarter was still 159 billion 200 million dollars, and the capital continued to show a net inflow in the first quarter.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_c.asp > RMB > /a > attribute of financial products > /strong > /p >

Since February this year, the nominal exchange rate of RMB against the US dollar has depreciated by 3.3%, which is the longest and the largest depreciation since the 2005 RMB exchange rate reform in 2005.

The market has also made adaptive adjustments, including the apparent downward trend in the willingness of foreign exchange settlement.

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"P >" but Guan Tao believes that the current trend of the RMB is a two-way fluctuation of the RMB, and is still relatively small compared to the monetary amplitude of other countries.

As the balance of payments tends to be balanced and the RMB exchange rate approaches a reasonable equilibrium level, the two-way fluctuation of the RMB exchange rate will become a new normal.

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At the end of 3, we monitored the implied volatility of the RMB exchange rate reflected in the options market at home and abroad rose to 2.5%, while the average volatility of the major developed and emerging market currencies in the same period was over 9% during the same period of P.

Guan Tao said, "the volatility is small, and there is no need for over interpretation."

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< p > it is worth noting that in the first quarter of 2014, the merchandise trade surplus plus the net inflow of non-financial direct investment totaled 28 billion 300 million US dollars, down 41% compared to the same period last year, while the surplus of the foreign exchange sale and sale in the same period increased by 57% over the same period. This shows that the surplus caused by the real economy activity is decreasing, reflecting the pressure of the inflow of arbitrage funds in the enterprise's Pro cyclical financial operation.

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< p > Guan Tao said: "in this sense, the current trend of RMB exchange rate can not be simply seen from the relationship between supply and demand of commodities.

More and more, such as stock and bond asset price changes, some psychological expectations, price revaluation and other non flow and non paction factors may have an impact on exchange rate level.

Now the market supply and demand is an important factor affecting the trend of exchange rate, but it is not the only factor.

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Guan Tao, in reply to a question by the first Financial Daily reporter, stressed again that one of the central bank's reforms on the RMB exchange rate formation mechanism is to fade out the normal intervention of the RMB exchange rate. The reform of the RMB exchange rate formation mechanism is an important part of improving the financial market system. P

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< p > according to the statistics of foreign exchange bureau, RMB exchange rate products are continuously enriched.

In 2013, the amount of RMB foreign exchange derivatives traded by banks was 17.4 times that of 2006, which accounted for 3% of the total volume of foreign exchange market from 19% in 2006 to 2013.

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< p > with the deepening of the reform of RMB exchange rate mechanism and the demand for hedging insurance, the RMB foreign exchange market will further develop and liquidity will further enhance.

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< p > < strong > first quarter < /strong > /p >

< p > < strong > < a > href= > http://www.91se91.com/news/index_c.asp > > Sales > /a > surplus $159 billion 200 million < /strong > /p >

< p > the data released by the foreign exchange bureau show that in the first quarter, the cumulative amount of foreign exchange settlement and sales of the bank was 973 billion 700 million yuan (equivalent to 159 billion 200 million US dollars), of which the bank accumulated a total of 31611 billion yuan (equivalent value of 516 billion 800 million dollars) and accumulated 21874 yuan (equivalent 357 billion 500 million US dollars) in the sale of foreign exchange.

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< p > from the monthly data of foreign exchange settlement and sale, the favorable balance of bank sales and sales decreased month by month, indicating that corporate customers' willingness to spot settlement at the spot continued to decline and the willingness to purchase foreign exchange continued to grow.

In January, the foreign exchange surplus of banks reached 73 billion 300 million US dollars. In February, it was reduced to 45 billion 700 million US dollars due to the Spring Festival holiday. In March, it dropped to 40 billion 200 million US dollars further.

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< p > the total amount of surplus in the foreign exchange supply and demand in the retail market as well as the change in the balance of the net maturity of the net maturity is also changing with the change in the balance of foreign exchange settlement and sales; the total amount in February was 54 billion 500 million US dollars, a decrease of 32% compared with January, and in March, it fell further to 30 billion 700 million US dollars, a decrease of 44%.

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< p > Guan Tao believes that the above data reflect the continuous improvement of foreign exchange supply and demand in the market.

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< p > > a href= "http://www.91se91.com/news/index_c.asp" > foreign exchange bureau < /a > data show that March is the month when the exchange rate of enterprises will obviously turn.

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In the month of P > 1~2, the cumulative surplus of the forward sale and sale of foreign exchange reached US $48 billion 100 million, and the net balance of non maturity maturity increased by US $15 billion 200 million. However, in March, the forward balance of foreign exchange and sales reached US $2 billion 700 million, which was 89% lower than the average level in the first two months, and the net balance of foreign exchange in the current month has fallen by 9 billion 500 million US dollars, which has further promoted the bank's foreign exchange position.

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< p > market analysts believe that: "relatively normal, since February, the continued depreciation of the RMB has reduced the willingness of the clients to settle their foreign exchange, and the continued decline in the willingness to settle foreign exchange has further promoted the continued depreciation of the renminbi."

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