The Central Parity Of RMB Will Be Derogated From 22 Basic Points.

RMB versus US dollar

6.1397, compared with the previous release date (March 26th) 6.1375, the adjustment and derogatory were 22 basis points.

The spot price of RMB against the US dollar opened 35 basis points at 6.2159, and then went higher.

As of press release, the renminbi traded against the US dollar at a spot price of 6.2140, devalued by 16 basis points.

Liang Hong, chief economist of CICC, said in a report on Thursday (March 26th).

It is possible to form the expectation of RMB joining the SDR, and the appreciation of RMB will bring some pressure of appreciation.

If expectations are fulfilled, the pressure will be further strengthened, but if it fails, exchange rate or short-term adjustment will be achieved.

March 27, 2015 interbank

The middle price of RMB exchange rate in the market is RMB 1 yuan to RMB 6.1397 yuan, 1 euro to RMB 6.6971 yuan, 100 yen to RMB 5.1670 yuan, 1 Hong Kong dollar to RMB 0.79178 yuan, 1 pounds to RMB 9.1413 yuan, 1 Australian dollar to RMB 1 yuan, New Zealand dollar to RMB RMB yuan, Singapore dollar to RMB RMB, Canadian dollar to RMB yuan, RMB yuan to ringgit, RMB yuan to Russia ruble.

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HSBC's PMI initial value has dropped to 11 new lows, while the National Bureau of statistics's 1-2 month economic data is far less than market expectations.

That is to say, since the second half of last year, although the government has launched a series of rescue policies, it is hoped that these policies will ensure the stability of economic growth, but the result is not so ideal.

Especially in the real estate market, the central and local governments' bailout policies have introduced a string of strings, but A Dou, who can not afford the domestic real estate market, is still failing.

If the volume and price of the real estate market is down and the total investment in real estate is decreasing, it is very difficult for the domestic economy to rise and the overcapacity to be solved.

The domestic economy has lost the support of the property bubble. The domestic government has to play the "bull market" like the United States, Japan and the European Central Bank, hoping to stabilize the domestic economy by supporting the stock market.

It can be seen that after the financial crisis in the second half of 2008, the United States adopted a round of quantitative easing monetary policy to inject nearly $4 trillion into the market, thus making the US stock market more than 3 times higher.

The US economy is also recovering from this process, and finally out of the predicament of recession.

Similarly, Japan began to implement monetary policy with wide and wide quality in the first half of 2013, and also injected a lot of liquidity into the market. The Nikkei index of Japanese stock market also rose by nearly 20 thousand points from more than 8000 points.

In this process, the Japanese economy has begun to get out of the dilemma of negative growth, and deflation has begun to withdraw.

For China, the previous round of economic growth and prosperity, with nearly 60 trillion of the financing, has created a huge real estate bubble.

Despite the rapid growth of China's GDP and the appreciation of the Renminbi for more than 40% of the rest of the world, China's economy has been squeezed into the second largest economies of the world. However, this huge bubble has not been sustainable.

60 trillion of the liabilities not only cause huge financial risks to China's economy, but also lead to serious overproduction of housing and other industries.

If the domestic real estate market price does not appear comprehensive adjustment, if the domestic real estate market price does not return to reason and let the domestic residents' housing consumption demand release, then the domestic real estate has been completely impossible to continue.

However, an investment oriented real estate market will pform into a consumer oriented real estate market. It will not only cause a huge market shock but also a huge cost.

But who will pay for these costs and costs? This is the problem facing the government.

Under such circumstances, the government's macroeconomic regulation and control policy is beginning to change its thinking, hoping to destroy a "national bull market" and replace the difficult real estate bubble with the stock market bubble.

However, some people are still shouting, the domestic real estate market has begun to rebound, and the price of the domestic real estate market may soon rise, but this is only in the market expectation, which is in the investment led real estate market, but in fact the domestic real estate market is expected to have changed since the domestic real estate market price has been down for more than 8 months. As long as the real estate market prices are falling, investors will definitely understand that these calls again think that the market has long been a history.

The government hopes to play the role of killing two birds with one stone while the government is destroying the "bull market" of the stock market.

Because, earlier, China's stock market has been in the doldrums for 7 years for a long time, and now it has created a "national bull market". First, it can not only introduce a large amount of capital into the stock market, but also enhance the financing ability of the stock market. This will not only solve the problem of financing difficulties in the domestic financial market, but also help the domestic enterprises get low-cost capital, and also promote the adjustment of the domestic financial market structure, reduce the proportion of banks in the entire financing, thereby reducing the huge risks faced by the domestic banking industry.

Two, we can make the stock market boom and replace the real estate market to create wealth effect.

This will not only benefit residents' consumption growth, but also expand domestic demand, boost confidence in the market, create a new atmosphere of economic growth, and avoid the prophecy of a hard landing on the domestic economy.

From the recent development of the domestic stock market, not only the stock index has risen more than 80% in the past year, but the stock market's earning effect and wealth are gradually showing up, and the domestic residents already know that the government hopes to use the stock market bubble instead of the real estate bubble intention, and rushes into the stock market one after another, thus making the domestic stock market out of the unprecedented hot market, and the daily turnover of the stock market exceeds the historical high of 1 trillion and 400 billion.

In fact, at present, there is nothing wrong with the government's tactics of exchanging time for space. The key is whether we can find the growth point of the domestic real economy and create a new engine of economic growth.

Such as the United States, there are Internet high-tech industries, shale oil and gas, modern agriculture and so on.

The question now is whether the Chinese government is smart or not.