Bloomberg: Offshore RMB lending rates soared for a stable exchange rate that the bank clients view the latest market Sina Financial News September 9th Bloomberg news, Asia chief economist oral eagle and Bloomberg economist Chen Shiyuan wrote that Hongkong’s RMB loan interest rate Zhou Sisheng to the high point since February, the central bank Chinese suspected [micro-blog] intervention to prevent its decline. This accords with the Bloomberg economists: in view of the RMB will soon join in October 1st the International Monetary Fund [micro-blog] (IMF[micro-blog) China reserve basket, the government is not in the G-20 after the end of the summit, suddenly let go. And the Fed’s September interest rate hike is limited, China’s economic growth is stabilizing, may limit the downward space of the rmb. Chart: the cost of borrowing offshore RMB RMB overnight interest rates and domestic RMB spreads in Hongkong market to improve, make this RMB more difficult, and in the past has been used to narrow the onshore and offshore renminbi spreads. The latest move far from January was so extreme, Chinese central banks managed to drained liquidity in the offshore RMB market, pushing overnight interest rates rose to 66.8%. Because of the high cost, the original yuan to borrow short speculators forced to open. In the past week, the yuan has reached an important juncture of $1 to $6.7, the central bank’s current stage of the intervention will release a strong signal that the bank may not allow the renminbi to depreciate sharply. This will hit the capital outflows from the past few months to accelerate the rapid devaluation of the yuan is expected to trigger. BI Economics still believes that China’s economic growth to stabilize, the Fed’s interest rate hike in September, as well as the possibility of a limited amount of RMB to join the SDR, are the stability of the RMB exchange rate strength. Having said that, but the latest signs of government intervention and summer capital outflows are surprising.相关的主题文章: