Renminbi appreciation process quickens
文章来源: 文章作者: 发布时间:2007-11-14 08:41 字体: [ ]  进入论坛
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Chinanews, Beijing, Nov. 14 – Ms. Zhao, a local resident in Beijing, went to a bank last weekend as soon as her 20,000-US dollar deposit had reached maturity1: she wanted to exchange her US dollars savings2 into Renminbi.

 

“I bought these US dollars when the exchange rate of the dollar against the yuan was still around 1:9 several years ago. Now, the Renminbi appreciation3 process has quickened, and it does not make any sense for me to keep my US dollar savings,” she said.

 

She was not the only one with such thinkings. Now, most Chinese believe that Renminbi value will “keep on rising in future.”

 

On Monday, the yuan's exchange rate against the dollar hit a new high point to reach 7.414:1. Since China kicked off the exchange rate regime in July 2005, Renminbi value has risen by 9.4 percentage points in total.

 

Jing Ulrich, JP Morgan Chase's market manager in China, predicted that in future, Renminbi value would rise by 5% every year. This would mean that in future, Renminbi value would continue to rise gradually yet continually.

 

However, it seems that Renminbi's appreciation process has become faster recently. This is caused by both internal and external factors. In global market, US dollar value has gone down quickly, which on the other hand has pushed up Renminbi value. In domestic market, trade surplus had increased by nearly 60% during the first ten months of this year and foreign exchange reserves had also kept on rising. All these have caused Renminbi value to rise at a much faster pace than before.

 



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1 maturity 47nzh     
n.成熟;完成;(支票、债券等)到期
参考例句:
  • These plants ought to reach maturity after five years.这些植物五年后就该长成了。
  • This is the period at which the body attains maturity.这是身体发育成熟的时期。
2 savings ZjbzGu     
n.存款,储蓄
参考例句:
  • I can't afford the vacation,for it would eat up my savings.我度不起假,那样会把我的积蓄用光的。
  • By this time he had used up all his savings.到这时,他的存款已全部用完。
3 appreciation Pv9zs     
n.评价;欣赏;感谢;领会,理解;价格上涨
参考例句:
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
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