Zhang Huajun: At Present, Exchange Rate Is A Good Opportunity To Buy RMB Bonds.

The central parity of RMB has risen steadily in the past 5 days. The latest data from the China Foreign Exchange Trading Center show that in April 29th, the central parity of RMB against the US dollar was 6.1556, a 9 basis point increase compared with the previous trading day.

Since the last expansion Trading range Since then, the central bank's central parity has risen by 0.3%. The US dollar / RMB exchange rate itself has risen by 1.6%. Standard Chartered Bank released a report today that it is not surprising that the renminbi is down a little in the near future.

According to yesterday's middle price, the US dollar / RMB has enough space to rise below 6.28 in the existing trading range.

Standard Chartered believes that the yuan will weaken after the widening trading range. Regulators The aim is to increase the uncertainty of the RMB exchange rate outlook. Its main concern is that the expectation of a sustained appreciation of the renminbi makes capital inflow into large quantities, thereby increasing the pressure on domestic credit growth and inflation.

"And the current exchange rate provides the buying territory. RMB An opportunity for bonds. " Standard Chartered said that because the renminbi appears to have a significant depreciation in percentage terms, and even if treasury bonds yield up to 3% to 4%, the risk / return ratio of RMB bonds is quite attractive.

Offshore renminbi bonds are also attractive for investors who can not buy domestic bonds.

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In April 28th, the spot exchange rate of RMB against the US dollar appreciated slightly, closing at 6.2530, a slight decrease of 6 basis points from the previous trading day, and temporarily bid farewell to the successive depreciation of the previous 6 trading days. On the same day, the median price of US $1 against RMB was 6.1565, down 11 basis points from the previous trading day.

It is worth noting that the recent RMB exchange rate against the US dollar has widened sharply against the middle price deviation. According to relevant statistics, the spot exchange rate of RMB has continued to depreciate since late February, and the cumulative depreciation rate has exceeded 3% so far. In this regard, industry experts said that the RMB spot exchange rate decline does not mean the depreciation of the renminbi itself, but will still have an impact on import and export trade and enterprises.

On April 29th, the pound's exchange rate against the US dollar hit a 4 and a half year high in the first quarter of 2014, when the growth rate of the first quarter of the economy was expected to accelerate, hitting 1.6855 at the high point.

On the trade weighted basis, the pound has appreciated by 10% in 2013, and some investors believe that the Bank of England may choose to raise interest rates earlier than other central banks. But there is also a view that people may overestimate the sustainability of the British economic recovery.