RMB exchange rate shall maintain the stability; State Administration of Foreign Exchange will strengthen monitoring of capital flows
State Administration of Foreign Exchange announced the international payment balance of the first half of 2008. In the first half of 2008, our national balance of payments current project, capital and financial accounts showed the “double surplus”, but surplus growth of current projects slowed down, while capital and financial account surplus reduced compared with the same time last year. In order to guard against risks in the second half of this year, SAFE will enhance monitoring of cross-border capital flows.
U.S. Dollars come back to the United States; Expert expressed: RMB exchange rate shall keep its stability
As the prediction of U.S. Dollar appreciation, U.S. dollars withdraw from many countries to the United States. Domestic experts said that under the sharp rise of U.S. dollar appreciation, China need not lower the RMB exchange rate to protect the export growth, and the future RMB exchange rate shall remain the stable pattern.
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U.S. Federal Reserve cut interest rates by 50 basis points to 1%
U.S. local time on October 29, the U.S. Federal Reserve announced to cut benchmark interest rates by 50 basis points to 1%. This is the sixth time for the Fed to lower the benchmark interest rates.
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