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Rmb Recent Development

Update for Recent development in Chinese Yuan

1. The expectation or speculation about a Chinese Yuan revaluation started from the beginning of 2003.
2. Why we say 2003? Because the Non-deliverable forward of USD against Chinese Yuan started to fall into discount from premium at the beginning of 2003.
3. Non-deliverable forward is a type of derivative in the foreign exchange market where by the home currency is not delivered (or settled, transferred) at maturity, instead the difference of market rate against the contract rate is settled with a reference currency (usually USD).
4. China has a very restricted money market and therefore commercial loans are not readily accessible in short tenor such as overnight or 1 week, the most common interest rate benchmark in China is a 1-year bank lending rate, which currently stands at 5.31%, if we compare the Chinese interest rate with the US rate of the same tenor (1 Year US rate is approximately 2.35%), in foreign exchange market,......


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Approximate Word Count: 904
Approximate Pages: 4 (250 words per double-spaced page)

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