RubleslumpnottothreatenRMB:experts-PeoplesDailyOnline

Tue,Dec 23,2014document.getElementById(“bdshell_js”).src = “http://bdimg.share.baidu.com/static/js/shell_v2.js?cdnversion=” + Math.ceil(new Date()/3600000)LanguagesChineseJapaneseFrenchSpanishRussianArabicKoreanGerman12345678910111213141516171819202122232425262728293031JanFebMarAprMayJunJulAugSepOctNovDec20072008200920102011201220132014{resetselect()}Home|Politics|Business|Military|World|Society|Culture|Travel|Science|Education|Sports|Opinions|Special Coverage|Photo|VideoEnglishBusinessEditors PickBikini show in 2014 China Final of Miss Tourism World
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Lingerie show at 2014 Miss ChinaRuble slump not to threaten RMB: experts(Xinhua)    16:43, December 23, 2014Email|Print|Comments      twitter    facebook    Sina Microblog    reddit    Increases the bookmarkdiggGoogleDeliciousbuzzfriendfeedLinkedindiigostumbleuponQzoneQQ MicroblogBEIJING, Dec. 23 — The recent plunge of the Russian ruble has triggered worries of a run on emerging economies currencies, but experts have played down the effect it will have on the renminbi.Researcher at the Institute of Finance and Banking, under the Chinese Academy of Social Sciences, Peng Xingyun on Tuesday was upbeat that the rubles depreciation would not weaken the Chinese currency in the long run, although he acknowledged it would have short term adverse effects.Chinas economy is adapting to its “new normal”, characterized by slower growth but higher quality, which, it is hoped, can provide a solid foundation for a strong currency, Peng said.Amid Chinas efforts to boost the internationalization of the RMB it will try to avoid a sharp depreciation of the currency, he said.Drastic RMB depreciation could cause trade-related friction between China and the United States, as China has a trade surplus against the U.S., Peng said.The rubles recent depreciation has exerted no significant impact on China and Chinas economy and capital flows are normal, said Wang Yungui, an official of the State Administration of Foreign Exchange last Thursday at a press conference.The spot exchange rate of Chinas currency dropped below 6.21 against the U.S. dollar last Thursday, the weakest point in almost five months.Wang believed it to be “normal depreciation,” stressing that the market was playing a more active role in pricing the yuan along with the central governments exchange rate reform measures.Peng said the driving forces causing the rubles depreciation did not apply to the RMB.Russias economic reliance on the oil industry was exposed as fluctuations in the price of crude oil triggered the rubles slide, Peng said.In addition, Russias political relationship with the United States and Europe has been strained, and this also played a role in the currencys slump, Peng said, adding that speculative market activity had aggravated the situation.The rubles fall against the dollar on Dec. 15 was a record-low since the currencys crisis and default in 1998.Since the beginning of this year, the Russian central bank has raised its key interest rate by 6.5 percentage points to 17 percent.During a year-end press conference last week, President Vladimir Putin praised efforts by the central bank and the government to stabilize the currency and noted that it would take at most two years for the economy to rebound.(For the latest China news, Please follow Peoples Daily on Twitter and Facebook)(Editor:Yuan Can,Zhang Qian)Email|Print|Comments      twitter    facebook    Sina Microblog    reddit    Increases the bookmarkdiggGoogleDeliciousbuzzfriendfeedLinkedindiigostumbleuponQzoneQQ MicroblogAdd your commentName:SubmitViewRelated readingWho are Russias enemies in the war to defend the Ruble?Ruble devaluation hits Chinese businesses in Russias Far EastChina expresses concerns over Ruble slumpInterview: Trend of RMB Internationalization irreversible: head of Bank of China, AustraliaRMB accounts for 11.2 pct of payments value between China, other nations: SWIFTWe RecommendTempting Yunnan cuisine
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