搜尋結果
不可能三角(Impossible Trinity)理論最早源於兩大經濟學者Robert Mundell 和Marcus Flemming於上世紀六十年代的研究,後至八十年代在全球放寬資本管制的浪潮下成爲開放型經濟理論的重要基石。 該理論指的是一個經濟體在固定匯率、資金自由流動以及獨立貨幣政策當中只能三選其二,而不可能三者皆選。 亞洲金融風暴是這一不可能三角的好教材,香港港元聯繫匯率則是其典型應用,至於近期人民幣承受較大貶值壓力,也可以從該理論上得到解釋。 亞洲金融風暴的經驗教訓直觀上是僵化的匯率制度加上過度的外債在投機衝擊之下無以為繼。 在危機之前,後來受到重創的亞洲貨幣如泰銖、印尼盾、菲律賓Peso、馬來西亞Ringgit等兌美元匯率幾乎是直綫一線,相當於固定匯率。
China is the only major economy to report economic growth for 2020, fueling expectations of a stronger yuan. For the whole year, CNH has rebounded 4,573 basis points, up 7.4%, slightly more than the CNY (6.7%) and the central parity rate of RMB against the US dollar (6.9%). The CFETS yuan index rose 3.8 percent for the year.
According to HKMA, as of the end of December 2020, Hong Kong's RMB deposits reached RMB 721.7 billion, surpassed RMB 700 billion level for 2 consecutive months, an increase of 14.2% compared to end of 2019. Hong Kong’s RMB loans balance was RMB 152 billion, a decrease of 3.5% compared to end of 2019.
Market Review Offshore RMB Express 3 III. Investing in China's Interbank Bond Market According to the latest interbank bond market data released by the CFETS data, foreign institutional investors bought 783.2 billion yuan of bonds and sold 641.9 billion yuan of
the previous models, motives, methods, and paths of economic development must be adjusted or transformed accordingly. From the recent stance of the “14th Five-Year Plan”, China’s economic development will probability turn to focus on constructing the “Dual
ECONOMIC REVIEW. Please follow BOCHK Research on WeChat for the latest economic and fi nancial markets analyses. Against the backdrop of the “Carbon Neutrality” commitments, national and regional governments have to regulate carbon emissions through macro policy instruments. One of the most common approaches is to raise the carbon ...
Market Review Offshore RMB Express 5 Index. The FIF will be increased to 5.0% at a later stage, which will increase A-shares’ weights to 2.5% and 0.7% in the two indices, respectively. The official inclusion of A-shares into the MSCI is expected to
