Revaluation through 5 years of the yuan gained 23.97% against the dollar
"In 2005 to 2010 since the end of November, the RMB exchange rate has appreciated by 23.97% against the dollar, gained 14.00% against the euro." Wrote a few days ago, the central bank deputy governor hu xiaolian, the RMB exchange rate flexibility, in promoting structural adjustment and guide the resource configuration to the domestic department has played a positive role.
In the period of "11th five-year plan" period, China's monetary policy achievement "article, hu said, revaluation would promote structural adjustment and comprehensive, balanced and sustainable development, is conducive to curb inflation and asset bubbles, is conducive to enhance the initiative and effectiveness of macroeconomic regulation and control, improve the macroeconomic regulation and control ability, maintenance period of strategic opportunities. According to the bank for international settlements data calculation, the RMB nominal effective exchange rate has appreciated 13.58%, the real effective exchange rate has appreciated by 21.20%.
Under the background of the international financial crisis, in order to further promote trade and investment facilitation, the breakthrough of "going out". By the end of November 2010, the cross-border yuan trade settlement pilot areas to conduct cross-border yuan trade settlement business bank is 388 billion yuan RMB. Use the yuan in cross-border trade and investment to expand, will also affect the conduct of monetary policy and put forward new and higher requirements.
Due to double international payments surplus currency passive drop more, strengthen liquidity management become important problem facing the financial macro-control in recent years. Hu xiaolian said in November 2006 to 2010, carry out open market operations of about 33 trillion yuan. The use of open market operations in daily liquidity management at the same time, since the period of "11th five-year plan", the deposit reserve rate hike 24 times, cut four times, in addition, by implementing difference reserve tools, combined total amount control and individual risk differences, strengthen liquidity management, guide the reasonable credit.