Zhou Xiaochuan: You should not expect to make a lot of money

RMB real exchange rate in April the real effective exchange rate of RMB 115.85, compared with May depreciation of 3.04%, a 10-month low, the first half of the total depreciation of 4.41% Jin Yu.　　Due to the short-term Neinian of foreign trade situation improved, the renminbi exchange rate is expected to continue to maintain a relatively weak trend in the second half. Export weakness this year the effective exchange rate fell 4.41% the International Settlement Bank recently announced that the real effective exchange rate for the renminbi in June was 115.85, compared with 119.48 in May, the real effective exchange rate has depreciated for the 4th consecutive month since March, the lowest since last August　　, which has depreciated by 4.41% this year. Some foreign exchange traders pointed out that the mainland economy in the first half of the year led to a 7.1% increase in investment, but exports in the first half of the month than the same period of 21.8%, the contribution rate to economic growth of 2.9%, as a drag on the Chinese economy is an important factor.　　I believe that the renminbi does not have a substantial appreciation before the situation improves. Hot money in the appreciation of the renminbi is expected to rise as the dollar fell against the main currency, last week, the renminbi against the dollar a recent rare daily appreciation.　　The renminbi's median against the dollar rose from 6.833 to 6.831 last week, again approaching 6.82. The one-year renminbi NDF (overseas non-deliverable forward rate) rose 200 points in the 15th day, the biggest increase this year.　　The expected change of RMB appreciation is the main factor of RMB NDF contract price fluctuation.　　As China's foreign exchange reserves exceed 2 trillion U.S. dollars, plus the first half of China's economic recovery, the possibility of international hot money through various channels into China is also increasing, the market expects the renminbi or will restart appreciation momentum.　　Factors affecting the RMB exchange rate the continued negative growth of the mainland exports, the foreign trade situation really improved before the renminbi appreciation is unfavorable to protect the economy, the central government has repeatedly reiterated to maintain the RMB exchange rate to stabilize foreign exchange reserves breakthrough 2 trillion U.S. dollars, think tank more than 90 billion U.S. dollars in the two quarter of hot money into The U.S. government has repeatedly said that the renminbi exchange rate reform has made progress, the market believes that the external pressure of appreciation of the renminbi has been reduced link Zhou Xiaochuan: we should not expect to earn a lot of money. Zhou Xiaochuan, the central bank governor, said that while China holds more than $800 billion trillion in U.S. debt, China's　　Also refers to the foreign exchange reserve should not be regarded as an investment fund, should not expect it to make a lot of money, the overall return is reasonable.　　China will discuss ways to reduce global imbalances in the Strategic and Economic Dialogue held at the end of the month, Mr Zhou stressed, relying on a stronger renminbi alone to address global economic imbalances. The chief task of the new head of the Foreign Affairs Bureau is to prevent hot money. Yi Gang, the deputy governor of the People's Bank of China, last week became the head of more than $2 trillion trillion in foreign exchange reserves. Some analysts believe that after the arrival of Yi Gang, China's foreign exchange policy should not be too bigChange, but in the face of the recent hot money has again a large influx of signs of China, clearance work has become its primary problem. (Jin Ji)