介绍:
China's State Administration of Foreign Exchange (SAFE) is dismissing worries about huge capital outflows as the Federal Reserve decides whether to hike U.S. interest rates.
SAFE on Thursday said the depreciation pressure on the Chinese yuan has been largely released and its value has almost stabilized.
Xiao Lian at the Institute of American Studies, Chinese Academy of Social Sciences, says there is limited impact on the Chinese market if the Fed increases its interest rate.
"It must have some influence, but not so big as people think. On one hand, China has nearly 4 trillion US dollars in foreign reserves. The central government could take measures to prevent a large capital outflow. On the other hand, China's economy is still on an upward trend. The Chinese currency is strong compared to other currencies. Therefore, China has the ability to handle the impact brought by a US rate hike."
The Chinese yuan has substantially depreciated against the US dollar since August, when China reformed the exchange rate formation system to better reflect market development.
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