Don’t Bet on the Yuan If You Don’t Want to Lose Money
Two-way volatility in the yuan exchange rate will become normal, and factors influencing the Chinese currency are complicated, the head of China's foreign exchange regulator said on Thursday.China's yuan has shown two-way volatility but has been basically stable so far this year, Pan Gongsheng, head of the State Administration of Foreign Exchange (SAFE), said in a speech.
The yuan has experienced sharp volatility recently, having gained about 12% against the dollar since May 2020 and hitting its firmest levels in more than three years.
Many Chinese policymakers have warned market participants recently against betting on one-sided moves in the currency, and the People's Bank of China (PBOC) last week raised the reserve requirement ratio on foreign exchange deposits for the first time in 14 years.The FX regulator said companies should avoid "procyclical" and "naked" activities in managing their exchange rate risks, as some were found to have relied on currency mismatch of assets and liabilities to benefit from changes in exchange rates. Pan was referring to companies not hedging their FX trades.
"Don't bet on appreciation or depreciation in the yuan. (People who) always gamble will definitely lose," Pan said.
The SAFE head added that global market valuations were elevated against the backdrop of ultra-loose monetary policy stimulus, and international financial markets could face correction risks from such high levels.Global markets have "detached from economic fundamentals, vulnerability has increased...it could lead to a rise in global risk aversion and changes to cross-border capital flows," Pan warned.
China will expand quotas under the Qualified Domestic Institutional Investor outbound investment scheme, Pan said.
10日，第十三届陆家嘴论坛(2021)在上海开幕。中国人民银行副行长、国家外汇局局长潘功胜表示，降低企业汇率风险，需要企业、银行、监管部门共同努力；企业汇率风险管理应坚持服务主业和“汇率风险中性”原则，审慎安排资产负债货币结构，避免外汇风险管理的“顺周期”和“裸奔”行为，不要赌人民币升值或贬值，久赌必输。潘功胜在主题演讲中表示，人民币汇率双向波动，外汇市场运行平稳。今年以来，人民币对美元汇率双向波动、总体稳定。国际金融市场的变化，尤其是美元利率、汇率的波动，对包括人民币在内的其他货币都产生了一定影响。同时，我国经济保持稳定恢复态势，促进了人民币汇率在合理均衡水平上的基本稳定。当前，我国经常账户顺差继续处于合理区间，外汇市场供求基本平衡，外汇储备稳中有升。我国实施的以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，是一项适合中国国情的汇率制度安排，需要长期坚持。人民币汇率的影响因素复杂，双向波动将成为常态。人民币汇率的稳定性优于其他货币，汇率预期稳定，外汇市场交易理性有序。潘功胜强调，市场主体应适应汇率双向波动的常态，树立汇率风险中性理念。降低企业汇率风险，需要企业、银行、监管部门共同努力。一是部分企业在外汇风险管理方面存在“顺周期”和“裸奔”行为，企业顺周期的财务运作通过资产负债的货币错配积累风险敞口，赚取汇率升贬值的收益，也必然承担汇率升贬值的风险。从企业财务稳健的角度看，企业汇率风险管理应坚持服务主业和“汇率风险中性”原则，审慎安排资产负债货币结构，避免外汇风险管理的“顺周期”和“裸奔”行为，不要赌人民币升值或贬值，久赌必输。二是建立健全开放的、有竞争力的外汇市场。三是推动金融机构丰富避险产品，降低企业避险保值成本。四是提高市场透明度，便利市场主体理性判断外汇市场形势。五是加强宏观审慎管理和预期引导，保持人民币汇率在合理均衡水平上的基本稳定。One employee, one apartment, Gree’s first batch of housing is about to be delivered
Dong Mingzhu, chair of Gree Electric Appliances Inc. of Zhuhai, is considering building 80,000 two-bedroom apartments, one for each of the firm's employees to live in.
Dong has been mulling the idea for two years, she said at the 2018 Zhisland New Year forum in Zhuhai. She believes it will help reduce staff turnover.Gree made CNY20 billion on revenue of CNY150 billion last year, hitting record-high margins of 15 percent after paying CNY20 billion in taxes.
"We're very proud of achieving such a high margin in the manufacturing sector," Dong said. "Our innovative team is responsible for the efficiency. We couldn't leave them living in huts."
China's home appliance makers are in a race to develop smarter products and expand overseas and need to compete for talent, but as a state-owned company, Gree faces restrictions in its remuneration packages. Dong hopes to find more creative ways to bring in and retain top workers.
The ambitious scheme would allow employees to own the properties if they work at Gree until they retire, but the costs could tally up to more than the firm's 2015 and 2016 profits combined. Assuming construction costs of CNY5,000 a square meter and property area of 70 square meters, building 80,000 homes would cost CNY28 billion.
为员工提供购房免息贷款的公司不少，但给员工发房的却非常罕见，格力就是一个。董明珠自媒体官方微博放出一段视频，加上了话题#格力第一批住房即将交付使用#。这个小区名叫格力明珠广场一期，由十来栋高层建筑构成，还配套有一个综合商业建筑，目前已经基本竣工，室内家电家具已经购全。董明珠方面表示，给员工分房，给员工涨薪，不是以此让他留下来，是因为他为企业做出了贡献，应该给他回报！去年 4 月，董明珠在全球木兰论坛上表示，格力 3700 套的员工大厦已经建完，员工可以进去居住，两房一厅。技术人员每人一人一套房一定要实现。董明珠曾表示：“企业家不仅要有家国情怀、不仅要有社会责任，更加重要的是要有将一代一代年轻人培养成才的大爱精神，这样才能让我们的中国制造有序发展，才能为世界服务。”值得一提的是，近日，一位员工吐槽：“今年是来格力的第五年，企业还是企业，房子也还是企业的房子。”董明珠回应称，你要问问你为什么没分到房呢？她表示，格力分房的目标从未改变，我们的梦想就是要让每一位员工都能拥有一套房，今年我们有 3700 套，第一批优先分给我们优秀的员工，但是不优秀的也会给，只是要慢慢等。只要你足够优秀，就能优先。Covid-19 medical workers infected, Guangzhou outbreak will last about a month
Two medical workers in the southern Chinese city of Guangzhou have been infected with the coronavirus, the first medical staff to be infected in the most recent outbreak in the city.Four new cases of infection were reported on Sunday, bringing the total to 146 cases of locally transmitted infections in this wave since May 21, including seven asymptomatic infections.
Confirmed recent infections include a 27-year-old female technician in the pathology department and a 36-year-old male doctor in the hospital’s emergency department, a specialist facility for infectious diseases.
A senior disease prevention and control expert estimates the COVID-19 outbreak in Guangzhou, capital of South China's Guangdong province, will last about a month and will end before June 20.
And the number of patients and asymptomatic carriers will be no more than 180, said Ma Wenjun, chief expert of the Guangdong Provincial Center of Disease Control and Prevention.
Ma, who also is director of Guangdong Provincial Institute of Public Health, said his forecast was based on epidemiological investigation and previous outbreaks in the other parts of the country.广州这波疫情的传播链再延长。刚刚，也就是广州市卫健委网站传来消息：2名医务人员确诊新冠！具体情况：11日晚，广州医科大学附属市八医院在对医务人员进行的例行新冠病毒核酸检测中，发现两名阳性感染者。感染者一，女，广州医科大学附属市八医院病理科技师；感染者二，男，广州医科大学附属市八医院急诊科医师。处置情况：确诊病例病情稳定，其中1人为轻型，另1人为普通型。与病例密切接触者均已集中隔离医学观察，且核酸检测结果阴性，无异常状况。根据病毒基因测序、感控管理和流行病学调查等综合分析，初步推断，两名医护人员意外暴露造成感染的可能性较大，具体原因正在进一步深入调查中。目前，市八医院已采取严格管控措施，医院职工在集中居住酒店封闭管理。
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