How much has RMB 1 depreciated?
Because money is also a commodity in the exchange rate market, the depreciation of RMB means that the price becomes cheaper relative to the US dollar. Now the exchange rate of RMB against the US dollar is 6.6 from 6.6 yuan to 1. When the exchange rate becomes 7, it will be less valuable when 7 yuan RMB is required to be exchanged for 1 and 6.6 for 1. This is the depreciation of the RMB. When it becomes 6 yuan, it is.
2 the impact of RMB depreciation
What does RMB depreciation mean? It means that the same batch of goods can be returned to RMB more. For example, a mobile phone exporter has produced a batch of mobile phones to be sold in Africa and priced them in US dollars in the domestic market. The value of these mobile phones is $6.5438+million. After the exporter sells the mobile phone, he takes $6,543,800+to the bank to exchange RMB, subject to the exchange rate.
At the exchange rate of 6.6, these mobile phones are worth 66 million yuan. If the RMB depreciates to 7 yuan, the same batch of goods worth $6.5438+million can be exchanged for 70 million yuan. This extra 4 million has nothing to do with the mobile phone exporter, he missed 4 million.
Therefore, the more RMB depreciates, the greater the incentive for exporters, because it gives him more money invisibly. The more he devalues, the more he exports and the more he earns. This situation not only has an incentive effect on mobile phone exporters, but also has the same incentive effect on all people engaged in export business, so more and more people export, and they bring back more and more dollars in the international market. Naturally, more and more people go to banks to exchange RMB.
In other words, the country's foreign exchange reserves are increasing, which is why our foreign exchange reserves are as high as 3 trillion US dollars, because we are an export-oriented economy.
3 the relationship between RMB depreciation and the stock market
When foreign exchange reserves are getting higher and higher, one thing will happen: the circulation of RMB will become larger and larger.
Why? Because the RMB is linked to the US dollar, the US dollar is an international currency, which is very stable and acts as a currency anchor. Therefore, the more foreign exchange reserves we have, the more RMB will be issued (friends now know why M2 has a large circulation, of course, this is only one of the reasons, and another reason is that in 2008, in order to get out of the financial crisis, we implemented a loose monetary policy, that is, we issued a large amount of money), and all domestic money did not flow out, which naturally pushed up asset prices and prices.
In China, people's assets are mainly houses and the stock market, so houses go up by one price every day, but why doesn't the stock market go up? This is mainly related to the investment preferences of ordinary people. People like houses and hate the stock market.
So even if the exchange rate of RMB against the US dollar fell from 6.2 in April to 6.6, the stock market fell from 3,200 points to below 2,800 points.
Now we can clarify the logical relationship of this issue: RMB depreciation drives exports, exports increase foreign exchange reserves, and foreign exchange increases RMB circulation, which drives domestic asset prices to rise.
But the stock market will not necessarily rise, because in the final analysis, it is the investment hobby of ordinary people that determines the rise and fall of asset prices.