El Gobernador del Banco Central de China ha confirmado hoy algo que muchos esperaban desde hace tiempo: se ampliará la banda de fluctuación del Yuan desde el +/- 1 %. ¿Detalles? No hay detalles.

Esto es lo único que ha comentado:



1. China abrirá de forma gradual los precios de producción al mercado

2. El Yuan evolucionará hacia un sistema de tipo de cambio flotante

3. Pero por el momento expandirá la banda de fluctuación





Concretando las medidas anunciadas (o adelantadas…al futuro):



· Expanding the floating range of the RMB exchange rate in an orderly way,

· enhancing the flexibility for two-way fluctuations of the RMB exchange rate,

· and maintaining the RMB exchange rate at a rational equilibrium level;

· The Central bank should resist normal forex market intervention and establish a managed floating exchange rate mechanism based on market supply and demand;

· Striving to complete a market interest rate formation mechanism and improving financial institutions' independent pricing capability;

· Completing the pricing of the loan prime rate (LPR), providing reference for the pricing of credit products;

· Fostering a relatively sound market interest rate mechanism and improving the framework of the central bank's interest rate control and interest rate transmission mechanism in the near and medium term, and fully realizing a market-oriented interest rate mechanism in the medium term;

· Removing the approval on the qualification and investment quota for qualified domestic institutional investors (QDII) and qualified foreign institutional investors (QFII), and expanding relevant conveniences to all qualified institutions both inside and outside the country;

· Allowing qualified overseas companies to gradually issue stocks in the domestic capital market, and expanding residents' investment channels; Reducing restrictions on overseas institutions' issuance of RMB-denominated bonds;

· Improving the convertibility of individual's transactions under capital accounts, and promoting the convertibility of derivative financial tool transactions in a managed manner;

· Restricting the complicated financial derivatives disjointed with the real economy while encouraging rational innovation;

· Speeding up the establishment of deposit insurance policy, and improving the financial institutions' exit mechanism in a market-oriented way.



Además de la divisa, también es relevante para el Mercado la posibilidad que tengan los residentes para invertir en el exterior….¿negativo para el USD? diversificar siempre lo es.



Pero, no se inquieten: no es inmediato.



José Luis Martínez Campuzano

Estratega de Citi en España