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經濟持續回升向好 2024年人民币匯率“穩”的基礎牢固

經濟持續回升向好 2024年人民币匯率“穩”的基礎牢固

去年以來,美元利率水準高企,全球避險情緒上升,推動美元指數升高,帶動非美元貨币對美元集體貶值。得益于大陸經濟持續回升向好,人民币對一籃子

貨币基本穩定,對非美元貨币有所升值。整體來看,2023年人民币匯率雙向波動,11月以來企穩回升,在合理均衡水準上保持基本穩定,匯率預期總體平穩。

展望今年的人民币匯率表現,中國人民銀行行長潘功勝近期在國新辦舉行的新聞釋出會上表示,匯率短期的影響因素是多元的,比如經濟增長、貨币政策、金融市場、地緣政治、風險事件等,中長期走勢在根本上取決于經濟基本面。

2024年人民币匯率将繼續在合理的均衡水準上保持基本穩定。

中國民生銀行首席經濟學家溫彬認為,随着大陸各項政策舉措不斷發揮效應,經濟運作持續回升向好,人民币資産将持續具有吸引力,疊加美元指數走勢趨弱,2024 年人民币将平穩運作并有所回升。

人民币匯率企穩回升

2023年,主要發達經濟體利率維持高位,大陸經濟回升向好,但仍面臨有效需求不足、預期偏弱等問題。在此背景下,人民币匯率先升後貶,至年末企穩回升。2023年年末,人民币對美元匯率中間價為7.0827比1,較2022年末下跌1.7%,較2023年6月末上漲2%。中國人民銀行副行長、國家外彙管理局局長朱鶴新撰文指出,2023年人民币匯率雙向波動,總體在合理均衡水準上保持基本穩定,在全球貨币中表現穩健,發揮了宏觀經濟和國際收支自動穩定器功能。

回顧2023年全年人民币匯率走勢,中銀證券全球首席經濟學家管濤分析稱,大緻可分為三個階段。第一階段為“強預期、弱現實”背景下的強勢反彈行情。第二階段為預期部分兌現背景下的震蕩調整行情。第三階段則為外圍環境回暖帶動的止跌回升行情。去年11月初至12月末,美聯儲緊縮預期緩解、美國通脹超預期回落帶動美元指數快速回調和美債收益率大幅回落,人民币對美元中間價升至7.10附近,人民币對美元即期匯率升至7.10左右。

對于去年年底人民币匯率的企穩,溫彬進一步分析稱,去年11 月上旬以來,伴随着美元指數的高位回落,疊加國内經濟增長恢複向好、中央金融工作會議和中央經濟工作會議接連釋放“穩預期”信号、中美關系有所改善等因素,人民币對美元大幅走升。

需要注意的是,評判人民币對外币值強弱不能隻看雙邊匯率,還要結合其他貨币看多邊匯率。對此,管濤分析稱,2023年,在岸和離岸人民币匯率交易價分别下跌2%和2.5%。同期,新興市場國家貨币指數下跌3.8%,我們的鄰國貨币,日元下跌7.3%,韓元下跌2.7%,馬來西亞林吉特下跌3.9%,其跌幅均大于人民币。

此外,值得注意的是,人民币匯率走勢與美元指數也有所分化,受國内因素影響程度增加。《2023年銀行間外彙市場運作報告》顯示,2023年全年人民币匯率與美元指數相關性為39.9%,較2022年大幅下降50.1個百分點,反映出人民币匯率受美元指數影響大幅下降,更多受國内經濟等因素主導。

匯率穩定基礎更加堅實

開年以來,跨境資本流動平穩有序,外彙市場供求基本平衡,市場預期總體穩定,人民币匯率延續了2023年下半年以來穩的走勢。2024年2月5日,人民币對美元匯率中間價為7.1070,與上年末基本持平。

展望下一階段人民币匯率走勢,市場普遍預期,随着經濟繼續回升向好,外部壓力不斷緩解,2024年人民币匯率“穩”的基礎更為牢固。“2024年人民币匯率将在合理均衡水準上運作,在雙向波動中全年或将表現出小幅度升值。”國家發展與戰略研究院研究員王晉斌表示。

興業證券宏觀首席段超進一步分析稱,2023年11月以來,随着外部加息周期見頂愈加明确、國内經濟恢複形勢趨穩,人民币匯率承壓緩解。展望2024年,美聯儲降息方向确定,中國經濟穩健恢複、政策積極适度,中美經濟貨币周期錯位大機率會經曆回調,人民币匯率也會得到支撐。

談及支撐人民币匯率的主要因素,潘功勝分析稱,一是大陸經濟具有良好穩固的基本面,保持長期向好的總體趨勢,這是人民币匯率基本穩定的重要基礎;二是中美貨币政策周期的錯位有望得到改善,将推動中美利差趨于收斂,有助于人民币匯率和跨境資金流動更加趨于穩定和平衡;三是人民币資産具有較好的投資和避險價值;四是匯率穩定的微觀基礎更加堅實。

匯率走勢根本上取決于經濟基本面,大陸經濟後續回升動力較強,有望對人民币匯率未來走勢形成支撐。去年三季度以來,大陸經濟整體好于預期,工業企穩,服務業提速,消費增速顯著回升,基建投資邊際企穩,制造業投資延續回升,居民收入與就業形勢向好,經濟增長和通脹的底部基本已經形成,回穩向好勢頭正得到鞏固。近日,國際貨币基金組織(IMF)在更新的《世界經濟展望》報告時預計,中國2024年和2025年的經濟增速分别為4.6%和4.1%,相較于2023年10月的預測,中國2024年的經濟增速被上調了0.4個百分點。“後續随着經濟動能進一步改善,人民币匯率大機率會溫和回升。”溫彬表示。

日前,人民銀行宣布于2月5日降準0.5個百分點,這次降準不論是時機還是幅度,均超出市場預期,展現了貨币政策的前瞻性。管濤分析稱,在内外部不确定不穩定因素依然較多的背景下,人民銀行這次選擇年初超預期降準,展現了貨币政策繼續做好逆周期調節,靠前發力、适時加力鞏固和增強經濟回升向好态勢,有利于持續改善宏觀經濟基本面,從根本上穩市場、穩信心,夯實人民币匯率穩定的基礎。

穩匯率政策工具充足

去年5月以來,内外因素交織加大人民币匯率貶值壓力。對此,人民銀行、外彙局連續出招,果斷打開政策工具箱,通過加強預期管理、下調外彙存款準備金率、上調全口徑跨境融資宏觀審慎調節參數等方式,積極穩妥應對人民币匯率貶值壓力。總的看,一系列政策舉措穩住了市場預期,外彙市場運作總體有序,近兩月人民币匯率大幅反彈。

去年年底召開的中央經濟工作會議和中央金融工作會議強調,要保持人民币匯率在合理均衡水準上的基本穩定。對此,溫彬預計,2024 年穩匯率政策舉措将持續發力顯效,鑒于大陸匯率管理工具較為豐富,将足以保證人民币匯率在合理均衡水準上的基本穩定。

過去幾年,在應對多輪外部沖擊的過程中,人民銀行、外彙局積累了豐富的經驗,也具有充足的政策工具儲備。“人民銀行、外彙局作為外彙市場的監管者,有經驗、有能力、有信心應對各種沖擊和挑戰,維護大陸外彙市場的穩定運作。”潘功勝表示,下一階段,人民銀行、外彙局将繼續按照黨中央、國務院決策部署,堅持匯率主要由市場供求決定,保持人民币匯率彈性,發揮匯率調節宏觀經濟和國際收支自動穩定器的功能。同時,堅持底線思維,豐富應對工具,防範匯率超調風險,防止形成單邊一緻性預期并自我強化。

對2024年外彙領域的重點工作,朱鶴新也談到,2024年外彙管理部門将合理引導外彙市場預期,防範跨境資金異常流動風險,保持人民币匯率在合理均衡水準上的基本穩定,維護國際收支基本平衡,堅決守住不發生系統性金融風險底線。

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.6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #e17719;--weui-TAG-BACKGROUND-ORANGE: rgba(225, 119, 25, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #007dbb;--weui-TAG-BACKGROUND-BLUE: rgba(0, 125, 187, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care][data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-mode=care][data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, 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#2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, 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#259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-REDORANGE: #ff6146;--weui-BG-0: 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