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Sources: All of the information stated in this article is based on reliable sources, and is detailed at the end of the article
The first quarter of this year has passed, and the per capita deposit in the mainland is 108,400 yuan, close to 110,000 yuan.
Although the mainland's domestic economy had a very good growth situation in the first quarter, the situation of international currency payments has undergone earth-shaking changes, and many people have even begun to speculate that the financial and monetary defense war in Asia has begun. Will the money in our hands be affected?
The US dollar pauses interest rate cuts, and the Asian currency war may begin?
According to the release of SWIFT (Society for Worldwide Financial Telecommunication), with the release of the news that the Federal Reserve will pause interest rate cuts, the price of the dollar has risen again, and has risen to 47.3%, but it is precisely because of this that the international currency has had a serious impact, of which the euro has fallen directly to 21.9% under the influence, which is an unimaginable loss.
Of course, in addition to the euro, many Asian countries have also begun to encounter unprecedented challenges in their currencies because of the dollar's interest rate hike and the suspension of interest rate cuts, and even South Korea and Japan, which have historically hostile relations, are rarely standing together, which is very worrying.
You must know that since the Bretton Woods system in 1944, the US dollar is still one of the strongest currencies in the world, especially since the US dollar began to raise interest rates in 2022, the influence of the US dollar in the international arena has changed dramatically.
Originally, many countries thought that the Federal Reserve would start to slowly cut interest rates this year, but what people didn't expect was that they announced a pause in interest rate cuts, which made many countries in Asia feel the crisis, thinking about it from another angle, the interest rate of the dollar is 5%, and there is no interest rate cut, which has caused many people to want to buy dollars, resulting in no one buying other currencies, which has caused a sharp depreciation of the national currency.
According to the report of the global network, the exchange rate of the yen against the United States has reached the lowest value in 34 years, once falling below 154, and South Korea's own currency has hit the lowest point in 22 years, followed by the Indonesian currency, the Indian rupee and the Vietnamese currency have suffered successive declines, of which the yen is even more serious, and many people have speculated that international capital may be interested in shorting the yen.
Nowadays, many tourists from all over the world come to Japan to buy luxury goods, because the yen has fallen by 30%, which is equivalent to a 7% discount, who can bear this kind of cheapness.
However, in the face of such a situation, although Japan and South Korea have maintained the same, but the momentum is not arrogant at all, now in order to protect the country's currency, the Bank of Indonesia directly announced the purchase of its own rupiah, and Japan is announced to raise interest rates by 0.1%, which is simply a big joke in the world, this kind of interest rate hike is not different from the US dollar, so international capital saw the yen so, directly bought a large number of them, which caused the yen to fall seriously, and they began to short the yen.
According to the official report of Xinhua Finance client, now Japan and South Korea have begun to prepare to work together to protect their currencies, as for whether they can stop falling and whether they can win the currency defense war, it depends on how they operate.
However, seeing this, many people may ask, if the currencies of other countries are like this, will the mainland's renminbi be affected?
Is the RMB advantage coming?
With the end of US Treasury Secretary Janet Yellen's visit to China, in addition to uniting with the Philippines and other Asian countries, the United States has also maintained a very subtle attitude towards the mainland financially, and it is estimated that it also wants to see the renminbi fall like the yen.
However, judging from the current form of banking and finance and GDP growth on the mainland, this seemingly "financial defense war" in Asia will not affect us.
However, some capitalists have not given up on the impact on the price of the yuan, such as Standard Chartered Bank, which has even launched a policy of up to 10% profit, the most important thing is to deposit it for a month, and it must be in US dollars.
Isn't this policy just for everyone to exchange the yuan for dollars and then invest, and the 10% profit is indeed very attractive, but the price of the yuan still hasn't fallen much.
Not only that, according to a report by the U.S. Treasury Department, the mainland has also sold $22.7 billion in debt one after another, which is the second time this year that it has reduced its position.
This year, the fiscal deficit of the United States has exceeded 1.6 trillion US dollars, and the unlimited printing and issuance of US dollars and interest rate hikes have affected the status of the US dollar in the international community.
Not only that, China, as the world's second largest economy, is an all-round development of industrial power, the development of the whole process of manufacturing is inseparable from the support of the state, financial strength is not ordinary people can shake, even if the United States and some other capitalists intentionally want to make China's financial breakdown, that is nonsense.
In 1998, we remember the relevant exchange rate defense war vividly, China's economy will never happen again by foreign countries to short the thing, and our savings will not be affected, this seems to be another "currency defense war" of the "financial war", for us is just an economic upgrade!
Reference:
The Financial Associated Press issued an article on April 17 - Powell's last speech before the silence period "Eagle Voice": The postponement of interest rate cuts has been "closed in the coffin"?
Economic Daily2024-04-22 06:15 - Yen volatility may lead to a resurgence of inflation
Japanese media: Investors continue to be short, and the depreciation of the yen is "under great pressure"-Global Network2024-04-09 06:54
"Financial Analysis" The joint statement of the United States, Japan and South Korea rarely points to the exchange rate, and the possibility of joint intervention increases-Xinhua Finance client2024-04-18 14:17
South Korea and Japan jointly shouted that the currencies of Asian countries rebounded-Beijing Business Daily2024-04-18 23:53
The yen hit a 34-year low against the US dollar——Global Times2024-04-16 09:42
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