There’s an old Chinese curse that says, “May you live in interesting times”.
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It also said it would permit more foreign investors to trade in the mainland yuan market now dominated by Chinese banks.
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Despite these challenges, China’s leaders anticipate that, in the longer term, the renminbi’s inclusion in the SDR basket will help to bring about the currency’s steady appreciation and, by serving as a kind of certification of credibility, support its continued internationalization.
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While the amended law can not be applied retrospectively to cover the convict, its supporters say it will act as a deterrent. The parents had led protests calling for the bill to be amended, labelling the existing law as too weak.
For years, most Zimbabweans have been conducting everyday business using foreign currencies like the USA dollar in an official multi-currency system.
Mugabe has placed great importance on Zimbabwe’s relations with China, especially after the 2003 standoff with the European Union that resulted in the economic depression when the interest rate shot up to nearly 600 percent.
The renminbi, China’s currency, is witnessing interesting times in the second half of 2015. Hong Kong’s house prices, which more than doubled from 2009, may drop as much as 20 per cent in the next three to six months, Bocom forecast. Being included in the quota would give China a voice in the decision making at the International Monetary Fund.
The yuan’s strong correlation with the dollar has eroded recently, argues Ju Wang, a senior FX strategist at HSBC. Since the Chinese government tends to exert a lot of control over the currency, many observers are trying to figure out what the Chinese government’s ultimate goal is. Hot money that entered China with fake export invoicing, metals purchases and disguised foreign investment is now heading for the exit. The gap between Chinese and USA five-year government bond yields has narrowed 86 basis points this year to 100 basis points, lessening the appeal of the Asian nation’s notes. This may be a preemptive move to control the fall of the yuan when the dollar is devalued.
Unexpectedly, the currency was set at 6.4753 to the U.S. dollar on Monday, compared to 6.4810 on Friday, according to Bloomberg, after falling 1.5 per cent over 10 days.
China has a lot to lose if the yuan sinks too much, too quickly. “However, a lighter intervention touch from the PBOC would also imply that existing negative market forces will take over and drive the yuan weaker”.
China is increasing its influence across Africa by developing resources and opening businesses, as well as becoming an important trading partner.
In an interview with NewsDay Buy Zimbabwe chief economist, Kipson Gundani said Zimbabwe has a multiple currency system and the Chinese yuan is already part of it, but this move will have little impact, as consumers will always determine what is convenient for them, which at the moment is the United States dollar. The value of the world’s most liquid currency is commonly expressed with reference to a dollar index.
But many strategists, including HSBC, do not think a basket-based regime such as Singapore’s is a viable outcome for Chinese policy.
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Steven Leung, head of institutional sales at UOB Kay Hian, said that foreign investors will be hard pressed to feel convinced by these targets, calling the plan a “dream only”.
