Xinhua: No Need For Ordinary People to Buy Dollars

If you're not rich and not traveling or studying overseas, there's no need to buy U.S. dollars. So please, ordinary people, do not start buying U.S. dollars and making life miserable for our central bankers!
New Year's first week, the yuan against the dollar exchange rate of successive decline, brought back a lot of public enthusiasm to purchase foreign exchange, swaps of major banks to increase people. For ordinary families, configure the dollar really better than buying renminbi cost financial product? Experts and industry insiders said that most of the family and there is no need. From an investment point of view, a comprehensive weigh the risks and benefits.

Xicheng District, Beijing white-collar pak see the dollar's recent rally, on the use of lunch time to the unit near the Everbright Bank [ 2.02% funds research report ] for a $ 30,000, and the purchase for a period of 350 days of guaranteed dollar financial year rate of return of 1.2%. Pak algorithm is very simple, assuming that the RMB against the US dollar in 2016 and then devalued 5 percent, the overall earnings could reach 6.2 percent, 4.5 percent less than the current Bank of RMB financial definitely cost-effective.

"This algorithm is based on the expected short-term irrational movements on the conclusion that 6.2 percent of earnings has some uncertainty, the market is not always the case. If you can accept the same high-risk, can use RMB investment bank outside financial products, yields will be higher. " Merchants Bank [ 0.84% ​​funds research report ] Financial Market Zhang Zhiqing said the head of foreign exchange.

It is understood that the residents there are US dollar deposits, US financial, QD fund product three kinds of investment channels, but the investment rate of return is not high. One-year deposit rate is currently less than 1 percent to $ dollar finance between 1.1 to 2.2 percent, there is a certain management fee, both by the $ 50,000 annual limit on the amount to purchase foreign exchange. QD highest yielding channels, to go to more than 4 percent, but high-risk, high barriers to entry, operating trouble.

Chief macroeconomic researcher at Beijing Institute of Financial Derivatives Zhao Qingming, said the current channel and product domestic currency may invest less, few benefits. RMB exchange rate does not have a substantial downside, more importantly RMB investment portfolio yield will greatly exceed the possible depreciation. For most investors, if we can only choose the dollar deposit or foreign currency cash, you and uneconomical.

Bank of China [ 0.53% funds research report ] of the global financial markets, senior trader Hu Gang told reporters: "Comparison of RMB assets held in foreign currencies and which cost-effective, we must consider their own risk and investment income, taking into account the investment channels of Compliance and security. rush into battle, buying foreign currency to follow suit, it may outweigh the benefits. "

Reporters visited the Bank of China, Construction Bank, ICBC, China Everbright Bank in Beijing and a number of bank branches, each person could be seen waiting to purchase foreign exchange in twos and threes. According to many bankers, the current retail customers and corporate customers to purchase foreign exchange is indeed relatively concentrated, but most still substantially from the real needs of enterprises to purchase foreign exchange debt, locking risk, residents, compared with study, travel . For some high-net-worth clients, private banking unit will be recommended configuration around 10-25 percent of foreign exchange assets.

Engage in foreign exchange trading for many years 张治青 recommendation whether ordinary people must configure exchange, one look at household balance sheets, net investable assets include cash, stocks, bonds, including the ability to reach more than one million yuan number; the second is to see there is no tourist and just need to study abroad. If they do not have, then configure the demand of foreign currency assets is not necessary.

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