不要赌人民币升贬值!这一重磅会议罕见示警 不能用汇率升值抵消大宗商品涨价

2021年05月28日 20967点热度 0人点赞 3,660条评论

不要赌人民币升贬值!这一重磅会议罕见示警 不能用汇率升值抵消大宗商品涨价

人民币(6.3686-0.0146-0.23%)汇率更加市场化后,汇率涨跌是常态,企业要树立“风险中性”理念,避免偏离风险中性的“炒汇”行为。

5月27日,全国外汇市场自律机制第七次工作会议在北京召开。此次会议对汇率的表态较为少见,引发市场高度关注。会议认为,未来,影响汇率的市场因素和政策因素很多,人民币既可能升值,也可能贬值。没有任何人可以准确预测汇率走势。汇率不能作为工具,既不能用来贬值刺激出口,也不能用来升值抵消大宗商品价格上涨影响。关键是管理好预期,坚决打击各种恶意操纵市场、恶意制造单边预期的行为。

不要赌人民币升贬值!这一重磅会议罕见示警 不能用汇率升值抵消大宗商品涨价

尽管近期人民币兑美元汇率走势强劲,创下近三年来的高点,但市场的注意力过度聚焦在人民币兑美元汇率,而忽略了人民币兑一篮子货币的表现,后者才是反映人民币实际有效汇率的更重要指标。即便是在人民币兑美元汇率明显升值的近两个月,CFETS人民币汇率指数4月以来的升幅仅有0.32%左右,远小于人民币兑美元的升幅。

不少分析人士提醒,今年美元指数(90.08680.07400.08%)下行空间有限,下半年不排除波动向上的可能。这意味着今年人民币兑美元汇率整体上将处于“有升有贬”的双向波动格局。随着人民币汇率市场化定价机制的深化,汇率双向波动的趋势将更明显。

定调:汇率不能用来升值抵消大宗商品价格上涨

据人民银行官网消息,5月27日,全国外汇市场自律机制第七次工作会议在北京召开,全国外汇市场自律机制30家成员机构代表参加会议,会议选举中国银行行长刘金为新一届全国外汇市场自律机制主任委员,审议通过了全国外汇市场自律机制成员分层调整方案以及自律规范修订事宜。外汇自律机制成员机构专题就风险中性相关工作进行交流。中国外汇市场指导委员会(CFXC)主任委员、人民银行副行长刘国强出席并讲话,副主任委员、国家外汇管理局副局长王春英,外汇自律机制相关指导司局和外汇市场指导委员会委员参加会议。

会议认为,当前外汇市场总体平衡。未来,影响汇率的市场因素和政策因素很多,人民币既可能升值,也可能贬值。没有任何人可以准确预测汇率走势。不论是短期还是中长期,汇率测不准是必然,双向波动是常态,不论是政府、机构还是个人,都要避免被预测结论误导。以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度适合中国国情,应当长期坚持。在这一汇率制度下,汇率不能作为工具,既不能用来贬值刺激出口,也不能用来升值抵消大宗商品价格上涨影响。关键是管理好预期,坚决打击各种恶意操纵市场、恶意制造单边预期的行为。

可以看出,上述表态对近期市场上关于人民币汇率会在中长期升值、央行将放弃汇率目标等观点集中作用回应,并再次强调人民币汇率以市场供求为基础。

华创证券首席宏观分析师张瑜对证券时报·券商中国记者表示,结合近期官方对汇率的表态看,可以看出央行对人民币汇率水平并不预设点位,而是更多交由市场决定,汇率弹性会进一步加大,只有市场存在过度交易惯性的时候才会做适度的预期指引。

此外,值得注意的是,国际大宗商品价格暴涨背景下,通过人民币升值以帮助对抗输入性通胀的呼声渐高。此次会议明确“汇率不能作为工具,不能用来升值抵消大宗商品价格上涨影响”,也算是直接否定了此种提议。

平安证券首席经济学家钟正生也表示,本轮中国大宗商品涨价不能单纯定义为输入性,国内政策因素和部分核心原材料供应不足也起到了关键影响。应对本轮通胀压力还需多措并举,以缓和国内大宗商品供应紧张问题为着眼点。至于人民币汇率的走势,还是交给市场供求和国际金融市场变化决定为好,不必也不宜对其赋予更多的“念想”。

别只盯着人民币兑美元汇率

4月以来,人民币兑美元汇率重回升势,近日更是一路“高歌猛进”。截至5月27日16:30,在岸人民币兑美元汇率日间收盘报6.3758,较上一交易日涨172个基点,继续刷新三年来高位。

不要赌人民币升贬值!这一重磅会议罕见示警 不能用汇率升值抵消大宗商品涨价

不过,尽管近期人民币兑美元汇率走势强劲,人民币兑一篮子货币的表现更为“淡定”。今年以来,CFETS人民币汇率指数升幅近2.5%,4月以来升幅更是仅有0.32%左右,远小于同期在岸人民币兑美元超2%的升幅。

不要赌人民币升贬值!这一重磅会议罕见示警 不能用汇率升值抵消大宗商品涨价

人民币兑美元汇率近期的显著升值,主要源于美元指数走弱和国内经济持续复苏的影响。目前美元指数围绕90上下波动,较4月初以来已下跌近3%,但同期人民币兑美元汇率的升幅弱于美元指数的下跌幅度。

嘉盛集团资深分析师Joe Perry表示,近期美元的弱势是合理的回调,美联储对货币政策是否调整的态度还较为模糊,这导致美元愈发弱势,美元动能甚至不及卢布。在人⺠币对美元升值的同时,其实人⺠币对欧元(1.2182-0.0011-0.09%)英镑(1.4192-0.0008-0.06%)、加元等今年3月以来都是在走弱而非走强,对一篮子货币的表现都并不非常强势,这似乎可以解释中国央行近期“淡定”的态度。“我们发现,本周以来,人民币中间价与我们的模型预测基本吻合,这说明中国央行放手于市场的态度”。

国家发展与战略研究院研究员、中国宏观经济论坛(CMF)主要成员王晋斌也撰文称,4月初以来人民币对美元升值幅度小于美元指数的贬值幅度,可以发现人民币升值的驱动因素出现了边际递减趋势,这也说明人民币未来升值的空间在减少。其次,人民币兑美元双边汇率的变动幅度要明显大于人民币兑一篮子货币汇率的变动幅度,说明人民币汇率形成机制中贸易汇率的稳定性优先。

不要赌汇率升贬值,久赌必输

正如会议所说,没有任何人可以准确预测汇率走势,汇率测不准是必然,双向波动是常态。张瑜也表示,短期来看,人民币汇率的准确研判几乎不可能的,就是自由波动,由内外盘定价机制决定。从一年纬度的中期趋势看,由于美元指数在未来一年内有一波反弹的概率依然较高,押注人民币升值的要慎重。

随着人民币汇率双向波动成常态,对市场主体而言,重点不是赌人民币汇率的单边升值,而是要对人民币汇率波动的日益加大提前做好准备,做好财务规划,规避汇率风险。

会议就强调,企业和金融机构都应积极适应汇率双向波动的状态。企业要聚焦主业,树立“风险中性”理念,避免偏离风险中性的“炒汇”行为,不要赌人民币汇率升值或贬值,久赌必输。金融机构不仅不能帮助企业“炒汇”,自身也不宜“炒汇”,否则不利于银行稳健经营,还会造成汇率大起大落。

近期,监管高层密集对人民币汇率释放信号。5月23日,人民银行副行长刘国强表示,人民银行完善以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度,这一制度在当前和未来一段时期都是适合中国的汇率制度安排。未来人民币汇率的走势将继续取决于市场供求和国际金融市场变化,双向波动成为常态。人民银行将注重预期引导,发挥汇率调节宏观经济和国际收支自动稳定器作用,保持人民币汇率在合理均衡水平上的基本稳定。

金融委5月21日召开会议时也强调,进一步推动汇率市场化改革,保持人民币汇率在合理均衡水平上的基本稳定。

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    The rocket, which stands about as tall as a 30-story building, consists of several parts: The first-stage rocket booster gives the initial thrust at liftoff. Atop the booster is an upper rocket stage that includes a cargo bay protected by a nose cone that will house experimental technology for this mission.

    And, in an attempt to replicate the success that SpaceX has found reusing rocket boosters over the past decade, Blue Origin will also aim to guide New Glenn’s first-stage rocket booster back to a safe landing on a seafaring platform — named Jacklyn for Bezos’ mother — minutes after takeoff.

    Like SpaceX, Blue Origin will seek to recover, refurbish and reuse first-stage rocket boosters to drive down costs.

    For this inaugural mission, a smooth flight is not guaranteed.

    But the eventual success of New Glenn, named after storied NASA astronaut John Glenn, is instrumental to some of Blue Origin’s most ambitious goals.

    The rocket could one day power national security launches, haul Amazon internet satellites to space and even help in the construction of a space station that Blue Origin is developing with commercial partners.

    2025年1月13日
  • Rogerhax

    What New Glenn will do
    In some ways, New Glenn has already made its mark on the launch industry. Blue Origin has for years pitched the rocket to compete with both SpaceX and United Launch Alliance — a joint venture of Boeing and Lockheed Martin that buys engines from Blue Origin — for lucrative military launch contracts.
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    The US Space Force selected Blue Origin, ULA and SpaceX in June to compete for $5.6 billion worth of Pentagon contracts for national security missions slated to launch over the next four years.
    Blue Origin also has deals with several commercial companies to launch satellites. The contracts include plans to help deploy Amazon’s Kuiper internet satellites and a recently inked deal with AST SpaceMobile to help launch the Midland, Texas-based company’s space-based cellular broadband network.

    New Glenn could also be instrumental in building Blue Origin’s planned space station, called Orbital Reef. Blue Origin and it commercial partners, including Sierra Space and Boeing, among others, hope the station will one day provide a new destination for astronauts as the International Space Station is phased out of service.
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    New Glenn vs. other powerful rockets
    New Glenn packs significant power. Dubbed a “heavy-lift” vehicle, its capabilities lie between SpaceX’s Falcon 9 rocket and the more powerful Falcon Heavy launch vehicle.

    SpaceX’s workhorse Falcon 9, for example, can haul up to 22.8 metric tons (50,265 pounds) to space. While New Glenn is capable of carrying about double that mass, it may also be roughly the same price as a Falcon 9: reportedly around $60 million to $70 million per launch.

    “I think in order to compete with Falcon 9, you have to go head-to-head or better on price,” said Caleb Henry, the director of research at Quilty Space, which provides data and analysis about the space sector.

    The question, however, is whether Blue Origin will be able to sustain a competitive price point, Henry added.

    Still, one feature that makes New Glenn stand out is its large payload fairing, or nose cone. The component protects the cargo bay and is a whopping 23 feet (7 meters) wide — nearly 6 feet (2 meters) larger than that of SpaceX’s Falcon 9 or Falcon Heavy.

    Henry said Blue Origin likely opted to outfit New Glenn with such a large fairing in order to help fulfill Bezos’ vision of the future.

    2025年1月13日
  • JeremyVeS

    What’s on board this flight
    Blue Origin had planned to launch a pair of Mars-bound satellites on behalf of NASA for the first flight of New Glenn.

    But delays with the rocket’s development prompted the space agency to change course, moving that flight to this spring at the earliest. So for this inaugural flight, Blue Origin opted to instead fly a “demonstrator” that will test technology needed for the company’s proposed Blue Ring spacecraft — which will aim to serve as a sort of in-space rideshare vehicle, dragging satellites deeper into space when needed.
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    The demonstrator on this New Glenn flight will remain aboard the rocket for the entire six-hour flight, Blue Origin said, and it will validate “communications capabilities from orbit to ground” as well as “test its in-space telemetry, tracking and command hardware, and ground-based radiometric tracking.”

    The Blue Ring Pathfinder demonstrator is part of a deal Blue Origin inked with the US Department of Defense’s Defense Innovation Unit.
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    Why Blue Origin wants to reuse rockets
    Similar to SpaceX, Blue Origin is aiming to recover and refly its first-stage rocket boosters in a bid to make launches less expensive.

    “Reusability is integral to radically reducing cost-per-launch,” the company said in a recent news release, using the same oft-repeated sentiment that SpaceX has touted since it began landing rocket boosters in 2015.
    Bezos, however, has acknowledged the importance of reusing rocket parts since he founded the company in 2000 — two years before Musk established SpaceX. And the company has already developed its suborbital New Shepard tourism rocket to be reusable.
    “It’s not a copy cat game,” Henry said. “Blue Origin has been pursuing reusable vehicles since before reusable vehicles were cool. Now it’s much more of a mainstream idea (because of SpaceX). The difference is that it’s taken Blue Origin so much longer to get to orbit.”

    If successful, returning the New Glenn rocket booster for a safe landing will be a stunning feat. After expending most of its fuel to propel the rocket’s upper stage to space, the first-stage booster will need to make a clean separation. The booster must then maneuver with pinpoint guidance and reignite its engines with precision timing to avoid crashing into the ocean or the Jacklyn recovery platform.

    2025年1月13日
  • Bryannaf

    New Glenn’s first flight
    Blue Origin formally announced the development of New Glenn — which aims to outpower SpaceX’s Falcon 9 rockets and haul spacecraft up to 45 metric tons (99,200 pounds) to orbit — in 2016.
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    The vehicle is long overdue, as the company previously targeted 2020 for its first launch.

    Delays, however, are common in the aerospace industry. And the debut flight of a new vehicle is almost always significantly behind schedule.

    Rocket companies also typically take a conservative approach to the first liftoff, launching dummy payloads such as hunks of metal or, as was the case with SpaceX’s Falcon Heavy debut in 2018, an old cherry red sports car.
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    Blue Origin has also branded itself as a company that aims to take a slow, diligent approach to rocket development that doesn’t “cut any corners,” according to Bezos, who founded Blue Origin and funds the company.

    The company’s mascot is a tortoise, paying homage to “The Tortoise and the Hare” fable that made the “slow and steady wins the race” mantra a childhood staple.

    “We believe slow is smooth and smooth is fast,” Bezos said in 2016. Those comments could be seen as an attempt to position Blue Origin as the anti-SpaceX, which is known to embrace speed and trial-and-error over slow, meticulous development processes.
    But SpaceX has certainly won the race to orbit. The company’s first orbital rocket, the Falcon 1, made a successful launch in September 2008. The company has deployed hundreds of missions to orbit since then.

    And while SpaceX routinely destroys rockets during test flights as it begins developing a new rocket, the company has a solid track record for operational missions. SpaceX’s Falcon 9 rocket, for example, has experienced two in-flight failures and one launchpad explosion but no catastrophic events during human missions.

    2025年1月13日
  • Ernesther

    On a long-dormant pad in Florida, a rocket that could challenge SpaceX’s dominance is poised to launch
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    On a Florida launchpad that has been dormant for almost two decades, a new, roughly 320-foot (98-meter) rocket — developed by Jeff Bezos’ company Blue Origin — is poised for its maiden flight.

    The uncrewed launch vehicle, called New Glenn, will mark Blue Origin’s first attempt to send a rocket to orbit, a feat necessary if the company hopes to chip away at SpaceX’s long-held dominance in the industry.

    New Glenn is set to lift off from Cape Canaveral Space Force Station as early as next week.
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    The rocket, which stands about as tall as a 30-story building, consists of several parts: The first-stage rocket booster gives the initial thrust at liftoff. Atop the booster is an upper rocket stage that includes a cargo bay protected by a nose cone that will house experimental technology for this mission.

    And, in an attempt to replicate the success that SpaceX has found reusing rocket boosters over the past decade, Blue Origin will also aim to guide New Glenn’s first-stage rocket booster back to a safe landing on a seafaring platform — named Jacklyn for Bezos’ mother — minutes after takeoff.

    Like SpaceX, Blue Origin will seek to recover, refurbish and reuse first-stage rocket boosters to drive down costs.

    For this inaugural mission, a smooth flight is not guaranteed.

    But the eventual success of New Glenn, named after storied NASA astronaut John Glenn, is instrumental to some of Blue Origin’s most ambitious goals.

    The rocket could one day power national security launches, haul Amazon internet satellites to space and even help in the construction of a space station that Blue Origin is developing with commercial partners.

    2025年1月13日
  • TommyNeike

    New Glenn’s first flight
    Blue Origin formally announced the development of New Glenn — which aims to outpower SpaceX’s Falcon 9 rockets and haul spacecraft up to 45 metric tons (99,200 pounds) to orbit — in 2016.
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    The vehicle is long overdue, as the company previously targeted 2020 for its first launch.

    Delays, however, are common in the aerospace industry. And the debut flight of a new vehicle is almost always significantly behind schedule.

    Rocket companies also typically take a conservative approach to the first liftoff, launching dummy payloads such as hunks of metal or, as was the case with SpaceX’s Falcon Heavy debut in 2018, an old cherry red sports car.
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    Blue Origin has also branded itself as a company that aims to take a slow, diligent approach to rocket development that doesn’t “cut any corners,” according to Bezos, who founded Blue Origin and funds the company.

    The company’s mascot is a tortoise, paying homage to “The Tortoise and the Hare” fable that made the “slow and steady wins the race” mantra a childhood staple.

    “We believe slow is smooth and smooth is fast,” Bezos said in 2016. Those comments could be seen as an attempt to position Blue Origin as the anti-SpaceX, which is known to embrace speed and trial-and-error over slow, meticulous development processes.
    But SpaceX has certainly won the race to orbit. The company’s first orbital rocket, the Falcon 1, made a successful launch in September 2008. The company has deployed hundreds of missions to orbit since then.

    And while SpaceX routinely destroys rockets during test flights as it begins developing a new rocket, the company has a solid track record for operational missions. SpaceX’s Falcon 9 rocket, for example, has experienced two in-flight failures and one launchpad explosion but no catastrophic events during human missions.

    2025年1月13日
  • PedroBax

    Chile’s President Boric leads journey to South Pole in historic trip
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    Chile’s President Gabriel Boric travelled to Antarctica’s South Pole on Friday, a place where no other Latin American president has set foot, according to the Chilean government.

    Boric led the historic two-day trip, named Operation Pole Star III, to extend the environmental monitoring of pollutants on Antarctica, Chile’s government said in a statement.

    He travelled with scientists, armed forces commanders and government ministers from the Chilean capital of Santiago to Punta Arenas, a city in southern Chile, public broadcaster Television Nacional de Chile (TVN) reported. From there, they made several stops before finally reaching the US-run Amundsen-Scott South Pole Station, according to TVN.
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    Chile is one of seven countries that has a territorial claim in Antarctica, alongside Argentina, Australia, France, New Zealand, Norway and the United Kingdom.

    It is also a signatory of the Antarctic Treaty, which dictates that the continent may only be used for peaceful and scientific purposes.

    While Chile has historically carried out scientific activity in Antarctica’s northern sector, the country’s government is now hoping to expand research into the west of the continent, its statement said.
    Boric called his trip to the South Pole an “honor” and a source of pride, TVN reported.

    “This is a milestone for us. It is the first time a Chilean and Latin American President has visited the South Pole,” he said, according to TVN.

    2025年1月13日
  • StacyReers

    Scientists have identified an estimated 10% of all species on Earth. Here’s what they found in 2024
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    A toothy toadstool. A vegetarian piranha with a distinctive mark. And a pygmy pipehorse floating in the Indian Ocean shallows.

    These wild wonders were among the hundreds of previously unknown species of animals, plants and fungi that scientists named and described for the first time in 2024, expanding our surprisingly limited knowledge of Earth’s diversity.

    “Scientists estimate that we’ve identified only one-tenth of all species on Earth,” said Dr.
    Shannon Bennett, chief of science at the California Academy of Sciences, in a statement.

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    “While it is critical to place protections on known threatened species, we must also allocate resources towards identifying unknown species that may be just as important to the functioning of an ecosystem,” Bennett said.

    Researchers connected to the institution described 138 new species in 2024, including 32 fish. One standout was a pygmy pipehorse named Cylix nkosi. The seahorse relative was originally found in 2021 in the cool temperate waters surrounding the North Island of New Zealand, but the species described this year was discovered in the subtropical waters off South Africa, expanding the known range of this group to the Indian Ocean

    “South African reefs present notoriously difficult diving conditions with rough weather and intense, choppy waves — we knew we only had one dive to find it,” underwater photographer and marine biologist Richard Smith said in a statement.
    “This species is also quite cryptic, about the size of a golf tee, but luckily we spotted a female camouflaged against some sponges about a mile offshore on the sandy ocean floor.”

    The researchers involved in describing the new species chose nkosi as its name. A reference to the local Zulu word for “chief,” the name reflects the species’ crown-like head shape and acknowledges South Africa’s KwaZulu-Natal province where it was found.

    2025年1月13日
  • Mosesjek

    The survivors of recent crashes were sitting at the back of the plane. What does that tell us about airplane safety?
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    Look at the photos of the two fatal air crashes of the last two weeks, and amid the horror and the anguish, one thought might come to mind for frequent flyers.

    The old frequent-flyer adage is that sitting at the back of the plane is a safer place to be than at the front — and the wreckage of both Azerbaijan Airlines flight 8243 and Jeju Air flight 2216 seem to bear that out.
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    The 29 survivors of the Azeri crash were all sitting at the back of the plane, which split into two, leaving the rear half largely intact. The sole survivors of the South Korean crash, meanwhile, were the two flight attendants in their jumpseats in the very tail of the plane.

    So is that old adage — and the dark humor jokes about first and business class seats being good until there’s a problem with the plane — right after all?

    In 2015, TIME Magazine reporters wrote that they had combed through the records of all US plane crashes with both fatalities and survivors from 1985 to 2000, and found in a meta-analysis that seats in the back third of the aircraft had a 32% fatality rate overall, compared with 38% in the front third and 39% in the middle third.

    Even better, they found, were middle seats in that back third of the cabin, with a 28% fatality rate. The “worst” seats were aisles in the middle third of the aircraft, with a 44% fatality rate.
    But does that still hold true in 2024?

    According to aviation safety experts, it’s an old wives’ tale.

    “There isn’t any data that shows a correlation of seating to survivability,” says Hassan Shahidi, president of the Flight Safety Foundation. “Every accident is different.”

    “If we’re talking about a fatal crash, then there is almost no difference where one sits,” says Cheng-Lung Wu, associate professor at the School of Aviation of the University of New South Wales, Sydney.

    Ed Galea, professor of fire safety engineering at London’s University of Greenwich, who has conducted landmark studies on plane crash evacuations, warns, “There is no magic safest seat.”

    2025年1月13日
  • WilliamDip

    What’s on board this flight
    Blue Origin had planned to launch a pair of Mars-bound satellites on behalf of NASA for the first flight of New Glenn.

    But delays with the rocket’s development prompted the space agency to change course, moving that flight to this spring at the earliest. So for this inaugural flight, Blue Origin opted to instead fly a “demonstrator” that will test technology needed for the company’s proposed Blue Ring spacecraft — which will aim to serve as a sort of in-space rideshare vehicle, dragging satellites deeper into space when needed.
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    The demonstrator on this New Glenn flight will remain aboard the rocket for the entire six-hour flight, Blue Origin said, and it will validate “communications capabilities from orbit to ground” as well as “test its in-space telemetry, tracking and command hardware, and ground-based radiometric tracking.”

    The Blue Ring Pathfinder demonstrator is part of a deal Blue Origin inked with the US Department of Defense’s Defense Innovation Unit.
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    Why Blue Origin wants to reuse rockets
    Similar to SpaceX, Blue Origin is aiming to recover and refly its first-stage rocket boosters in a bid to make launches less expensive.

    “Reusability is integral to radically reducing cost-per-launch,” the company said in a recent news release, using the same oft-repeated sentiment that SpaceX has touted since it began landing rocket boosters in 2015.
    Bezos, however, has acknowledged the importance of reusing rocket parts since he founded the company in 2000 — two years before Musk established SpaceX. And the company has already developed its suborbital New Shepard tourism rocket to be reusable.
    “It’s not a copy cat game,” Henry said. “Blue Origin has been pursuing reusable vehicles since before reusable vehicles were cool. Now it’s much more of a mainstream idea (because of SpaceX). The difference is that it’s taken Blue Origin so much longer to get to orbit.”

    If successful, returning the New Glenn rocket booster for a safe landing will be a stunning feat. After expending most of its fuel to propel the rocket’s upper stage to space, the first-stage booster will need to make a clean separation. The booster must then maneuver with pinpoint guidance and reignite its engines with precision timing to avoid crashing into the ocean or the Jacklyn recovery platform.

    2025年1月13日