The State Administration of Foreign Exchange frequently uses informal “window guidance” to manage the exchange rate, sometimes discouraging participation in renminbi-dollar trading in order to slow the depreciation of the Chinese currency.
But two people familiar with the matter said Safe officials privately communicated an easing of the informal limits on transactions in China’s interbank market to foreign exchange brokers on Wednesday last week, in the wake of the US Federal Reserve’s 0.75 percentage point interest rate rise.
The move to relax curbs on transactions was made because policymakers “believed it was the proper time to let the renminbi depreciate a bit”, one of the people said.
The FT is seeking comment from Safe.
The easing of informal trading limits marks an inflection point for the tightly managed renminbi. The currency is subject to extensive capital controls and its dollar exchange rate cannot swing more than 2 per cent in either direction of a daily trading band midpoint set by the People’s Bank of China.
Less than a week after the move by Safe, however, top officials began making public statements that pushed back against sharp falls for the renminbi. This about-face reflected what traders and strategists said was Beijing’s focus on preventing runaway depreciation that could threaten financial stability and spur more capital outflows, as Chinese policymakers attempt to boost lagging economic growth.
In the highest-profile comments from a government official since the currency dropped below Rmb7 against the dollar last week, Liu Guoqiang, vice-governor of the People’s Bank of China, struck out on Wednesday at traders betting on losses for China’s currency.
“Do not bet on either one-way depreciation or appreciation of the exchange rate,” he warned, at a meeting held by the industry body responsible for self-regulating China’s foreign exchange markets. “The longer you bet, the bigger the chance you’ll lose.”
The comments helped bolster the renminbi, which rose 1.1 per cent against the dollar after the PBoC also released a statement late on Thursday afternoon vowing to “strengthen expectation management and maintain the basic stability of the renminbi exchange rate at a reasonable and balanced level”.
But foreign exchange traders, economists and markets strategists said Liu’s warning was unlikely to turn the tide in favour of the renminbi, which is down almost 11 per cent against the dollar this year at about Rmb7.13 and on course for a record yearly fall.
Traders in Shanghai said losses for the renminbi were primarily driven by a widening policy divergence between a hawkish Fed and a dovish PBoC working to shore up flagging growth.
The upshot is that the longstanding interest rate advantage of Chinese government debt has been reversed, removing a critical driver of global investor inflows. Data from Hong Kong’s Bond Connect programme show foreign outflows of almost Rmb530bn ($74bn) from China’s renminbi bond market during the first eight months of 2022.
Another reason Beijing has taken a relaxed attitude towards the renminbi’s depreciation is that exchange rates have remained relatively stable against a broader basket of global peers. The CFETS Renminbi index measuring the currency against China’s biggest trading partners is down less than 5 per cent from its most recent peak in March.
“I would say this time the PBoC won’t have to sell a lot of foreign reserves,” said Wei He, an analyst at consultancy Gavekal Economics in Beijing, who pointed to the capacity of domestic financial institutions to step in when called upon by the state.
With rate rises by the Fed boosting returns on dollar debt, and as Chinese policymakers continue easing to support growth, analyst expectations are growing that the most likely reason for a halt in the renminbi’s fall may be a US recession.
“If the US goes into recession, the Fed might actually pivot and start lowering interest rates — that would help the renminbi because the interest rate spread [between the two countries’ bonds] would narrow,” said Steve Cochrane, chief economist for Asia-Pacific at Moody’s.
But he added that while this would help stabilise the renminbi’s exchange rate, “from the point of view of exports, a US recession would weaken the Chinese economy” as external demand for goods from China waned.
Until the Fed stops raising rates, the PBoC is unlikely to burn through the country’s foreign exchange reserves trying to defend any specific level for the renminbi’s dollar exchange rate, according to analysts.
Instead, many expect China to continue a drip feed of measures such as those seen this week. On Monday, the PBoC introduced measures to discourage bets against the renminbi through the country’s derivatives markets. Such moves are typically introduced in China during periods of currency depreciation.
One Shanghai-based foreign exchange trader with a European bank said the move on Monday “can be counted as a gesture, instead of really a game changer for the market’s direction”.
Another major factor in the renminbi’s trajectory is how China manages its anticipated loosening of strict zero-Covid policies over the coming quarters. Some strategists expect that a swift and comprehensive opening that allows for outbound tourism would be negative for the renminbi — but others warn that this scenario is unlikely.
“If China’s opening is staggered in the way we expect, without any outbound tourism, that will be risk-on and good for the domestic economy, which will send the renminbi higher against the dollar,” said Danny Suwanapruti, head of Asia emerging markets foreign exchange and rates strategy at Goldman Sachs.
However, Suwanapruti added that because of low liquidity in the offshore market for the renminbi in Hong Kong, traders would focus on other currencies in the region that often serve as proxies for the renminbi’s exchange rate, following the Chinese currency higher when it rallies.
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How to sell products on Etsy
You can practice selling on Etsy by performing a few steps in the correct order.
starting with registration, setting up a credit card for a product catalog, and selecting a payment method.
Why do so many online store owners and sellers in the creative industries now favor Etsy?
because this platform provides a wide range of goods or antiques that are unique.
Etsy has therefore changed to become a location as well as the best location for business owners and collectors in various parts of the world.
So please sign up for Etsy as soon as you can if you want to follow several companies that export handmade goods.
What is Etsy?
Etsy is an online retailer that specializes in selling vintage items with authentic characteristics from different nations around the world. It is essentially similar to Amazon.
Rob Kalincs founded the business in 2005, and it is headquartered in Brooklyn, New York City.
Customers can find a wide range of custom-designed household items, high-art antiques, traditional patterned items, and more on this platform.
In actuality, a large number of vendors use the US platform to market their Digital product downloads and handicrafts.
Of course, smaller businesses and creative enterprises from the lower middle class also contribute to the life of an Etsy shop, as do many MSMEs.
How to Sell on Etsy
After knowing some of the conditions above, of course, you want to try selling on Etsy, right?
So, to be clearer and not miss a step, let’s look at the steps first!
- Visit the Official Etsy Site
- Register in advance
At this stage, please click ‘Sign In’ and select ‘Register’ to register.
Enter your email address, and name and create a password.
- Start Selling
Click the notification and select ‘Sell on Etsy’ and click ‘Get Started’ to start registering as a seller
- Complete the Five Preferences
For the first data, you have to choose whether selling on etsy is a full time or part time job.
If part-time, please click ‘I sell part-time and That’s how I like it’ then click ‘Save and Continue’.
Second, write down the name of the business or business or brand that you have. Remember, no spaces. Then click ‘Save and continue’.
Congratulations you are ready to sell on the Etsy site.
Etsy is an online marketplace that allows users to buy and sell handmade items. The company has been around since 2004, and has amassed a large community of users who appreciate its vintage-inspired shopping experience. Etsy also offers a variety of gift options, including jewelry, fabrics, home decor, and more.
Frequently asked questions
What is special about Etsy?
Etsy is a website where people can buy and sell handmade goods. It has become a popular site for artists, designers, and entrepreneurs because it allows them to sell their products directly to consumers. In addition, Etsy provides an easy way for people to find and connect with other like-minded people.
Why do people use Etsy?
There are many reasons why people use Etsy. Some people use Etsy because they want to make and sell handmade items, while others use Etsy because they want to purchase items from other sellers. Whatever the reason, Etsy is a great platform for selling products and finding buyers.
Why is Etsy a good place to sell?
Etsy is a great place to sell because not only is it an easy way to connect with customers, but the prices are always low. Etsy also has a wide range of sellers, making it easy to find what you’re looking for.
Is doing Etsy worth it?
When you think of Etsy, what comes to mind? If you’re like most people, it probably conjures up memories of creative women selling handmade items from their homes on Etsy. However, there are a lot of other reasons to use Etsy as an online shop. Here are 5 reasons why anyone might want to consider doing Shopify:
1) You can control the design and layout of your shop’s page.
2) You get more customers through online reviews than through face-to-face interactions.
3) You can create an automatic payment gateway that sends payments directly to your bank account.
4) Your shop is searchable by both buyers and sellers in Google and Bing search engines.
5) You can track your sales data and make changes or additions to your store without having to go through a sales representative.
What are the pros and cons of selling on Etsy?
Etsy is a website where people can sell handmade items. There are pros and cons to selling on Etsy. Some people like to sell their products on Etsy because they think it’s a fun way to meet new people, make money, and learn about different cultures. Other people find the prices on Etsy too high or the shipping too long.
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Why use a VPN (Virtual Private Network) and how to choose one?
VPNs (virtual private networks) are systems that make it possible to secure and anonymize connections to the Internet. Why use them and how to choose the right provider?
Previously reserved for companies that wanted to secure their access to the internal network, iTop vpn gratis have long become widespread to meet the needs of individuals seeking security and anonymity on the Internet.
How a VPN Works
A VPN for Virtual Private Network, which simply translates to Virtual Private Network, is a system that allows you to establish a connection to another computer (or server) through an encrypted connection. The establishment of this network is transparent for the connected computers or devices, the various “machines” communicating as if they belonged to a local network In doing so, the IP address may also change, since you are using another computer to connect to an Internet. This private virtual network therefore has several advantages:
- the data between your computer (smartphone, tablet, router, etc.) and the gateway server to the Internet is encrypted: it is impossible for your access provider to know what passes through your connection.
- The gateway computer through which you access the Internet has a different IP address than your personal computer. This gateway computer can be in France, but also in another country. This makes it possible, for example, to circumvent geographical connection restrictions.
To put it simply, iTop vpn gratis software creates a sort of Internet connection tunnel that makes what passes inside completely incomprehensible to outsiders. Also, changing your Internet connection computer makes you anonymous.
Why use a VPN
While VPNs are commonly used by companies to allow employees to connect to a company’s internal network from outside in a secure manner, these systems are best known to the general public as being the ideal technical solution for performing illegal downloads. anonymously and therefore with complete impunity.
Security and privacy
But using a VPN isn’t just about fraudulent downloading. Indeed, virtual private networks also provide extensive security for Internet connections, in particular for making online payments. Using iTop free VPN software can be convenient and reassuring to:
- secure a public Wi-Fi connection such as that of a restaurant, library or hotel. Open Wi-Fi networks are the playground of hackers trying to access your data. Besides, hackers can also create fake Wi-Fi hotspots to access your data.
access online services abroad with a geographical restriction. Some operators limit access to their services to residents of their country only.so iTop free vpn make it possible to watch your favorite tv shows that you have restricted. If you are traveling or living abroad, it is interesting to be able to circumvent this limitation. Conversely, keep in mind that connections from abroad to consult your bank account in France may be interpreted by the banking institution as identity theft.
access the Internet in “complicated” countries (China, Turkey, etc.) which limit access to the Internet or which apply surveillance of communications.
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How to Choose the Best MacBook Stand
Do you have a MacBook and want the best comfort working on-screen for long hours?
Among different options, a MacBook stand is a good way to help you from suffering neck and back pain. The cause could be that you crouch on tables or desks for a long time. The solution is to get an ergonomics laptop stand to elevate your Macbook screen to level it up to your eye view.
It is tricky for you to choose the best MacBook stand. So we have worked out some critical factors to have in mind when having trouble buying. We hope our opinion will assist you fast in finding a good objective.
Make Sure the Stand is Compatible With Your MacBook
You should take note of the size of your MacBook before buying one. With that, you will know the stand can hold the weight and the size of your laptop.
The next thing is to find a manufacturer that makes compatible size and weight of your laptop. We would suggest not purchasing any MacBook stand that does not fully satisfy the requirements.
Another major thing to consider is your desk space and if it would accommodate the stand. It comes in different dimensions, but the ones for a MacBook are 13-15.9 inches for a wide range of compatibility.
Check the Height and Angle of the Stand
The best choice of the stand has to be comfortable to reduce your hunching by lifting the screen to your eye level.
Thus helping you maintain good posture while using your computer.
When you want to buy a MacBook stand, ensure it matches the specifications of your computer. Although the stand’s length might not matter much, the angle is important because that’s what determines how it would hold your Mac.
A good number of stands are well constructed and really fitting, and grips just at the right angle. It’s perfect for getting an additional height without extending the legs. Rather than using a flat setup, get an angled design that will give easy access to your trackpad and keyboard.
To get the proper height measurement for your laptop stand, measure the height of it from your table or desk to your eye level when kept straight. Then get a stand that raises the MacBook to that height.
Get an Adjustable MacBook Stand
Several MacBook stands have solid materials to be put together in a particular place. Others have detachable and adjustable designs making you different ways to set it.
If you are always moving around between workspaces, then ensuring you get a stand that has anti-slip protection will be useful.
Some stands with adjustment features usually do not hold much weight compared to solid stands. It gets shaky if you use the keyboard directly on it while on the stand.
There are a lot of MacBook stands online to purchase, but we will advise you to use it with an external keyboard and mouse to avoid shakiness. You can go for an absolutely solid one and not the adjustable one if you dislike the shakiness. If you need to attach more accessories, consider buying laptop with USB hub point.
Consider the stand design
Recently MacBook stands have been designed to come with features for effective usage. A noticeable design is a spacey aluminum design with spaces for airflow to make the system cool and free from overheating.
Another significant feature is the leg placement of the stand. You’ll need to purchase a MacBook stand with large legs for steadiness. Alternatively, purchase the one with two legs that extends and joins from the front to the back. With this type, you have free space to keep an external keyboard below the laptop. Then, you can enjoy using your MacBook stand.
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