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Japanese expert: the yuan will soon fall to 6.8 per dollar
Researcher at the Institute for Basic Research Nissey Kokitiro Myo, a specialist in economics and finance in China, believes that measures taken by the Central Bank of China should demonstrate liberalization of the country's monetary policy.   TOKYO, August 12 - RIA Novosti, Xenia Naka. China's currency in the near future will reach 6.8 yuan per US dollar, he shared his opinion to RIA Novosti Leading Research the Institute for Basic Research Nissey Kokitiro Myo, a specialist in economics and finance in China. The People's Bank of China on Tuesday fell by 1.9% official rate of the yuan to the dollar, and on Wednesday lowered the rate by another 1.6% to the level of 6.3306 yuan per dollar. CB noted that the measure was a one-time, adding, that will maintain the stability of the yuan to the "rational" level and will strengthen the role of the market in determining the fixing.   The IMF described as "a positive step" the devaluation of the yuan One factor was the depreciation of the yuan "high effective exchange rate", which is putting pressure on the trade balance of the country. China's exports in July fell by 8.3% year terms, while analysts expected a reduction in the rate of 1%. The expert believes that the measures taken by the Central Bank of China should demonstrate the liberalization of monetary policy of the country, which in turn can contribute to solving the IMF on the inclusion of the yuan basket of Special Drawing Rights (SDR). The basket of Special Drawing Rights (SDR) of the IMF today are the four currencies - the dollar, euro, pound sterling and yen. Until the end, the IMF will consider the inclusion in Special Drawing Rights basket fifth type of currency - the Chinese yuan. "At a time when the International Monetary Fund is considering the possibility of including the yuan in the basket of Special Drawing Rights (SDR), China has taken measures to improve the" degrees of freedom currency transactions. "In addition, the devaluation of China will be a big plus for the Chinese economy, creating favorable conditions for exporters," - said Myo. As suggested by the expert, the devaluation of the yuan will have an impact on the world currency market. "At a time when we are witnessing the fall of a comprehensive global currencies against the dollar, the yuan served as an anchor. Now we see that the yuan has lost its ability to inhibit these processes, which could lead to the risk of accelerating competition among world currencies, "- said Myo. He also believes that the current devaluation - is not the limit: "My prediction - in the near future exchange rate will be about 6.8 yuan to the dollar." Meanwhile, the devaluation of the renminbi has already had an impact on the situation on the Tokyo Stock Exchange. Because of fears of negative impact of this process on the Japanese company's drop in the index Nikkei, reflecting the dynamics of the stock price of 225 leading companies in Japan, was on Wednesday to 400 points. Point drop in share prices of enterprises in industries such as metallurgy, transportation, as well as the retail sector due to the risk reduction in tourist traffic from China to Japan.

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