UBS 瑞银：人民币的好年头

26 January 2007 goodyearrmb ６页 pdf

UBS Investment Research Asian Focus：A Good Year For the RMB ...

The first point to note is that the renminbi is still under strong, sustained appreciation pressure. The trade
surplus has continued to increase sharply all through 2006 (Chart 2), and as you can see from Chart 3, this
has meant sustained FX intervention and official reserve accumulation by the PBC