Translated material
Central banks conduct interventions in order to prevent further falling of the dollar
On the eve of the central banks of a number of Asian countries, they carried out a massive intervention in local foreign exchange markets to support the dollar. The Hong Kong Central Bank announced the purchase of 500 million American dollars in order to hold the local currency as part of the installed corridor of 7.75-7.85 Hong Kong dollars for 1 American. According to Dow Jones Newswires, referring to local traders, the Central Bank of South Korea bought about $ 1 billion the day before, the Central Bank of Indonesia - about -350 million, and the Central Bank of the Philippines - about $ 100 million, the Kommersant newspaper writes.
The unconditional leader in the foreign exchange market was the Russian Central Bank. According to currency dealers, during trading at the MICEM, he bought $ 1.5-2 billion. In fact, he conducts interventions in daily mode. Since the beginning of October, the Bank of Russia bought at least $ 7 billion. The Central Bank bought a larger volume only in April-May of this year ($ 8.2 billion and 18.5 billion, respectively).
“Everyone sells dollars - banks, their customers, exporters and non -residents, and only buys the Central Bank,” the newspaper quoted the head of the operations department in the monetary and commodity market Promsvyazbank Kirill Grishanov. According to Stanisale Banking, head of the trading operations department, Stanislav Yarushevichyus, the corporations for calculations on external debts have accumulated so much currency that it will be enough for 2010.
The interventions of central banks restrain a decrease in the dollar, but do not stop it. Yesterday, the exchange rate of the American currency in the Russian market fell to the values of 2008 - 28.58 rubles per dollar, which is 20 kopecks below the value of the environment.
The Hong Kong dollar rate was preserved in the established corridor (at the HKD level 7.75 Hong Kong dollar for 1 American). Indonesian rupee grew relative to the dollar per day by 0.9%, Korean Vaughn - by 0.3%. The course of the Philippine Peso is preserved unchanged. At the same time, from the beginning of the month, Asian currencies have risen in price by 1-3%, from the beginning of the year-by 2-8%.
Investors send funds received from the sale of the American currency to currencies and stock markets of developing countries and product assets. Yesterday, gold quotes on the world market again updated the historical maximum, reaching $ 1058.25 per ounce. Since the beginning of the year, they have grown by 21%, while the dollar rate relative to the basket of six leading world currencies (DXY index) has lost 6.4%.
On Thursday in Hong Kong and South Korea, stock indices increased by 1-1.2%, on Friday the growth continued. Russian indices again turned out to be the leaders of growth among the world exchanges, updating the maximums of this year. The RTS index added 3.7%at the end of the day, reaching 1334.94 points. The MICEX index increased by 4.3% to the mark of 1278.53 points.
Analysts have no doubt that the dollar exchange rate in the medium term will decline. Yesterday, Deutsche Bank AG lowered its forecast for the US dollar by the euro by the end of 2010 by 18%, since the United States will hold interest rates at a lower level than other countries. According to the new forecast of the bank, the dollar will bargain at 1.55 dollars for the euro in the first quarter of 2010.