At the end of the private market to fight: A shares is the largest category of asset allocation value of depression from the micro signal Chinese brokerage Author: Jin Ling; since October, A stock market downturn trend changed in September, the Shanghai index monthly increase of 2.87%, returned to near 3100 points. Despite the rapid decline in the RMB exchange rate is worrying, but it seems that many private institutions, the relative control of various types of market risk in the short term, the next quarter A shares worth looking forward to. RMB devaluation orderly, controllable and the devaluation of the renminbi is the recent investors are very concerned about the problem of RMB against the U.S. dollar Friday slashed 247 basis points to 6.7558, onshore and offshore exchange rate closed at more than 6.76 in both the final. Devaluation of the capital market will have a profound impact, but also a short-term risk, however, most of the private equity that such risks controllable. And poly investment believes that the short-term exchange rate of the RMB exchange rate is still under pressure, but it is an orderly depreciation, the magnitude is still manageable. The impact on A shares do not have to worry about. And poly investment pointed out that the impact of RMB devaluation on the capital market can be analyzed from the following dimensions: 1, the macro level of capital outflows, but also one of the focus of policy direction. Since the beginning of the year, China’s foreign exchange reserves data remained stable, in September to reduce about $20 billion, a slight increase in short-term decline, but in a controllable range. 2, the exchange rate market, the bank spreads stable, short-term supply and demand affected by the devaluation of the pressure is not strong. Since February of this year, sustained low level of 300 basis points, while in the first quarter of last year and the beginning of this year, the devaluation of the panic caused by the decline of the index, more than 1000 basis points of the index of more than. 3, after the rapid devaluation of the RMB, short-term or induced reflux. HK dollars and exchange rate linkage, the RMB devaluation also recently compared to HK, South fast cash capital gains, short-term funds or induced south part of the Hong Kong stock market price and return, after the devaluation of the yuan synchronous changes also corroborated the short-term rate of change or influence the market is the main variable. 4, look at the future, the medium-term changes in the exchange rate determined by the macroeconomic. Throughout the history of the 5 round of the U.S. dollar interest rate hike, the first time after the announcement of interest rate hike, the medium-term have experienced varying degrees of callback. The current round of the dollar index since 2015 to raise interest rates since the high point of 100.5, short-term depreciation of the RMB in the vicinity of the estimated 6.8. In the medium and long term, the fundamental determinant of the strength of a country’s currency depends on the rate of economic growth. Shi Cheng investment investment strategy in the four quarter report also mentioned, for the stock market, the RMB exchange rate is the main risk in mid August last year and January of this year behind the turmoil in the stock market, the RMB exchange rate has the expected deterioration of the shadow. But as long as the exchange rate does not fluctuate sharply, the impact on the stock market in the future should be diminishing. Moreover, given that the US dollar index is relatively high (a full response to the Fed’s rate hike in December), the yuan is unlikely to face too much risk in the short term. "The short-term low quality growth stocks valuation" fragile "is a major challenge, a considerable number of growth stocks because the quarterly performance is not up to the expected pressure. With a view of the last two months of this year, the massive lifting of the ban shares is short-term pressure;相关的主题文章: