Published in the put pressure on China's foreign trade action, is faintly upgrade. Why is the West so keen appreciation of the RMB it?
surface,Bailey UGG boots, the Western countries in the laissez-faire U.S. dollars, euro, while the main reason for the yuan to appreciate, is that in order to reduce China's trade deficit. But in fact, repeating the old tune of RMB appreciation is intended to divert attention, to shirk responsibility, to countries around the world including China, the huge U.S. trade deficit, budget deficit, crisis, the U.S. is using its status of U.S. hegemony and the dollar-denominated currency as an international trade facilitation, implementation of the United States,UGG shoes, the victim is the world and the global economic recovery is fragile.
There is no doubt the adverse world economic recovery, appreciation of the renminbi, because the current unstable global economic recovery, the world's major economies, exchange rate of the country should not be a sudden change. If China sharply raised the yuan exchange rate, will seriously distort the normal trajectory of economic development, the Western countries, and we can not reduce the trade deficit, while other manufacturing countries will then fill the gap left by China, one needs a more the necessary high price of imports of Chinese products, so the trade deficit will further expand. In addition, once because the yuan appreciation led to sharp economic slump, the Western countries as the main market in China is bound to suffer heavy losses related companies. So, to force the yuan to rise solve their own problems is neither altruistic nor egoistic, but not unfair.
theory, the thesis that the RMB exchange rate trade balance does not make sense, the dollar-based international monetary system, the bilateral trade imbalance is the norm ,UGG boots, the exchange rate has never been the problem. from the reality, currency exchange rates have little effect on improving the trade surplus, both in Germany that year, or now to the euro area as a whole,bailey UGG boots, as well as Japan and other countries, have continued for decades the United States The trade surplus position. These countries and regions currencies against the U.S. are fully floating exchange rate regime, but to improve the bilateral trade imbalance has no effect.
export a large number of labor-intensive products in China, but China is only the manufacturing sector , in the marketing aspect of the Western countries access to a large number of importers profits. China's foreign trade structure, need to adjust the economic structure, China and the West are at different stages of development, the key structural problems facing different and difficult, as the West needs to gradually strengthen financial regulation, excessive consumption habits change, and strengthen the real economy, China also need to progressively implement economic structural adjustment and exchange rate reforms. At present, the Chinese government has begun to transform the economic growth mode, adjust the income distribution structure and expanding domestic demand, but the growth pattern takes time, not overnight.
present, China has adopted a market-based, single, managed floating exchange rate system, which is consistent with the actual situation in China, but also reflects the high degree of responsibility to the international community. In the current global financial crisis in the background, keep the RMB exchange rate at a reasonable and balanced level basically stable, not only conducive to stable economic growth in Asia, but also conducive to world economic stability.
the future, China will economic development level, economic situation and the international balance of payments in the deepening financial reforms to further explore and improve the RMB exchange rate formation mechanism. This reform is a systematic project involving many aspects, to be taken into account China's macroeconomic performance, social development and balance of payments, given China's banking system reform process and other interested parties, but also consider the surrounding countries and regions and the world economic and financial factors.
Fundamentally, sustainable development of the world economy needs a stable international monetary environment. We hope to see the dollar, yen, euro and other major international reserve currency's exchange rate remained relatively stable, thereby reducing the exchange rate fluctuations to the global economy of uncertainty.
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