www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Opinion

The return of the renminbi rant

By Stephen S.Roach (China Daily) Updated: 2014-05-05 08:22

China's currency, the renminbi, has been weakening in recent months, resurrecting familiar charges of manipulation, competitive devaluation, and beggar-thy-neighbor mercantilism. In mid-April, the US Treasury expressed "particularly serious concerns" over this development, underscoring what has long been one of the most contentious economic-policy issues between the United States and China.

This is a timeworn debate - politically inspired and grounded in bad economics - that does a serious disservice to both sides by diverting attention from far more important issues affecting the US-China economic relationship. Taken to its extreme, America's accusations risk pushing the world's two largest economies down the slippery slope of trade frictions, protectionism, or something even worse.

The return of the renminbi rant
Yuan exchange rate's floating range widened  
The return of the renminbi rant
First, the facts: Since hitting its high watermark on January 14, the renminbi has depreciated by 3.4 percent relative to the US dollar through April 25. This follows a cumulative appreciation of 37 percent since July 21, 2005, when China dropped its dollar peg and shifted its currency regime to a so-called "managed float." Relative to where it started nearly nine years ago, the renminbi is still up 32.5 percent.

Over the same period, there has been a dramatic adjustment of China's international balance-of-payments position. The current-account surplus - the most telling symptom of an undervalued currency - has narrowed from a record 10.1 percent of GDP in 2007 to just 2.1 percent in 2013. The International Monetary Fund's latest forecast suggests that the surplus will hold at around 2 percent of GDP in 2014.

Seen against this background, US officials' handwringing over the recent modest reversal in the renminbi's exchange rate appears absurd. With China's external position much closer to balance, there is good reason to argue that the renminbi, having appreciated by nearly one-third since mid-2005, is now within a reasonable proximity of "fair value." The IMF conceded as much in its latest in-depth review of the Chinese economy, which calls the renminbi "moderately undervalued" by 5-10 percent. This stands in contrast to its earlier assessments of "substantial" undervaluation.

America's fixation on the renminbi is a classic case of political denial. With US workers remaining under intense pressure in terms of both job security and real wages, politicians have understandably been put on the spot. In response, they have fixated on the Chinese component of a long-gaping trade deficit, charging that currency manipulation is the culprit to the long festering woes of the American middle class.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 欧洲成人免费视频 | 久草中文在线观看 | 国内精品久久久久久久影视麻豆 | 国产成人精品免费视频大全办公室 | 国产精品欧美亚洲韩国日本不卡 | 欧美毛片一级的免费的 | 国内精品小视频在线 | 91成人国产 | 91精品视品在线播放 | 成人欧美网站 | 国产99久久久久久免费看 | 国产私拍福利精品视频推出 | 欧美一级毛片高清免费观看 | 欧美午夜视频一区二区 | 99精品视频在线观看 | 亚洲欧美久久精品一区 | 久久亚洲一级α片 | 欧美毛片日韩一级在线 | 日韩不卡一区二区三区 | 一级做a爰片性色毛片男 | 国产女人在线观看 | 一级毛片免费不卡 | 综合国产| 91成人免费观看网站 | 一级黄色毛片免费看 | 日本一级在线播放线观看视频 | 亚洲一区二区三区四区五区六区 | 日本在线观看不卡 | 日本aaa毛片 | 国产短视频精品一区二区三区 | 久久精品男人的天堂 | 免费观看欧美一区二区三区 | 91精品成人| 亚洲精品天堂一区 | 国产精品久久一区二区三区 | 欧美一区精品二区三区 | 中文字幕曰韩一区二区不卡 | 亚洲制服丝袜美腿亚洲一区 | 毛片免费在线视频 | 日本高清在线中文字幕网 | 嫩草影院在线观看网站成人 |