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

   

'RMB's rise should be controlled'

By Xu Binglan (China Daily)
Updated: 2007-03-05 06:44


Chinese economist Justin Lin Yifu speaks to journalists upon arriving at the Great Hall of the People to attend the opening of the Chinese People's Political Consultative Conference in Beijing on Saturday, March 3, 2007. [CRIENGLISH.com]

China should combat speculation over the renminbi's appreciation by controlling the pace of the currency's rise in value, said Justin Lin Yifu, a well-known economist.

If the currency is allowed to appreciate, the exchange rate's annual change should be less than 3 percent, Lin, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, told China Daily in an exclusive interview.

"We should stick to the approach of ensuring adjustments (to the yuan's exchange rate) are small in scale and bearable," said Lin, a professor at Peking University.

Related readings:
Yuan breaches 7.75 against US dollar
RMB value turns Hong Kong into holiday hotspot
Yuan overtakes HK Dollar for first time
Central bank raises deposit reserve ratio
China's economy no threat to dollar - professor

The annual lending rate in the international market is about 5 percent, while the renminbi's annual interest rate for savings is 2 percent, so a 3 percent or bigger increase in the yuan's value would make speculative activities aimed at appreciation profitable, Lin said.

In July 2005, China abandoned the renminbi's decade-old peg to the US dollar and allowed its currency to appreciate by 2.1 percent. Since then, the yuan has gained almost another 5 percent against the dollar.

However, the United States blames its colossal trade deficit on what it claims is a seriously undervalued renmibi and has been pressing China to allow for a bigger revaluation.

Noises from the US, together with China's swelling trade surplus, have encouraged speculators to bet that the renminbi will appreciate at a quicker pace.

Lin said a major cause of the 70 percent annual increase in China's trade surplus last year was cheating traders who falsified the prices of the goods they traded, aiming to cash in on speculative profits from a rising renminbi.

This, in turn, further intensified speculative pressure on the Chinese currency.

Other economists have said anticipation that the yuan would appreciate rapidly had triggered other problems, such as foreign buyers snapping up property in big cities.

"The imperative now is to dispel the speculative anticipation for the renminbi's appreciation," Lin said.

Lin said he believed the renminbi's exchange rate was at a reasonable level.

The country's huge trade surplus is not sufficient reason to allow the renminbi to appreciate further.

In the aftermath of the 1997-98 Asian financial crisis, when the renminbi was believed to have been overvalued, China's trade surplus was 12 percent of its total trade volume. But last year the surplus was 10 percent of total trade volume.

In addition, China's surplus-to-gross domestic product ratio is lower than almost all other Asian countries, including Japan, South Korea and Malaysia, Lin noted.

Lin said the renminbi's exchange rate had become a political issue because of the pressure from the US.

"A political problem should be tackled in a political way," he added.

Lin said people in the US who had been advocating for their government to exert more pressure for the yuan's appreciation actually did not understand the issue.

"We cannot ignore them. But we should not pay too much attention to them either," he said.

(China Daily 03/05/2007 page3)



Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 国产在线日韩 | 香蕉久久久久久狠狠色 | 国产精品爽爽va在线观看无码 | 成人免费视频在线看 | aaa欧美| 男人天堂怡红院 | 欧美三级日韩三级 | 国产精品一区二区久久精品 | 亚洲一级毛片在线播放 | 国产99在线播放 | 国产欧美日韩综合精品一区二区三区 | 成人a毛片免费视频观看 | 欧美 亚洲 中文字幕 | 小明台湾成人永久免费看看 | 国产成人精品久久一区二区三区 | 美女张开腿给男人捅 | 日本一级毛片免费播放 | 国产男女 爽爽爽爽视频 | 国产乱子伦片免费观看中字 | 亚洲成人中文字幕 | 欧美一区二区三区视频在线 | 欧洲精品一区二区三区在线观看 | 欧美视频精品在线观看 | 亚洲国产精品一区二区三区 | 国产一区二区三区在线观看精品 | 99精品这里只有精品高清视频 | 免费看一区二区三区 | 成人h网站 | 在线播放成人毛片免费视 | 手机午夜看片 | 久久青草国产手机看片福利盒子 | 真人毛片 | 中文字幕在线看视频一区二区三区 | 91福利精品老师国产自产在线 | 亚洲另类视频在线观看 | 日韩在线欧美 | 久久久久无码国产精品一区 | 日韩精品一区二区三区免费观看 | 久久93精品国产91久久综合 | 国产二区自拍 | 免费网站看v片在线香蕉 |