三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

  Home>News Center>China
       
 

Yuan revaluation won't help US trade deficit
(Xinhua)
Updated: 2005-04-11 14:54

No matter whether China revalues it currency or not, the United States trade deficit will remain unaffected, said Chinese financial experts.

The US Senate passed a bill Wednesday, saying it would slap a 27.5 percent tariff on Chinese imports if China does not revalue its currency within 180 days.


A clerk at the Hai'an sub-branch of China Construction Bank in Jiangsu counts the renminbi notes in this March 2005 file photo. The US has been pressing hard for a renminbi revaluation, but experts and economists say there is no hurry for the exchange rate adjustment and yuan revaluation will not help the US to cut its trade deficit. [newsphoto] 
"This is an old trick of the United States to make currency politicized," said Li Yang, head of Institute of Finance of Chinese Academy of Social Sciences.

In the 1980s the United States also criticized Japan on currency matters.

Li said, "What the United States has done is to claim that because China has gained great profits from controlling its exchange rate, it should be responsible for trade deficit of the United States."

"However, whether China revalues its currency or not will not be helpful for the United States to solve its financial and trade deficit problems. This is because the deficit is rooted in the structure of the United States, that is, the imbalance between savings and investment."

Thursday, Qin Gang, spokesman of the Chinese Foreign Ministry, in response to the new bill, said, "If one country's fiscal deficit could not be made up by its own private savings, it has to go to foreign exchange inflows, which usually causes deficit problem in current account."

"The United States should look more into domestic means to restore its economic balance."

Yi Xianrong, a colleague of Li, said the pay that Chinese workers get are much less than what the US workers get. So even if the RMB is revalued by 50 percent or 100 percent, it cannot change the fact that the cost of Chinese labor is much lower.

Yi said China's surplus in Sino-US trade does not indicate that all benefits go to China. The US people can buy inexpensive and good products from China and the profits for Chinese exporters are lesser than for US importers. At the same time, China has bought large amount of treasury bonds from the United States.

"So we can say that the United States has shared the fruits of China's economic development," Yi said.

A report from the International Monetary Fund said that the RMB, China's currency, has not been undervalued. The US Treasury Department released a report last December, saying that the Chinese government does not trade unfairly with the United States by controlling the RMB exchange rate.

Yi said the RMB exchange rate cannot be adjusted rashly since we cannot find an appropriate point to relate it to the US dollar. What's more, in current circumstances, adjusting may bring risks.

Guo Shuqing, former director of the State Administration of Foreign Exchange, said the yuan fluctuates simultaneously with the US dollar. Within the same range it is basically stable against the dollar.

"Following the Asian financial crisis in 1997, currencies in most of China's neighboring countries depreciated, but a strong dollar has pushed higher the renminbi exchange rate on average from 1997 to 2002. Only after 2002 did the dollar start to weaken -- together with the yuan," Guo said.

Li Yang said China has made "remarkable efforts" to improve the Chinese exchange rate system and that a judgment on whether the currency has been undervalued should be made from the perspective of the country's position in the world economy.

On March 14, Chinese Premier Wen Jiabao said China is working on a plan for a more flexible exchange rate for its currency, but the specific measures might come around unexpectedly.



 
  Today's Top News     Top China News
 

China, India sign accord on border dispute

 

   
 

Yuan revaluation won't help US trade deficit

 

   
 

Legislature asked to interpret Basic Law

 

   
 

Hailstones 'as big as eggs' kill 18

 

   
 

Tin smelting poisons 31 members of a family

 

   
 

P&G accepts fine for 'bogus' advertising

 

   
  Wen reaches out to tsunami-hit fishermen
   
  Guangdong experiences worst drought in 50 years
   
  Noted artist Chen Yifei dies at 59
   
  Guangdong experiences worst drought in 50 years
   
  New bridge to help span the wealth gap
   
  Regular Sino-US dialogue agreed
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Economists back yuan policy
   
FM rebuts US threat of economic sanctions
   
No change in sight for Renminbi rate
   
Top banker: Not much 'hot money' in China
   
Economist: No hurry for change of yuan rate
   
Plan for more flexible exchange rate
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 思思九九 | 久久精品视频免费观看 | 亚洲成人国产精品 | 女人被狂躁的免费视频网站软件 | 久久精品国产亚洲麻豆小说 | 曰韩免费视频 | 国产不卡一区二区视频免费 | 成人免费视频77777 | 漂亮大学生一级毛片 | 日韩精品一区二区三区毛片 | 中国一级黄 | 免费高清不卡毛片在线看 | 成人网视频在线观看免费 | 国产一级鲁丝片 | 娇喘呻吟福利视频在线观看 | 99久久精品国产高清一区二区 | 伊人热人久久中文字幕 | 久久影院中文字幕 | 噜噜噜在线视频 | 自拍视频网址 | 免费一级欧美毛片 | 久久1024| 欧美黄色性生活视频 | 日韩字幕一中文在线综合 | 亚洲午夜一级毛片 | 国产精品综合色区在线观看 | 日韩欧美亚洲中字幕在线播放 | 婷婷六月在线 | 51精品资源视频在线播放 | 美女黄色一级毛片 | 国产午夜精品一二区理论影院 | 免费一区二区视频 | 免费高清在线影片一区 | 国产一区二区三区四区小蝌蚪 | 国产老肥妇视频 | 国产特级全黄一级毛片不卡 | 性做久久久久久久久25的美女 | 久久日本精品国产精品白 | 欧美变态一级毛片 | 自拍偷拍 欧美日韩 | 国产精品久久久99 |