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The following article was published in our article directory on October 13, 2010.
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Exchange Rate Fluctuations is Not Good for China and USA

Article Category: Business

Author Name: Amanda xzh

With the U.S. mid-term elections approaching, some U.S. politicians have put the blame on the U.S. economy in China, the RMB exchange rate against the U.S. dollar as their main objective of the attack. However, people familiar with are well aware of the world economy, forcing the rapid RMB appreciation for the United States and China significantly, and even detrimental to world economic recovery.

Well-known investor Jim Rogers told the China Securities newspaper interview about the RMB exchange rate issue, said: "A lot of voices that the yuan should be revalued against the dollar, I do not know, because the RMB is not a freely convertible currency. RMB exchange rate is likely to rise, there are likely to decline, when many people think that it should appreciate the time, there will be a lot of influx of speculative funds to, wait for it to appreciation of the profits. "

Oppenheimer Fund, the United States, Managing Director Li Shanquan that free trade in the absence of market circumstances, the judge is the appreciation of the RMB against the U.S. dollar devaluation, or lack of basis.

He said, "the exchange rate itself is a constantly changing price signals, and this price only in full and free exchange market transactions by buyers and sellers can decide, in the absence of market circumstances, we should talk about the RMB exchange rate appreciation and depreciation are unfounded. "

Has been engaged in international economic research director of the United Nations World Economic Monitoring flood plain agree to let the market determine the exchange rate to the point of view. He pointed out that many factors affect the exchange rate, trade is only one aspect, purchasing power is another point of view, but no matter what kind of models and theories can not fully predict the real market price.

Some Western media for the data cited so-called economists that the yuan should appreciate against the dollar 40% of the claim, Hong ordinary, said: "About 10 years ago, some economists according to statistical models, 1990 to 2000, the RMB against the U.S. dollar exchange rate were analyzed, and concluded that the yuan is undervalued by 40%. First of all the conclusion is a conclusion out of date, from 2000 to 2010, the 10-year economic situation has undergone great changes. Second, starting in 2005 , the appreciation of the RMB against the U.S. dollar by more than 25%. "

Flood plain, said fluctuations in currency exchange rates, both for China and the United States did not do any good, the Chinese government's practice of adjusting the exchange rate steady realistic.

In fact, U.S. officials and members worth mentioning, some economists advocate Ye Hao yuan appreciation, no one on the way out of economic evidence that a reasonable rate of appreciation of the renminbi.

In this regard, the Nobel laureate economist Joseph Stiglitz said that exchange rate adjustment should follow the changes in world economic situation. He said that when the world economy needs to adjust the price adjustments, including exchange rate adjustment, but the exchange rate adjustment necessary to seize the opportunity. When the world economy into crisis, to maintain exchange rate stability is very important. When the world economic recovery, the appropriate exchange rate adjustment it appears necessary. But he was opposed to the exchange rate market volatility, which it does not benefit the economic recovery. "Appreciation of the renminbi is not possible to solve the problem of global imbalances," he said, the United States as an example: "exchange rate adjustment does not change the trade deficit situation. U.S. multilateral trade deficit will continue. If the yuan appreciation, or the United States may be from Bangladesh Sri Lanka imports of textiles, but is no longer possible to produce their own textiles. "

Stiglitz also criticized the Federal Reserve and European Central Bank released into the market too much liquidity. He said; "Ironically, the Fed injected liquidity to the market is designed to promote U.S. economic recovery, but in reality this will not help the world economy U.S. economy into chaos."

"RMB exchange rate has been included in the United States Government and members of the main reasons for the attack target is mid-term elections." Chen Zhiwu, finance professor at Yale University, said: "In the United States is the biggest unemployment rate, economic issues, but some economic common sense let the yuan appreciate that the Americans are not likely to solve the employment problem, the politicians take the exchange rate as a shield only show that they do not a good way to solve economic problems. "

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