久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

  .contact us |.about us
News > National News...
Search:
    Advertisement
Commentary: Don't meddle with yuan
( 2003-09-02 07:12) (China Daily)

The presidential election campaign in the United States is certainly one of the most influential political dramas in the world. But it is often unpleasant to be thrust into having to play a role in it.

Commentary: Don't meddle with yuanChina's currency, unfortunately, is in a position of finding itself involved in the finger-wagging sessions that accompany this essentially American saga.

Politicians and pressure groups representing the interests of US workers in some manufacturing industries have been trying to draw presidential candidates' attention to the Chinese currency, known as the yuan or renminbi.

Their argument is -- China has been manipulating the yuan to keep it at a low value. China's aim, they allege, is to help Chinese-based exporters, whose inexpensive products have made lots of American workers jobless.

The critics that believe China manipulates the yuan's value assume that every currency in the world should be floated in the market.

This assumption itself is porous.

In fact, most developing countries and even some of the developed economies do not fully float their currencies.

Many have a pronounced peg to a strong currency -- the US dollar, in most cases -- and the others allow their currency to float within a set range.

Which system a country chooses is a matter to be decided by the nation itself. It is fair. No international agreement forbids that.

In fact, China has been moving towards a market-oriented foreign exchange administration system. It used to set an unchanged exchange rate. Now it enforces the range it favours by selling or buying foreign currencies at the market.

It is true that the yuan's exchange rate follows very closely with the US dollar's value. But the intention for doing this is to avoid uncertainties for its economy rather than to seek an unfair competitive edge for its exports.

During the late 1990s, when the US dollar strengthened, the renminbi rose in tandem with it. When many Asian currencies devalued in the depths of the 1997-99 financial crisis, the yuan's rate also remained unchanged.

China's financial officials made it clear they would give the yuan's exchange rate more flexibility to cope with changes in the trade sector after the country joined the World Trade Organization in late 2001.

But the unfavourable conditions in the world economy since 2001 and the September 11 attacks again have delayed the process.

But what will happen if China allows the renminbi to appreciate now?

Will American manufacturers, who cry hardest on the issue, benefit from a revalued yuan?

Not likely.

The competitiveness of China's manufactured products mainly comes from the country's low labour cost. According to calculation by the World Labour Organization, China's labour cost in manufacturing industry is just 2.2 per cent of the US figure.

Even if the renminbi appreciates by 100 per cent against the US dollar, the Chinese goods' competitiveness relative to their American equivalent is still there. But products from other places in the world, whose labour costs used to be a bit higher than China's, may replace Chinese exports to the United States.

So a revalued renminbi really will not do much for the US economy, and may only make many consumer goods in the US market more expensive.

On the Chinese side, a more expensive renminbi will artificially hurt the competitiveness of China's exports and smash the rice bowls of the workers whose livelihoods rely on trade. (Maybe Americans have forgotten that China also has its own workers, who are much poorer than their American peers.)

There are still no instruments for hedging risks from a fluctuating renminbi, so an unreasonable adjustment of the currency's value will rock Chinese enterprises and the entire economy, which is among the few engines in the world economy still running in high gear and creating growing markets for the rest of the world's economies.

With speculation favouring an appreciating renminbi now at such a fever pitch, allowing a bigger trading band for the currency at the moment will add more pressure for the renminbi to go up further.

A more undesirable consequence might be the impression that international browbeating can effectively mandate China's forex policy.

Then, the next time some international dignitary says something about the renminbi, market players will follow his or her comments and put pressure on the currency in the direction.

Should China now give in to pressure only to face the dire consequence later?

No way.

 
Close  
   
  Today's Top News   Top National News
   
+WHO: Bird flu death rises to 15; vaccination recommended
(2004-02-05)
+Solana: EU ready to lift China arms embargo
(2004-02-05)
+Nation tops TV, cell phone, monitor production
(2004-02-05)
+Absence ... still makes China hot
(2004-02-05)
+Hu: Developing world in key role
(2004-02-04)
+China confident of curbing bird flu: official
(2004-02-05)
+Absence ... still makes China hot
(2004-02-05)
+Department store faces music in copyright case
(2004-02-04)
+Official: Bird flu basically under control in China
(2004-02-05)
+Possible punishment for gay pimps
(2004-02-05)
   
  Go to Another Section  
     
 
 
     
  Article Tools  
     
   
     
  Related Articles  
     
 

+China should remain rational toward calls to revaluate RMB: experts
2003-08-04

+Bank to keep RMB rate stable
2003-08-06

+Keeping cool towards foreign calls to appreciate RMB
2003-08-05

+Premier Wen: China to keep RMB rate stable
2003-08-06

+Don't expect RMB's revaluation
2003-08-07

+ASEAN supports stable yuan
2003-08-08

+WB Official: Calls to appreciate RMB "groundless"
2003-08-10

+Expert: Pressure for RMB appreciation ill-considered
2003-08-11

+Experts call for rational evaluation of RMB
2003-08-12

+Concerns on RMB unfounded
2003-08-12

+Commentary: Learning from the Yen
2003-08-22

+Speculators target RMB with flow of 'hot money'
2003-08-25

+Experts: do not stake on RMB appreciation
2003-08-31

+Need for stable yuan stressed
2003-09-02

   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved  
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    国产精品88久久久久久妇女| 九九热在线免费| 岛国毛片在线播放| 亚洲欧美激情网| 成人高清在线观看视频| 欧美 国产 日本| 国产四区在线观看| 国产成人无码av在线播放dvd| 香蕉视频xxxx| 美女网站免费观看视频| 亚洲精品蜜桃久久久久久| 天天综合网久久| 欧美精品第三页| 国产黄色激情视频| 亚洲制服在线观看| 黄色免费网址大全| 国产精品50p| 日本wwwcom| 自拍偷拍视频在线| 亚洲天堂国产视频| 亚洲成人av免费看| 亚洲成熟丰满熟妇高潮xxxxx| 男人天堂手机在线视频| 超碰中文字幕在线观看| 国产精品久久久毛片| 日韩免费毛片视频| 国产午夜伦鲁鲁| 男人添女人下部视频免费| 久久免费视频2| 久久精品视频在线观看免费| 亚洲精品怡红院| 日韩亚洲在线视频| 116极品美女午夜一级| 国产96在线 | 亚洲| 欧美大黑帍在线播放| 免费看av软件| 免费观看黄色大片| www.51色.com| 北条麻妃亚洲一区| 超碰在线资源站| 伊人五月天婷婷| 日韩av自拍偷拍| 成人性生交视频免费观看| 亚洲欧美久久久久| 中文字幕网av| 国产无色aaa| 欧美性受xxxxxx黑人xyx性爽| 日本肉体xxxx裸体xxx免费| 污网站免费在线| 污污网站免费观看| 国产永久免费网站| 黄色www在线观看| 久久免费视频2| 日本美女爱爱视频| 青青草视频国产| 欧美又粗又长又爽做受| 久久久久久久久久久99| 高清在线观看免费| 欧美性大战久久久久xxx| 肉色超薄丝袜脚交| 久久久精品视频国产| 欧美 国产 精品| 97视频久久久| 日本成人在线免费视频| 婷婷免费在线观看| 午夜av中文字幕| 欧美激情亚洲天堂| 亚洲欧洲日产国码无码久久99| 日韩av一二三四| 伊人影院综合在线| 国产免费xxx| 男人天堂a在线| 欧在线一二三四区| 日本中文字幕观看| 国产在线xxxx| 男人亚洲天堂网| 在线观看中文av| 精品国偷自产一区二区三区| 欧洲av无码放荡人妇网站| 欧美美女一级片| 看一级黄色录像| 欧美 激情 在线| 久久综合在线观看| 欧美日韩精品在线一区二区| www.欧美日本| 不卡中文字幕在线| 春日野结衣av| 欧美激情国内自拍| 一二三四视频社区在线| 一区二区xxx| 日韩极品视频在线观看| 天天影视综合色| 狠狠精品干练久久久无码中文字幕| 波多野结衣50连登视频| 在线一区二区不卡| 欧美视频免费看欧美视频| 一区二区三区视频网| 国产天堂视频在线观看| 久久精品免费网站| 欧美日韩中文字幕在线播放 | 无码人妻丰满熟妇区毛片| 欧美日韩理论片| 91免费视频网站在线观看| 久久精品久久99| 欧美日韩一区二区在线免费观看| 欧美性视频在线播放| 99久久国产宗和精品1上映| 亚洲黄色网址在线观看| 一本久道中文无码字幕av| 777久久精品一区二区三区无码 | 日本福利视频网站| 欧美三级午夜理伦三级富婆| 成年在线观看视频| 黄色永久免费网站| 每日在线更新av| 欧美a级黄色大片| 九九热精品在线播放| 草草久久久无码国产专区| 国产又大又长又粗又黄| 天堂av在线中文| 少妇一级淫免费播放| 免费在线a视频| 国产 欧美 日韩 一区| 亚洲一二三av| 国产又黄又猛又粗| 丰满人妻中伦妇伦精品app| 国产91在线亚洲| 欧美xxxxxbbbbb| 国产小视频精品| 熟妇人妻va精品中文字幕| 亚洲精品无码国产| 激情图片qvod| www.51色.com| 九九九九九国产| 爱情岛论坛成人| 国产又大又硬又粗| 99爱视频在线| 日本少妇高潮喷水视频| 农民人伦一区二区三区| 波多野结衣与黑人| 中国老女人av| 穿情趣内衣被c到高潮视频| 欧洲在线免费视频| www.cao超碰| 一女二男3p波多野结衣| 在线看的黄色网址| 午夜免费高清视频| 国产精品入口免费软件| 看欧美ab黄色大片视频免费| 777米奇影视第四色| 狠狠干 狠狠操| 国产精品久久中文字幕| 国产精品自拍片| 国模吧无码一区二区三区| 欧美日韩成人免费视频| 成人免费aaa| 91传媒久久久| 欧美精品成人网| 99视频在线免费| 四季av一区二区| 狠狠干狠狠操视频| 欧美视频亚洲图片| 警花观音坐莲激情销魂小说| 青草全福视在线| 一本久道高清无码视频| 欧美午夜小视频| 国产在线观看福利| 手机在线免费观看毛片| 成年网站免费在线观看| 不卡中文字幕在线| 日本丰满少妇黄大片在线观看| 精品一区二区三区毛片| 国内少妇毛片视频| 欧美s码亚洲码精品m码| 欧美成人精品欧美一级乱| av五月天在线| 亚洲精品在线视频播放| 国产树林野战在线播放| 丰满少妇久久久| 熟妇人妻无乱码中文字幕真矢织江| 91n.com在线观看| 自拍一级黄色片| 免费毛片网站在线观看| 成人久久久久久久久| 99re6在线观看| 久操手机在线视频| 女人另类性混交zo| 久久久久久久久久久久久久久国产| 天天想你在线观看完整版电影免费| 免费一级特黄毛片| 黄色一级视频在线播放| 18禁男女爽爽爽午夜网站免费| www.xxx亚洲| 日本不卡一区二区三区四区| 亚洲熟妇无码一区二区三区导航| 国产淫片av片久久久久久| 亚洲精品中文字幕乱码无线| 国产中文字幕乱人伦在线观看| 91激情视频在线| av影院在线播放|