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

  Home>News Center>China
       
 

RMB no scapegoat for US woes
By Tao Zhipeng and Xu Ruiheng (China Daily)
Updated: 2005-02-05 01:32

Some US financial heavyweights, including Fed Chairman Allen Greenspan, have been raising their voices in recent years over the "appreciation of renminbi," while dodging the issue of the plummeting US dollar's exchange rate. They claim that renminbi must be revalued if the Chinese economy is to avoid overheating.

It is still fresh in people's memory that China, in the face of great risks and pressure, made painstaking efforts to maintain stability of the renminbi exchange rate during the 1997 Asian financial crisis. In this way, China contributed greatly to defusing the crisis and reversing the declining trend of Asian and global financial sectors. It should not be forgotten that all this was done at the expense of China's own interests.

Recently, a number of banking, research and media institutions, including the Hong Kong & Shanghai Banking Corp, Morgan Stanley, Business Week and the Washington-based Cato Institute issued their research reports, criticizing the unjustified insistence that "renminbi should appreciate." They suggested the strategy of "maintaining a weak dollar" adopted by the US Government is directly targeted at Asian currencies, China's renminbi in particular.

This kind of monetary policy of shifting crises to others has been questioned by some US economists as well as by some media. The US-based Business Week says in an article that the way out for the United States' budgetary and trade deficits lies in relying on domestic efforts instead of targeting others.

As early as four or five years ago, a school of US economists trumpeted hard for the dollar to be devalued by large margins against other major currencies. They argued that in view of the mounting US trade deficits stemming from the overvalued US dollar, it was necessary to devalue, a move which, in turn, would sharpen the competitive edge of US commodities on the world market. Otherwise, the US dollar was bound to make a forced and hard landing.

Against this backdrop, plus some unpredictable factors in the world economy, the dollar's exchange rate against the euro has continued to drop in recent years, once hitting a low of one US dollar for 0.76 euro. The falling margin reached 50 per cent.

The devaluation, however, has not redressed the United States' huge trade deficits as expected. So people cast doubt on the "dollar-devaluation" theory. They found that the root cause behind the sharp rise of US trade deficits was not the greenback's high exchange rate, but the extremely low bank savings rate of Americans who excessively spend future money on current consumption. The comparatively weak demand for US goods in some sectors of the world market is also to blame.

Jeffrey E. Garten, provost of the School of Management of Yale University, criticized dollar-devaluation policy, arguing it was wrong because the US Government was failing to resolve the fundamental problems which caused the trade imbalances. The United States borrowed heavily from overseas because Americans consumed a lot but saved very little. The average American today, for example, put only 0.2 per cent of his or her disposable income into the bank, the lowest savings rate in the past 45 years. A low bank savings rate meant there was not enough money to finance investment. Hence the United States borrowed considerably from overseas lenders. At the same time, the US Government needs foreigners to buy its treasury bonds to make up for increasing budgetary deficits. Unfortunately, the "dollar-devaluation" theory had the ear of Greenspan and US Treasury Secretary John Snow.

Garten also refuted the theory that devaluation could help lower the price of US goods and boost US exports. Garten believed devaluation was not likely to help reduce imports by large margins because one-fourth of US expenditure on those was used to buy oil and oil prices are calculated in US dollars. So in this scenario, dollar devaluation would result in declining incomes for the oil producers of Organization of Petroleum Exporting Countries (OPEC), which in turn, would force OPEC to raise prices. In view of all this, dollar devaluation does not work in the way its advocates anticipate.

Given this reality, the United States should not let the dollar value go down again and again. Instead, US policymakers need to cut financial deficits sharply and increase tax revenues in order to reduce trade deficits. This kind of monetary policy, however, is obviously not to the liking of the Bush administration, which pursues a conservative ideology. As a result, the policy has been formulated to make the international community share the economic baggage exclusively the making of the United States.

US-based Newsweek magazine came up with a vivid metaphor recently: The United States, faced with its own economic problems, is trying to forge a "dollar-devaluation alliance" as it did an "anti-terror alliance" when confronted with the issue of terrorism. In doing so, it hopes its own problems can be resolved at the expense of Europe, Japan and the whole of East Asia.

Western analysts widely believed China seemed not opposed to Washington's insistence that the renminbi should revalue, but that it hoped to act at its own pace, rather than yielding to pressure from outside. They also believed changes in the exchange rate of the renminbi could only be decided by China's own economic and political interests.

Western analysts also note that Chinese leaders are very much concerned with the trajectory of the dollar.

During a meeting with US President George W. Bush at the APEC summit, President Hu Jintao made it clear that China is greatly concerned about the downward trend of the US dollar. Premier Wen Jiabao, while attending the ASEAN 10+1 summit, also remarked that China is maintaining a close watch on the weakening dollar. He said China is a responsible country, as demonstrated by its maintained stability of the renminbi during the Asian financial crises in the face of overwhelming pressure.

Clearly, the Chinese leaders are telling the world that China will never succumb to pressure from outside and will act on the principle that any action it takes will be one that benefits the Chinese economy, while holding itself responsible to the international community.

(China Daily 02/05/2005 page4)



 
  Today's Top News     Top China News
 

US knocked for trying to block EU arms ban end

 

   
 

Private enterprises expanding quickly

 

   
 

Female journalist kidnapped in Baghdad

 

   
 

Japan to talk about the end of loans- Media

 

   
 

44 babies rescued from traffickers

 

   
 

Bombings, arson and rape cases on the dive

 

   
  Meningitis brought under control in east China
   
  Homeward-bound told to travel light
   
  Snazzy logo sought for Forbidden City
   
  Citizens' life expectancy reaches 79.87 years
   
  Homeward-bound told to travel light
   
  Auto imports on sound footing
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
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

    激情在线观看视频| 狠狠爱免费视频| 国产精品久久国产| 北条麻妃在线观看| 一级特黄妇女高潮| 一区二区在线播放视频| 2022中文字幕| 视频二区在线播放| 欧美日韩一道本| 特级黄色录像片| www午夜视频| www.浪潮av.com| 国产又粗又长又爽视频| 在线观看免费视频高清游戏推荐| 久久久久久久久久久99| 懂色av一区二区三区四区五区| 国产精品99久久免费黑人人妻| 日韩极品视频在线观看| 九九热视频免费| 嫩草影院国产精品| 无码人妻h动漫| 男女日批视频在线观看| 日本黄色播放器| 国产九九热视频| 50路60路老熟妇啪啪| www..com日韩| 亚洲熟妇无码av在线播放| 在线观看av免费观看| 91插插插插插插插插| 久久九九国产视频| www.国产区| 99精品人妻少妇一区二区| 亚洲国产精品无码av| 400部精品国偷自产在线观看| 在线播放黄色av| 天堂av8在线| 日本久久久久久久久久久久| 欧美 激情 在线| 精品中文字幕av| 亚洲不卡中文字幕无码| 欧日韩免费视频| 97视频在线免费| 男人添女荫道口图片| 成人区一区二区| 欧美午夜性视频| 久色视频在线播放| 尤物av无码色av无码| 黄色一级片在线看| 久久久久免费看黄a片app| 免费av手机在线观看| 缅甸午夜性猛交xxxx| 免费欧美一级视频| caopor在线视频| www.激情小说.com| av亚洲天堂网| 手机av在线网站| 成人免费黄色av| 国产人妻人伦精品| 真实国产乱子伦对白视频| 亚洲中文字幕无码av永久| 91成人在线观看喷潮教学| 亚洲色成人一区二区三区小说| 99热成人精品热久久66| 欧美日韩在线观看不卡| 岛国av免费在线| 免费在线精品视频| 激情小视频网站| 国产亚洲天堂网| 激情五月俺来也| 日本xxx免费| 97超碰在线人人| 精品人妻一区二区三区四区在线 | 午夜久久久精品| 天天综合网日韩| www.污网站| 加勒比海盗1在线观看免费国语版| 免费视频爱爱太爽了| 国产二区视频在线播放| 天天干天天草天天| 在线观看17c| 日韩激情免费视频| 91高清国产视频| 欧美一区二区视频在线播放| 99热自拍偷拍| 欧美一级视频在线| 免费特级黄色片| 国产视频手机在线播放| 992tv成人免费观看| 香港三级韩国三级日本三级| 99视频在线视频| 日韩一级免费看| 男人舔女人下面高潮视频| 四虎成人在线播放| 噜噜噜久久亚洲精品国产品麻豆| 可以看污的网站| 无码粉嫩虎白一线天在线观看| 美女喷白浆视频| 国产精品无码免费专区午夜| 国产男女激情视频| 国风产精品一区二区| 日本爱爱免费视频| 欧美黑人在线观看| 欧美激情第3页| 波多野结衣乳巨码无在线| 日韩va在线观看| 中国丰满人妻videoshd| 99re8这里只有精品| 日韩欧美xxxx| 成人免费观看在线| 天天操狠狠操夜夜操| heyzo国产| 国产一级大片免费看| 免费看涩涩视频| 黄页网站大全在线观看| 五月天色婷婷综合| 久久久久久三级| 欧美啪啪免费视频| 91免费网站视频| 国产三级国产精品国产专区50| 男人添女人下部高潮视频在观看| 国产高清999| 欧美日韩在线观看不卡| 亚洲 高清 成人 动漫| 久久人妻无码一区二区| 手机在线国产视频| 久久久久国产一区| 丰满爆乳一区二区三区| 丁香婷婷综合激情| 看全色黄大色大片| 男人午夜视频在线观看| 天天天干夜夜夜操| 国产极品美女高潮无套久久久| 香港三级日本三级a视频| 大地资源第二页在线观看高清版| 啊啊啊国产视频| 欧美 国产 日本| 国内性生活视频| 国产二区视频在线| www.日本三级| 欧美少妇在线观看| 国产精品夜夜夜爽张柏芝| 亚洲一区精品视频在线观看| 一路向西2在线观看| 妺妺窝人体色www在线观看| 久久网站免费视频| 97超碰青青草| 18禁免费无码无遮挡不卡网站| 国产人妻777人伦精品hd| 国产精品一线二线三线| 国产精品久久久久久久乖乖| 国产传媒久久久| 青春草国产视频| 久久久久久免费看| 男人添女人下部高潮视频在观看| 91精品国产91久久久久麻豆 主演| 免费的一级黄色片| 精品国产av无码一区二区三区 | 欧美a在线视频| 欧美啪啪免费视频| 国产乱子伦农村叉叉叉| av动漫在线看| 999精品网站| 亚洲一区在线不卡| 岛国毛片在线播放| 欧美一级小视频| 午夜久久久久久久久久久| 国产女教师bbwbbwbbw| av日韩一区二区三区| 免费 成 人 黄 色| 那种视频在线观看| 中文字幕av专区| 亚洲精品国产久| 99久久99久久精品| www.成年人视频| 国模吧无码一区二区三区| 在线视频日韩一区| 91欧美一区二区三区| 欧美黄色免费网址| 凹凸国产熟女精品视频| 在线观看免费黄网站| 成年人黄色在线观看| 国产九色porny| 国产精彩免费视频| 亚洲热在线视频| 欧美高清中文字幕| 国产精品少妇在线视频| 亚洲妇熟xx妇色黄蜜桃| 免费看日本黄色| av天堂永久资源网| 亚洲网中文字幕| 日韩成人三级视频| 日本熟妇人妻中出| 大桥未久一区二区三区| 香港三级韩国三级日本三级| 亚洲一级免费观看| 国风产精品一区二区| 日本精品一区二区三区四区 | 800av在线免费观看| 日韩欧美xxxx| 97精品国产97久久久久久粉红|