USEUROPEAFRICAASIA 中文雙語Fran?ais
    China
    Home / China / Business

    Rapid yuan appreciation 'to benefit no one'

    By Fu Jing in Brussels | China Daily | Updated: 2012-11-03 07:54

    18th party congress Preview

    China should not heed calls from some US and European politicians for a rapid appreciation of the renminbi, as this would harm both the Chinese and global economies, said leading European experts.

    The experts made the comments after the renminbi-dollar exchange rate has risen for several days and electioneering US politicians continue to claim China is "manipulating" its currency .

    "My opinion is not the same as what some people in America say, so do some Europeans, that they want to see the renminbi appreciate rapidly," said Giles Merritt, secretary-general of the Brussels-based think tank Friends of Europe.

    Merritt said rapid appreciation would harm China's export industries in its coastal regions, and a further slowdown in the Chinese economy would drag down global growth.

    He said that the best option for China would be "slow and gradual" currency liberalization.

    The renminbi's exchange rate against the US dollar has touched the permitted 1 percent upper limit of the officially set reference rate for five out of the past six days, and stood at 6.2387 yuan per dollar on Thursday.

    A report released earlier this week by the Society for Worldwide Interbank Financial Telecommunication said global use of the currency has surged.

    In August the renminbi rose to 14th in the table of payment currencies, up from 35th in October 2010, while most other currencies remained flat or moved marginally during that period, according to the report.

    Duncan Freeman, research fellow of the Brussels Institute of Contemporary China Studies, said recent renminbi appreciation is a challenge for China's exporters.

    "But what is more important than the nominal rate is the real exchange rate which has been rising in recent years as a result of increasing costs in China, especially labor," said Freeman.

    He said renminbi appreciation would intensify the problems of Chinese exporters who face both international and domestic economic pressures. Their major markets in the US and Europe are in crisis, while they also face rising costs at home.

    Freeman said exchange rate reform in China will be one factor in rebalancing the global economy, but not the main one.

    "What is more important will be the internal rebalancing in China, the European Union and the United States," said Freeman. "There are signs showing that in the short term, the Chinese economy has been stabilized, but reform will be necessary to ensure long-term stable growth."

    Sylvain Plasschaert, advisory board member of the European Institute for Asian Studies, said China should seek small and gradual currency appreciation.

    Andrew Small, Asia Program transatlantic fellow of the German Marshall Fund of the United States, said for many years, the value of the renminbi has been affected by a combination of economic and political factors.

    With the Chinese economy now showing signs of picking up, after weak indicators in recent months, Small said an inflow of capital is to be expected, which is magnified by the fact that China is also virtually the only major economy in the world growing at a healthy rate.

    "In such a situation, an increase in the valuation of the renminbi is both natural and welcome for the global economy," said Small.

    Liu Jia contributed to this story.

    fujing@chinadaily.com.cn

    Editor's picks
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    中文字幕av无码一区二区三区电影| 亚洲中文字幕丝袜制服一区| 在线天堂资源www在线中文| 无码乱人伦一区二区亚洲| 最近中文字幕大全中文字幕免费 | 中文字幕乱码一区二区免费| 无码国内精品人妻少妇蜜桃视频 | 蜜桃无码AV一区二区| 中文无码人妻有码人妻中文字幕| 亚洲AV无码一区二区二三区入口| 99re只有精品8中文| 亚洲国产av无码精品| 国精品无码一区二区三区在线 | 亚洲AV无码国产精品色午友在线 | 91久久九九无码成人网站| 中文字幕日本精品一区二区三区 | 涩涩色中文综合亚洲| 亚洲精品无码成人AAA片| 亚洲中文字幕AV在天堂| 亚洲精品无码精品mV在线观看| 亚洲AV中文无码乱人伦在线观看 | 亚洲人成无码www久久久| 亚洲AV无码一区二区三区系列| 久久超乳爆乳中文字幕| 精品无码久久久久久尤物| 亚洲色中文字幕无码AV| 亚洲精品人成无码中文毛片 | 中文字幕毛片| 天堂新版8中文在线8| 国产啪亚洲国产精品无码| 十八禁无码免费网站| 无码丰满熟妇juliaann与黑人| 亚洲一区二区三区无码中文字幕| 超清无码无卡中文字幕| 亚洲av永久无码精品网站| 无码八A片人妻少妇久久| 欧美成人中文字幕在线看| 中文字幕人成人乱码亚洲电影 | 久别的草原在线影院电影观看中文 | 国产资源网中文最新版| 最近中文字幕大全免费版在线|