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The following article was published in our article directory on November 1, 2010.
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United States Upset China Stability of the Plan

Article Category: Business

Author Name: xia zihui

"Currency war", people like to use this word to describe the current international monetary environment, especially the United States put pressure on RMB appreciation. In several major international conferences, which are or will become the main tone. Indeed, according to the U.S. "war plan", a sharp appreciation of the RMB against the U.S. dollar will cause instability in the Chinese economy, which will give the Chinese rising star Fengyun the pace of increase in an abrupt end.

Chinese leaders feel the concern and warned that China's RMB revaluation would economic instability, and will be "a disaster around the world," remarks reasonable.

I want to say is that the U.S. exchange rate as a secret weapon used to disrupt the stability of the Chinese economy is not the first time. Dating back to last century, 20 to 30 years, the period when China was the silver standard, the United States is not, so the Chinese "Yuan" - the U.S. dollar depends on the dollar-denominated price of silver.

At first, U.S. President Franklin Roosevelt delivered his D · currency stability in China "program." This program seems to benefit the American silver manufacturers, will help China, however, is not true.

1933 Thomas amendment is passed, the bill authorizes the President to increase the Federal Reserve notes, deposit, and U.S. currency, the amendment also authorizes the President to reduce the gold content of dollars, and have great power to deal with the issue of silver. 1934, promulgated the "silver purchase bill" and ordered Secretary of the Treasury to buy silver at home and abroad, until the market price of an ounce of silver reached $ 1.29 so far; or until silver reserves held by the Ministry of Finance to the value of gold currency reserves of the three one. The silver price on the market at that time only 44 cents / ounce, the price to achieve prescribed by Congress, the price of silver rose 200%. The silver purchase bill to promote the Roosevelt administration to buy silver, which makes the price of silver in the 1932 to 1935 rose 128% (average interest rate in annualized terms).

U.S. direct consequence of raising the price of silver is caused when the Chinese currency "yuan" appreciation, and lead to an outflow of Chinese silver, less than the currency in circulation and cause deflation. There were some weird arguments, but also severely re-stimulate the price of silver on a higher level, those who insist that silver enthusiasts, with the rising price of silver, the Chinese yuan against the U.S. dollar will soon appreciate, this can increase China's purchasing power by to benefit China.

A special member of the U.S. Senate in 1932, wrote: "Silver is that they (China) wealth and purchasing power measurement tools, and act as a reserve function, is their bank accounts. Appreciate the wealth of silver is to get the nation to buy our exports product of the wealth. "

However, developments like the United States did not publicize it, but to "program" approach evolution. With the silver dollar-denominated price inflation, the Chinese "Yuan" significant appreciation against the U.S. dollar. 1932 | 1934, China's GDP fell by 26%, Nanjing, then the city's retail goods prices fell by 20%.

China, silver from the U.S. policy to economic hardship caused to get a little breathing room to find the silver on the U.S. Treasury purchase plan be amended. But China's demands were ignored. Issued in many escape of the Chinese response, the Roosevelt administration finally October 12, 1934 that they rarely release the implementation of the policy of the United States Congress.

At this point, the Chinese realize that hope has been dashed, and then on 14 October 1934 was forced to repeal the silver standard system, the official declaration is postponed to November 3, 1935 was published. America's "Plan" as if a magic General - China's currency turmoil ensued. At that time the Republic of China government began to issue convertible notes do not lose money at that time supported silver turn to gold, but in the end because of the war, lack of fiscal deficits and government credit, the currency plunged into hyperinflation.

History is always a lot of similar irony. As the century, 30 years, the United States and there is no "war" plan, even the idea that the plan did not, but fell to the present, I believe the current fall of China to the United States if the yuan to appreciate chess game, the results will be self-evident, the drastic changes in the Chinese economy and a world-class disaster would have happened.

Since the reform and opening up until now, China has experienced two different exchange rate system. Before 1994, China is still continuing devaluation of the RMB against the U.S. dollar stage. At this stage, China's GDP and inflation rate is relatively more volatile. In 1994, the significant depreciation of the renminbi, has been to 2005, the RMB exchange rate stability was the main theme, this time China's GDP and inflation volatility also decrease the RMB to the dollar due to a firm linked to China's inflation rate U.S. inflation rate began to follow the trend. July 2005, China entered the stage of gradual appreciation of the renminbi.

The current turmoil in the global currency market situation, I think the parties can re-listen to German Finance Minister Karl Schiller in 1966-1972 said the sentence was concise: "Stability is not everything, but there is no stability is absolutely can not be it! "

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