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The following article was published in our article directory on November 25, 2010.
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Article Category: Business
Author Name: xia zihui
The so-called currency war, the main source in the United States. Why fight the U.S. currency war? From the last Asian financial crisis can be seen, in addition to the implementation of a fixed exchange rate system in Malaysia and China, Hong Kong SAR in support of the Central Government did not adhere to the linked exchange rate system by the huge losses, other countries, decades of accumulated wealth greatly diminished. China implemented the policy of stable exchange rate, so that the Asian financial crisis did not spread to the world. Therefore, a substantial devaluation of the currency is more harm than good. Another example is the 20th century, 80 years, U.S. and European countries joined hands and put pressure on appreciation of the yen, combined with the implementation of inappropriate policies in Japan, resulting in 20 years the Japanese economy has been hovering at the bottom, known as Japan's lost 20 years. Two lessons, enough to remind States of battle, not the exchange rate.
United States continues to provoke a war with the recent exchange rate and long-term goals. The near term, U.S. economic recession, slow recovery, high unemployment rate --- have economic and political needs. Depreciation of the dollar against other countries, why the United States, worthy of attention. Since the 70s of the 20th century, the continuous depreciation of U.S. dollar, forcing other currencies because of high U.S. fiscal deficit, the implementation of easy monetary policy, the formation of a low savings rate, high debt, national debt increased dramatically, so a large number of issued United States dollars. The new issue of U.S. 2 / 3 in a foreign country, 60% of the dollar in overseas circulation, 52 national currencies pegged to the dollar, 80% to 90% of the transactions in U.S. dollars, 2 / 3 of foreign exchange reserves are U.S. dollars, so the dollar appreciation and depreciation of all of the world.
Appreciation or depreciation of the dollar against the United States are more advantages than disadvantages. Because, when you can attract a lot of appreciation of the global savings and capital flows, the United States meet U.S. domestic demand. Implementation of the economic downturn to the dollar, the troubles lead the world, see the U.S. exchange rate policy is a typical selfish. The current round of dollar depreciation on the point of view, the Fed announced last March to buy government bonds, just three months on the depreciation of the dollar index to 16%, in August this year, Federal Reserve Chairman Ben Bernanke spoke, the dollar began to depreciate. Europe has not been out of the debt crisis, suppressed by the United States, the euro appreciation has emerged, in addition to the yen, the Australian dollar has continued to strengthen, so this war is the United States provoked the exchange rate. In fact, some countries have taken measures to battle to defend the exchange rate to prevent their currencies to appreciate significantly. Currently, the world economy has just slow recovery, and there are many uncertainties in this case the exchange rate to fight war, this recovery will die, will lead to more serious financial disaster and economic downturn.
As previously stated, "surplus in China, interest in the United States," so there is no reason the U.S. has a trade surplus with China to press the RMB appreciation. China's RMB exchange rate policy made it clear, first, adhere to the RMB exchange rate formation mechanism Reform. However, the reform of exchange rate formation mechanism is not equal to the appreciation of the exchange rate to rise or fall according to market demand, forcing the RMB appreciation over China if the actual tolerance, then not only against China on the world economy as bad. Because China's economic contribution to world economic growth rate has been a substantial increase in 2009, China's economic growth contributed to world economic growth rate as high as 50%, if the yuan to appreciate, then China's economic growth will significantly slow down world economic growth impact can be imagined, so this is not just China's problem. Second, since June 19 this year, the RMB has appreciated by close to 3%, and our profit margins is only 3% to 5%, some even lower. If excessive force appreciation of the renminbi, not only against Chinese companies, will also crack down on foreign-funded enterprises in China. So, from both global and China-US economic and trade relations, the exchange rate is detrimental no good war.
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