日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Opinion / Editorials

Exchange rate changes aid internationalization

(China Daily) Updated: 2015-08-13 07:43

Exchange rate changes aid internationalization

An employee counts renminbi (yuan) banknotes at a bank in Lianyungang city, East China's Jiangsu province, June 4, 2014.[Photo/IC]

The Chinese authorities have stepped up reform of the exchange rate formation mechanism this week to make it more market-oriented, which is in line with the currency reform road map the country embarked on 10 years ago.

China lowered its daily midpoint reference of the yuan against the US dollar by 1.6 percent on Wednesday after lowering it by 1.86 percent the day before.

The International Monetary Fund sees the move as "a welcome step". But some analysts have interpreted it as a way for China to tackle its current economic downturn and, in particular, an effort to bail out its ailing export sector.

Given the poor economic data in recent months, their argument may sound tenable - the official data show that in the first seven months exports fell 0.9 percent from a year ago. But it is unlikely China would make a major policy change that is set to have global ramifications simply out of short-term growth considerations.

The country has a history of refusing to adopt a "beggar-thy-neighbor" competitive devaluation strategy to its own benefit, a stance that was most clearly reflected by its costly decision not to let the yuan depreciate to help anchor the regional situation during the 1997-98 Asian financial turmoil.

Admittedly, the Chinese economy is suffering from weaker growth and continuing downturn pressures, but policymakers still have ample financial and fiscal ammunition to keep the ball rolling.

Moreover, resorting to currency depreciation may boost trade only temporarily, but will lose steam in the long run. Worse, as the real effective rate of the yuan against other currencies has been on the rise, the recent fall in the yuan's nominal value could be meaningless to the exporters.

In fact, the current way of managing the yuan's exchange rate has resulted in large accumulated differences between the official central parity rate and the market rate, which is not conducive to finding the real market value of the yuan and prevented it from becoming a real international currency.

It is more reasonable, therefore, to see China's move as a way to seek long-term financial resilience and further internationalization of its currency by gradually liberalizing its exchange rate formation system.

The timing may have surprised the markets. The move serves the country's long-term ambition to build a more flexible and market-based exchange rate formation system that is, as the IMF said on Wednesday, "important for China as it strives to give market forces a decisive role in the economy and is rapidly integrating into global financial markets".

Most Viewed Today's Top News
Being unaware of hypocrisy is itself hypocrisy
...
主站蜘蛛池模板: 欧美 第一页 | 国产在线导航 | 在线日韩视频 | 九九热视频这里只有精品 | 欧美三级视频在线观看 | 免费能看的黄色网址 | 四虎国产成人精品免费一女五男 | 中文字幕一级片 | 免费av毛片 | 色综合久 | 亚洲少妇激情 | a级片久久 | 在线免费小视频 | 性做久久久久久久久 | aaa日韩| av色哟哟| 高清国产一区 | 久久在线观看视频 | www日韩av| 91精品国产综合久久久久久 | 国产精品情侣自拍 | 精品免费看 | 久久人人爽人人爽人人片av免费 | 性高潮网站 | 91手机在线| 日韩一区欧美 | av官网在线观看 | 欧美jizz19性欧美 | 性xxxx另类xxⅹ| 久热在线视频 | 噼里啪啦国语完整在线观看高清 | 欧美片一区二区三区 | 久久久久在线 | 91麻豆免费视频网站 | 日韩成人精品 | 91久久精品日日躁夜夜躁欧美 | 欧美成人精品欧美一级私黄 | 婷婷综合五月 | 亚洲涩网| 成年人免费看视频 | 四虎永久地址 |