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圖木舒克翻譯公司關鍵字：RMB will eventually move toward free-floating, and good morning than later. RMB appreciation pressure exists in the case of open exchange controls, foreign exchange market is bound to increase the RMB reserve requirement, which will in the international balance of payments performance of capital projects on the output, and output depends on capital projects, the current account deficit, China's current account surplus is so strong renminbi foreign exchange market will be maintained. If the currency once a "spiral" of momentum, it will ultimately hurt the real economy, and large-scale unemployment, a depression.
3 Some policy專業翻譯公司收費價格 recommendationsThe starting point for exchange rate policy專業翻譯公司收費價格, we believe that the RMB exchange rate depends largely on economic專業翻譯公司服務最好的 growth, labor productivity growth rate, the yuan exchange rate from the long term should appreciate. Good exchange rate policy專業翻譯公司收費價格 must consider economic專業翻譯公司服務最好的 efficiency, growth and stability of principle, we must adapt to changing external economic專業翻譯公司服務最好的 environment, the specific circumstances.
On monetary policy專業翻譯公司收費價格 autonomy, it is important that the basic needs of the economy depends. China should implement the flexible exchange rate regime a long time, which is considered an important constraint is the opening up of capital. China's current account has been open, but not yet fully liberalized capital account, in this case the introduction of flexible exchange rate system, by the department to determine the real exchange rate, rather than by the financial transactions to determine the exchange rate, which is entirely possible.
On the timing of the exchange rate reform, we believe that the timing of the implementation of flexible exchange rate regime is very important in general should be chosen when a country有資質的正規翻譯公司哪個好's economy strong. For the economy to maintain high growth in China, the sooner the introduction of flexible exchange rate system, the sooner their own benefit and trading partners. Therefore, China should adopt a "discretionary" exchange rate adjustment mechanism, which select the appropriate time, the exchange rate controls to adjust the official exchange rate under the conditions of the test. Mainly because, on the one hand, discretionary exchange rate risk can be released gradually, to avoid the accumulation of too much risk when the formation of macro-economic專業翻譯公司服務最好的 impact. On the other hand, can take a look at the market, industry正規翻譯公司公證處翻譯蓋章, trade and other aspects of the impact of the direction and depth of the exchange rate for the subsequent release of macro-control under the conditions of the experience gained and lessons learned. Finally, even if there are some adverse reactions, it can also be transferred back. Of course, the "exchange rate test" depends on the macro-economic專業翻譯公司服務最好的 "heat" may be, to "exchange test" should be selected when the economy overheated. Because, when the economy overheated, the total demand for imported Chengjie Li stronger. Because in fact there is a certain tendency to currency devaluation, which would reduce the risk of currency speculation. You can also maintain the attractiveness of foreign investment, reducing the risk of capital flight.
On the foreign exchange market, we believe that the current international monetary system, exchange rate does not reflect the real money supply and demand, but the performance of real economic專業翻譯公司服務最好的 benefits. Therefore, to develop China's foreign exchange market (such as banks, foreign exchange market, inter-enterprise development), to further relax foreign exchange controls and restrictions.
Finally, in the foreign exchange balance, to take into account the overall balance and structural balance.4 How to appreciation of the renminbi in the short-term relief
On the one hand, we can establish the scientific value of the renminbi as soon as the evaluation index system, objectively refute "RMB revaluation on." For "The Economist" calls "Big Mac index value of the renminbi is still low." We can choose a reasonable evaluation and advanced computing methods to be demonstrated. For example, compared with per capita income indicators, "Big Mac" index should also be under the depreciation of the RMB. However, the growth of foreign exchange reserves, the RMB has been slightly underestimated apparently. In 2002, China's foreign exchange reserves increased by $ 74 billion, the first quarter of 2003, 30 billion added to reserves in the first quarter of this year has reached $ 316 billion. China's central bank buying large quantities of foreign currency, the renminbi's nominal exchange rate remained at 1:8.27 so, if the implementation of free-floating exchange rate, the RMB has appreciated definitely.
On the other hand, we can reiterate the appreciation of RMB not in favor of several reasons:First of all, in theory, will be in line with the appreciation of the renminbi's appreciation of the expected inflow of foreign capital. At present, China has a large inflow of foreign capital in these funds, whether foreign hot money, or the return of flight capital appreciation of the RMB exchange rate expectations are, so is the "hot money" in nature. The current flows of the twentieth century in the 1980s and 1990s the nature of capital inflows have varied considerably. Second, the RMB appreciation will not be conducive to China's exports. Finally, and most important basis for discussion, the renminbi exchange rate does not there is a serious underestimation of the phenomenon.
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