United States Washington local time on 13 February, the Bush Administration has submitted to the United States Congress, the White House economic report 2006, said United States record trade deficit to partially attributed to the "strict management of linked exchange rate" and "currency appreciation for restrictions on the foreign exchange market intervention". To this end, the White House economic experts suggest that China's Renminbi exchange rate mechanism should be more lenient.
The report shows that although China in July announces new Exchange system, but China's foreign exchange reserves also continued to rise. China's exchange rate regime is China and the global economic imbalances. "In fact, the savings are encouraged, because China's exchange rate policy suppresses consumption", the United States Government freely expressed dissatisfaction with the Chinese exchange rate management.
The report pointed out that China's foreign exchange reserves may of this year exceeded $ 1 trillion. Between 2000 and 2005, China's foreign exchange reserves have risen by 60 billion to about $ 8000.
In 2005, the United States trade deficit grow rapidly, reaching a record $ 7260, with China trade deficit up, break the $ 200 billion mark, reaching $ 2016. This prompted the United States Congress to more vigorously called for China to take a tougher stance on trade.
White House economic experts believe that the RMB should more flexible floating; to improve the exchange rate mechanism, in line with China's interests. Reported that the "exchange rate flexibility will provide a useful policy tool, help its stable economic cycle. Will also help China to future economic growth model, by relying on net exports turned to the expansion of domestic demand. ”
Financial markets this year the report particularly concerned, this is because the Fed Chairman Ben Bernanke, before leaving the White House Council of Economic Advisers Chairman participation before ever wrote this report.
Related information Mundell: RMB dollar will give China a disastrous consequences
No comments:
Post a Comment