汇率问题外文翻译适用于毕业论文外文翻译及中英文对照.docx

1、汇率问题外文翻译适用于毕业论文外文翻译及中英文对照 Chinas exchange rate policy to the evaluationAbstract: this article from the four aspects of RMB exchange rate policy, that in the past five years, Chinas trade imbalances and exchange rate system is getting worse and worse, no sign of improvement; The existing internationa

2、l organization for its members though exchange rate policies are clearly defined, but have no enforcement; The current Chinese exchange rate policy, no matter to China, the United States, or any other country is bad; For Chinas exchange rate policy, at present there are generally an error, which gre

3、atly, rapid appreciation of the RMB not feasible, not suitable for; China should immediately be RMB exchange rate from the current level to rise by 10-15 percent.I. introduction and previewThank you Mr. Chairman gave me the opportunity to speak to me Chinese exchange rate policys views. First of all

4、, in the past five years, Chinas exchange rate policy reform in the slow progress; Secondly, Id like to say why Chinas exchange rate reform statement to the Chinese economy will slow progress, the American economy, international monetary system, and the global trading system have an important impact

5、 on; Again, I mainly expounds the relevant Chinese exchange rate reform is slow excuse and cant convincing alibi and reasons; Fourth, about Chinas exchange-rate policy of several erroneous zone. At last, I in China in the next one to two years, in promoting exchange rate reform can and should take s

6、ome action, I will take this a few problems initiates.First, in the past five years, Chinas trade imbalances and exchange rate system is getting worse and worse, no sign of improvement. In 2006, Chinas current-account surplus soared (soar) to 9% of GDP, at present the RMB against Chinas trade partne

7、rs of the mean value at least 30% undervalued currency; Against the dollar, is at least 40% undervalued. From June 2005 to now, up 6.5% against the dollar, but relatively revaluation of the RMB against the dollar was not enough to suspend (halt) Chinas competitive power in the international market o

8、f cumulative rises, also did not reduce Chinas trade surplus.Second, the existing international organization for its members though exchange rate policies are clearly defined, but are not enforced. First look at the Chinese government, although China in the past four years have been engaged in a lot

9、 of, single direction of the foreign exchange market intervention, the Chinese authorities are still denied currency manipulation. Second look at the Treasury, although a lot of evidence showing China handle the truth in the foreign exchange market, but the Treasury still refused to China defined as

10、 currency manipulator. Finally see the international monetary fund, although the IMF is one of the original intention was established to promote the development of all countries exchange rate policy, but now it looks, the IMFs senior officials have also would not for a dedicated to the IMF construct

11、ion supervision and restraint world international coordinating mechanism of exchange rate policy.The third, and the slowness of the progress of Chinas exchange rate policy reform, no matter to China, the United States, or any other country is unfavorable.In Chinas case, the RMB is undervalued curren

12、cy manipulation and serious fact behavior of China to the foreign trade from the balance and consumption Spill-over economic growth target, also on the Chinas monetary policy independence, also interfere with the reform of the Chinese banking system, and improve the international society to China in

13、 international currency and trade system inside become a responsible stakeholder in doubt. For America, the RMB is the modest rise not promote Asia the positive development of exchange rate system and the role of the U.S. trade deficit and no so and be able to improve and will not reduce the dollar

14、crisis happened U.S. economy and the risk of a hard landing. If this situation continues, emerging market countries may follow China in succession, that will give the global currency system brings the serious influence, and even can be caused by the U.S., Europe, Japan and other countries of the bac

15、klash.Fourth , the Chinese exchange rate policy , the current prevalence of a misunderstanding, that the RMB is substantially rapid appreciation is not feasible , is not suitable . This understanding is incorrect. Large appreciation of the RMB will not give the economic development, employment and s

16、ocial stability in China have devastating effects. Take bolder action on RMB exchange rate in Chinas banking system is not broken, also there is no need to put in further reforms of the financial system. If the United States Treasury to China a currency manipulator, which will be conducive to Chinas

17、 exchange rate system reform.Fifth, China should immediately from the current level , the RMB exchange rate appreciated by 10-15percent. In view of the exchange rate of the RMB long underestimated, it the adverse effect is difficult to through the modest rise again to eliminate. Only the RMB exchang

18、e rate rise sharply to completely disposable, solve the problem. A small revaluation of the RMB against the dollar (such as rising 5% a year), to America, scant effect, because the united himself in the cut trade deficit will be difficult. In order to improve the social stability, China in promoting

19、 more bold exchange rate reform (Bolder exchange rate action) at the same time, should be increased government spending, adjust expenditure direction, so as to promote the construction of social security network, reduce the precautionary saving not high. The Treasury should explain to the Chinese go

20、vernment, and from now on the Treasury will have been to investigate Chinas current account balance, the change of actual and effective exchange rate changes every month and the Chinese government intervening in the foreign exchange market situation, assess external adjustment and reform of Chinas e

21、xchange rate effect. The Treasury should the urgent requirement of Chinas exchange rate issues in May 2007 as a china-us strategic economic dialogue on the agenda to pressure the government to China, until achieved effect so far. If the exchange rate of the RMB was not yet increase, in the Treasury

22、report to congress in the material, it should be defined as China currency manipulator. Finally, the international monetary fund was established to promote global exchange rate is one of the development of the system, but the IMF the problem is it not only to the exchange rate system change provide

23、guidelines, more should urges countries to exchange rate system to reform, this is all countries promote exchange rate system favorable development of effective way.II. four indicatorsLooking back on the past five years Beijing and Washington issued announcement, you might think that China is moving

24、 toward reduce external economic imbalance, adjust the exchange rate policy direction. Here I use four index rethinking about the question, will get a different conclusion. The first indicator: Chinas current-account surplus：In the past five years , China s current account surplus has been growing ,

25、 and 1% of GDP in 2001 , nearly 9 percent of GDP in 2006 . Calculated in U.S. dollars , China is the largest country in the world on a trade surplus ; the current account balance accounted for the proportion of economies of scale to measure Chinas trade surplus is more serious than the U.S. trade de

26、ficit . Compared with the same period in 2006, the first two months of 2007 , Chinas current account balance increased by 225% . Visible, the external equilibrium of the Chinese economy is even worse. The second indicator: Chinas actual effective exchange rate：Compared with the nominal exchange rate

27、, actual and effective exchange rate is measured economic competitiveness of Chinas more appropriate index. In the past five, six years, against the dollars actual and effective exchange rate increased 2%. Some people think that the RMB against the US dollar was 6.5%, from RMB 1 dollar to 8.28 to 1

28、dollar to 7.73 RMB (March 22, 2007), the effect is remarkable. In fact, the RMB is still undervalued, RMB against the Chinese trade partner of the mean value at least 30% undervalued currency; against the dollar, is at least 40% undervalued. And relative appreciation against the dollar does not help

29、 to reduce trade surplus. The third indicator: the RMB exchange rate of the market economy：In June 2005, the Chinese government announced on the RMB exchange rate system to reform, realize the exchange rate of the market economy. But in fact the RMB exchange rate and not out of the market economy. I

30、n order to maintain the currency relative stability, the Chinese government has been manipulating foreign exchange market, every month amount of intervention last year to $20 billion. This and announced that the RMB exchange rate reform of before the first half year of 2005 level is consistent. In t

31、he past three years, Chinas foreign exchange market intervention level of 10% of GDP. More seriously, a lot of intervention in the foreign exchange market at the same time, the central bank had a lot of Write-off operation, this kind of behavior circulation at the same time (the domestic money suppl

32、y increased, inflation rate growth), foreign exchange reserves will continue to rise, otherwise, even if the RMB nominal exchange rate unchanged, the competitiveness of China can seriously reduce. In fact, the RMB exchange rate is still controlled prospective fixed rate. The fourth indicator: As a m

33、ember of the IMF, to fulfill the commitment of the exchange rate policy：As one of the IMF member countries, China should fulfill its commitment to reform its exchange rate policy. A member of the IMF have promised not to currency manipulation, the Chinese government also insisted that no manipulation of the foreign ex