From Overseas Press

China 'steals US thunder' ahead of G20

(chinadaily.com.cn)
Updated: 2010-06-21 14:53
Large Medium Small

China's announcement that it will introduce more flexibility into its exchange rate is a deft political move amid rising international criticism of Beijing, but the economic implications are much less certain, said an article in the Financial Times on June 20.

According to the article, as criticism of China's undervalued currency has been on the rise, China's announcement, which comes a week ahead of a G20 summit in Canada, was good timing to divert the world's attention. "By indicating that the peg between the renminbi and the US dollar was now likely to be broken, Beijing had 'stolen the thunder' from the US and other governments that hoped to use the summit to put pressure on China," Eswar Prasad, a former IMF China economist now at Cornell University, was quoted as saying. "They have taken the issue right off the table for the G20 and can refocus attention on what they see as the real problem for global financial stability -- rising government debt in the advanced economies, especially the US."

Related readings:
China 'steals US thunder' ahead of G20 China's move on yuan reform widely welcomed
China 'steals US thunder' ahead of G20 'Hot Money' controllable as yuan reform proceed
China 'steals US thunder' ahead of G20 International community react positively to China move on yuan reform 

Supposing that the political intentions of the weekend statement are clear, the economic consequences are not so obvious, said the article. It pointed out that the central bank ruled out the two things that had been expected -- a sizeable one-off appreciation and a widening of the bands between which the currency trades.

Given the context that China's exchange rate against the euro has already appreciated 15 percent and China's current account surplus has witnessed a sharp drop, there will be no drastic fluctuation in the value of the yuan, added the article.

Andy Rothman, an economist at CLSA in Shanghai, said in the article that he expected appreciation against the US dollar in the short term of 0.2 percent a month -- well short of the likely level needed to appease critics in the US and elsewhere. Li Daokui, an adviser to the Chinese central bank, said the greater "flexibility" in the exchange rate could potentially include occasional periods of depreciation against the dollar.

主站蜘蛛池模板: 村上凉子丰满禁断五十路| 老司机在线免费视频| 日本一区免费观看| 亚洲免费视频网址| 91福利国产在线观一区二区| 最近中文字幕mv免费高清电影| 国产免费小视频| 一级美国乱色毛片| 日本高清免费不卡在线播放| 亚洲黄色片免费看| 国产成人精品亚洲2020| 尤物国产精品福利三区| 亚洲AV无码久久| 欧美综合自拍亚洲综合图片区| 国产特级毛片AAAAAA视频| 一区二区三区四区无限乱码| 日本69xxxx| 久久精品99久久香蕉国产| 欧美美女与野兽免费看电影| 停不了的爱在线观看高清| 香蕉视频a级片| 夜夜爽77777妓女免费看| 亚洲av永久无码精品三区在线4| 精品乱码一区内射人妻无码| 国产调教在线观看| a级毛片高清免费视频就| 无码人妻精品一区二区三区久久久| 亚洲国产精品日韩在线| 激情欧美日韩一区二区| 你是我的女人中文字幕高清| 精品一区二区久久久久久久网精| 国产午夜福利内射青草| 91在线精品中文字幕| 日日躁夜夜躁狠狠躁| 久久精品乱子伦免费| 曰批全过程免费视频观看免费软件| 亚洲精品无码久久久久AV麻豆| 紫黑粗硬狂喷浓精| 国产69久久精品成人看| 菠萝菠萝蜜在线免费视频| 国产做无码视频在线观看|