男女羞羞视频在线观看,国产精品黄色免费,麻豆91在线视频,美女被羞羞免费软件下载,国产的一级片,亚洲熟色妇,天天操夜夜摸,一区二区三区在线电影

Center

Wu: Large yuan appreciation would hurt China

(Bloomberg)
Updated: 2007-05-25 10:38
Large Medium Small

A "large" appreciation of the yuan would hurt China's economy, Vice Premier Wu Yi said, signaling the nation won't cave in to U.S. demands for faster gains to ease the U.S. trade deficit.

The yuan's value isn't the cause of the deficit, Wu said today at a dinner in Washington attended by U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke. About 85 percent of China's surplus with the U.S. is from foreign companies exporting products no longer made in the U.S., such as shoes, she added.

Vice Premier Wu concluded two days of talks with Paulson yesterday aimed at easing U.S.-China trade tensions. U.S. legislators have pledged to proceed with sanctions on Chinese imports unless the yuan climbs faster than its 8 percent gain against the dollar since July 2005.

"China will definitely not drop its policy of letting the yuan rise gradually," said Xiao Minjie, a senior economist at Daiwa Institute of Research in Shanghai. "A big yuan appreciation would affect China's exports," Xiao said, citing the textile industry.

China's reluctance to let the yuan rise faster is because stronger currency would hurt company profits and jobs. The textile industry, which accounted for 72 percent of China's trade surplus last year, loses 8.2 billion yuan of profits for every percentage point of currency appreciation, the China National Textile and Apparel Council estimates.

The yuan was little changed at 7.6527 against the dollar as of 9:46 a.m. in Shanghai, compared with 7.6519 late yesterday.

40 Percent Undervalued

Democratic Representative Sander Levin of Michigan, who chairs the trade panel of the House Ways and Means Committee, said yesterday the yuan is undervalued by as much as 40 percent.

"Large scale yuan appreciation will have a negative impact on China's economy," Wu said, adding that trade protection would hurt relations between the U.S. and China.

China last week increased the amount its currency can appreciate by widening the bands within which it can fluctuate against the dollar to 0.5 percent from 0.3 percent.

"China will continue to reform its exchange rate on its own initiative, gradually," Wu said.

The trading band will continue to widen and China will increase the yuan's flexibility, Wu said. Still, China needs to guard against currency risks, she said.

Yuan Flexibility

People's Bank of China Governor Zhou Xiaochuan also said this week that China plans to further increase flexibility in the yuan's exchange rate.

Wu met with U.S. President George W. Bush earlier today. Bush later told reporters the U.S.-China relationship was "complex" and that two nations must work together to ease economic tensions. The U.S. posted a record trade deficit of $232.5 billion with China last year.

The U.S. is "watching very carefully" China's steps on its currency, Bush said, and is prodding China's government to open its capital markets to international financial institutions.

China is taking steps to encourage consumers to spend and will become the world's second-largest domestic market after the U.S. by 2010, Wu said.

分享按鈕
主站蜘蛛池模板: 祁门县| 绥中县| 新密市| 玛曲县| 柘城县| 阿尔山市| 抚州市| 合肥市| 汝阳县| 枣阳市| 静安区| 大丰市| 体育| 大竹县| 治县。| 山西省| 珠海市| 南皮县| 青川县| 宿州市| 宣汉县| 四会市| 南丰县| 泰宁县| 安吉县| 保德县| 凭祥市| 杭锦旗| 大渡口区| 荣昌县| 印江| 临湘市| 布拖县| 独山县| 朝阳县| 吴桥县| 嘉荫县| 阜新| 炎陵县| 介休市| 桐梓县| 祁东县| 庆安县| 屯门区| 枞阳县| 宜良县| 那坡县| 班戈县| 大埔区| 太仓市| 突泉县| 抚顺县| 纳雍县| 若尔盖县| 峡江县| 丹阳市| 赫章县| 茶陵县| 南投市| 无锡市| 新龙县| 绥棱县| 建始县| 吉隆县| 朝阳区| 休宁县| 苏州市| 湖州市| 南昌市| 喀喇沁旗| 福建省| 博乐市| 闽清县| 鲜城| 蒙山县| 丹阳市| 云南省| 博白县| 玉林市| 汨罗市| 通山县| 洛隆县|