WTO Director General Pascal Lamy • 25 June to accept Dow Jones News Service interview that enhanced the decision of the RMB exchange rate flexibility with a very big meaning, but it's political significance than on the impact of the global economy.
Lamy said that China needs through the appreciation of the Renminbi to better manage the domestic economy, now in some areas of China's economy is facing a risk of inflation and foam. He added, but this will have to be paid for, and appreciation of the Renminbi may to some extent harm China's labor market, particularly textiles, footwear and other labour-intensive industries.
However, Commissioner Lamy stated that from a global perspective, the Renminbi exchange rate flexibility can only "somewhat" solution to the problem of Sino-US trade imbalance. He said that China's decision to a greater extent for political reasons, this is to relieve the pressure from the outside world. United States and euro area before criticizing China has been artificially low exchange rate of RMB to ensure that China's export relatively inexpensive. Recent such accusations continued warming.
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