ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /ViewEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaYuan devaluation warrants no currency war(Xinhua)Updated:2015-08-12 17:30Comments Print Mail Large Medium SmallBEIJING – While Chinas newly announced revision of the yuans central parity rate formation system earned applause from the International Monetary Fund (IMF), some US lawmakers, not surprisingly, began to grumble again about Chinas currency reform.Accusations that China is manipulating the Renminbi (yuan) to gain a trade advantage do not hold water, and their worries that “China is waging a currency war” are exaggerated.On Tuesday, the Peoples Bank of China (PBOC) announced that daily central parity quotes reported to the China Foreign Exchange Trade System before the market opens should be based on the closing rate of the inter-bank foreign exchange rate market on the previous day, supply and demand in the market, and price movement of major currencies.Firstly, the decision was made against the background that the yuans central parity rate has deviated from its actual market rate “by a large extent and for a long duration,” which has “undermined the authority and the benchmark status” of the central parity system.The central bank aims to better reflect market development in the exchange rate between the Chinese yuan against the US dollar, and the yuans devaluation was a result of reforms intended to make its exchange rate more market-oriented.The sharp fall in value of the Chinese currency after the announcement is a “one-off” adjustment, which has bridged the previously accumulated differences between the central parity rate and the market rate.Besides, the exchange rate formation mechanism reform neither simply equals currency devaluation, nor means a devaluation trend of the yuan.Secondly, China has not devaluated its currency on purpose to benefit its exporters at the expense of overseas competitors. The lower exchange rate is just a byproduct, not a goal.Chinas exports have indeed witnessed a slump this year, but this is largely a reflection of sluggish external demand. Fortunately, China has sufficient policy ammunition to boost domestic demand to offset external headwinds.According to the HSBC, both monetary and fiscal policies are becoming more accommodative and better coordinated, as evidenced by the reports that policy banks will issue more than 1 trillion yuan in financial bonds to support infrastructure investment.The HSBC forecast that “the combination of monetary and fiscal policy support should help ensure that the economy is on a path of cyclical recovery and achieve the growth target of around 7 percent.”Thirdly, a weakening of the currency has resulted from relatively slow real economic growth, and a stable exchange rate needs a steady economy.As the US economy has gained fresh recovery momentum, it is natural that the US dollar has appreciated.Meanwhile, China, which is undergoing a “new normal” in its economy that demands shifting its development model to a more balanced and sustainable one, still needs time to stabilize. Thus, it comes as no surprise that the yuan exchange rate will not stabilize until the economy itself is stable.8.03KRelated StoriesIMF welcomes Chinas move to improve forex formation systemSpectacular increase in new yuan loansExchange rate fluctuation is normal, says central bankUS Treasury to continue to monitor Chinas FX reformPBOC signals important change in managing the exchange ratePhoto2015 China International Fair for Investment and Trade kicks off in XiamenLives of freelancersSummer Davos Forum to be held from Sept 9 to 11Top 10 most profitable listed Chinese carmakers in H1Learn to behave like a real nobleChengdu Motor show kicks offChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerTop executive of Infor has head in the cloud Zwilling stays at cutting edge of the kitchenware industryMost ViewedTodays Top News2015 China International Fair for Investment and Trade kicks off in XiamenChinas commodity imports robust in Jan-Aug periodChina stocks rebound 2.92%2015 China box office already past 2014 totalChina foreign trade decline widens in AugustInterview: JP Morgans senior executive bullish on ChinaInnovation, development the focus for NZ mayorsLives of freelancersHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksSino-US trade in numbers Worlds top 10 best airports in 2015 Top 10 wealthiest Chinese in the world in 2015 Top 8 novel career choices in China SpecialsSummer Davos 2015Zhanjiang on Maritime Silk RoadCEO roundtable: new normal & challenges…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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