Floating Yuan Not The Answer - UN
Source: Xinhua |
March 18, 2010, Thursday
|
Print Edition
Print Edition
THE imbalances of the global economy cannot be resolved by a free floating Chinese currency, instead, the problem needs to be addressed by bold multilateral responses, the United Nations Conference on Trade and Development has said.
In a policy brief, the UN agency said on Tuesday that the burden of rebalancing the global economy should not be put on a single country and its currency. It argued that "to leave currencies to the vagaries of the market" would not help solving the problem.
The imbalances in world trade and the global economy actually lie in systemic failures, which require comprehensive and inclusive multilateral action, it said.
According to the policy brief, China has done more than any other emerging economy to stimulate domestic demand, and as a result its import volume expanded significantly.
Chinese private consumption increased by "a breakneck speed" of 9 percent in 2009 in real terms, dwarfing all the other major countries' attempts to revive their domestic markets, it said.
"Expecting that China will leave its exchange rate to the mercy of totally unreliable markets and risk a Japan-like appreciation shock ignores the importance of its domestic and external stability for the region and for the globe."
In a policy brief, the UN agency said on Tuesday that the burden of rebalancing the global economy should not be put on a single country and its currency. It argued that "to leave currencies to the vagaries of the market" would not help solving the problem.
The imbalances in world trade and the global economy actually lie in systemic failures, which require comprehensive and inclusive multilateral action, it said.
According to the policy brief, China has done more than any other emerging economy to stimulate domestic demand, and as a result its import volume expanded significantly.
Chinese private consumption increased by "a breakneck speed" of 9 percent in 2009 in real terms, dwarfing all the other major countries' attempts to revive their domestic markets, it said.
"Expecting that China will leave its exchange rate to the mercy of totally unreliable markets and risk a Japan-like appreciation shock ignores the importance of its domestic and external stability for the region and for the globe."
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