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Revaluing yuan would hurt recovery
By Ming Jinwei |
December 4, 2009, Friday
|
Print Edition
Print Edition
FORBES magazine, an American publication, and the British Daily Telegraph have both published articles to criticize efforts to compel Chinese yuan, to appreciate.
Shaun Rein, founder and managing director of the China Market Research Group, wrote for the Forbes that revaluing the Chinese yuan now would "jeopardize the world's fledgling economic recovery."
Jeremy Warner, assistant editor of The Daily Telegraph, argued in his blog that the Western press had united in an attempt to thwart China's approach to currency reform.
As Stephen Roach, chairman of US investment banking giant Morgan Stanley's Asia operations, said in October, claims that the yuan was undervalued was a political topic initiated by some in the United States to divert attention from other problems.
At the recent Asia Pacific Economic Cooperation (APEC) meeting in Singapore, Roach said concerns over China's currency policy were "seriously overblown."
He said critics should let China decide how it wants to manage its currency to ensure growth as drastic appreciation of the yuan would hurt China's economic recovery.
Myron Scholes, a Nobel economics laureate from the United States, said in Beijing last month that a sharp appreciation of the yuan would hit Chinese exports and erode China's holdings of foreign exchange reserves.
He said China's interests should be taken into consideration when it comes to debating currency policy and that China should not be forced to pay for the global financial crisis.
Indeed, an appreciation of the yuan would not help the United States reduce its trade deficit if the country does not rebalance its consumption and production.
Even if appreciation of the yuan prevents the US from buying from China, it will still import from other countries.
(The author is a Xinhua writer.)
Shaun Rein, founder and managing director of the China Market Research Group, wrote for the Forbes that revaluing the Chinese yuan now would "jeopardize the world's fledgling economic recovery."
Jeremy Warner, assistant editor of The Daily Telegraph, argued in his blog that the Western press had united in an attempt to thwart China's approach to currency reform.
As Stephen Roach, chairman of US investment banking giant Morgan Stanley's Asia operations, said in October, claims that the yuan was undervalued was a political topic initiated by some in the United States to divert attention from other problems.
At the recent Asia Pacific Economic Cooperation (APEC) meeting in Singapore, Roach said concerns over China's currency policy were "seriously overblown."
He said critics should let China decide how it wants to manage its currency to ensure growth as drastic appreciation of the yuan would hurt China's economic recovery.
Myron Scholes, a Nobel economics laureate from the United States, said in Beijing last month that a sharp appreciation of the yuan would hit Chinese exports and erode China's holdings of foreign exchange reserves.
He said China's interests should be taken into consideration when it comes to debating currency policy and that China should not be forced to pay for the global financial crisis.
Indeed, an appreciation of the yuan would not help the United States reduce its trade deficit if the country does not rebalance its consumption and production.
Even if appreciation of the yuan prevents the US from buying from China, it will still import from other countries.
(The author is a Xinhua writer.)
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