日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
US-Across America

Experts: Currency no big deal

By CHEN WEIHUA in Washingt | China Daily USA | Updated: 2014-05-13 07:18
Share
Share - WeChat

Gary Clyde Hufbauer, a senior fellow at the Peterson Institute for International Economics, chats with a reporter on Monday at a seminar in the institute on US-China economic relations. [Chen Weihua/China Daily]

US experts disagree that China's currency would be a major issue of discussion as US Secretary of the Treasury Jacob Lew winds up his trip in Beijing on Tuesday evening.

Lew said on Friday that he would press Chinese officials to allow the market to play a bigger role in determining the value of China's currency after acknowledging China's steps in reforming its exchange rate policy.

"They widened their trading band. But we've seen some very negative movement in the exchange rate in recent months," Lew told Bloomberg in an interview.

Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics, said Lew has focused on the depreciation of the yuan over the last few months.

"I think there has been no fundamental change in Chinese exchange rate policies other than the central bank not wanting to discourage carry trade transactions," he said.

Carry trade refers to a strategy in which an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase a different currency yielding a higher interest rate.

"One way of doing that is having more two way movement of the exchange rate," Lardy said.

As an economist, Lardy said he is looking at longer-term trends and issues, rather than short term.

The yuan has depreciated 2.9 percent against the US dollar since January 1 this year, but it has appreciated some 35 percent since 2005.

Eswar Prasad, a senior fellow at the Brookings Institution and a professor at Cornell University, said the pressures on the yuan appear evenly balanced and should in principle make it a less contentious issue between China and the US.

"With China's trade and current account surpluses still at low levels, it is hard to make a case that the renminbi is significantly undervalued based on short-term macroeconomic fundamentals," said Prasad, author of the new book The Dollar Trap — How the US Dollar Tightened its Grip on Global Finance.

But he said the US administration clearly remains concerned about the rising US bilateral trade deficit with China and the extent of foreign exchange intervention by the People's Bank of China, especially in the first quarter of 2014.

Gary Clyde Hufbauer, a senior fellow at the Peterson Institute, said Lew was speaking to two audiences — Chinese officials and the US Congress — about the currency issue. "The audience on Capitol Hill is more important," he said.

Prasad, a former head of the IMF's China division, believes discussions about the yuan's value at the moment are a distraction from the more important bilateral issues between the two countries, including market access, protection of intellectual property rights and the major economic and financial market reforms that China is embarking on.

"These reforms, which the US supports in principle and could also support more directly by providing technical assistance and guidance, are in the mutual interests of the two countries as they can make China's growth more balanced and sustainable," he said.

Hufbauer, a former deputy assistant secretary for international trade and investment policy at the department of the Treasury, believes the talk on the Bilateral Investment Treaty (BIT) that Lew would discuss with Chinese officials will be important.

He said the symbolic significance will be far greater because it will demonstrate the new Chinese government's ability to move forward with economic reforms.

Chinese foreign direct investment in the US this year is likely to exceed US FDI in China. China's Ministry of Commerce data show that US FDI in China in 2013 was $3.4 billion, trailing the European Union and many Asian economies.

Meanwhile, the Rhodium Group estimated the total Chinese FDI in the US at $14 billion in 2013.

On the Chinese concern over US discrimination against Chinese investors, which CFIUS (The Committee on Foreign Investment in the United States) often cites for national security reasons, Hufbauer said the CFIUS process could be more transparent.

But Lardy believes it will be difficult for the Obama administration to go to Congress to ask for revisions in the CFIUS process to accommodate the Chinese since the US has long insisted that it has an open and transparent system.

Unlike Hufbauer, who believes the BIT could be concluded next year, Lardy said it could take a longer time based on what he heard from some US business leaders in Beijing.

 

Today's Top News

Editor's picks

Most Viewed

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 久久久久久久一区二区 | 久久久久久全国免费观看 | 麻豆国产精品va在线观看不卡 | av天天看| 91视频观看| 免费级毛片 | 日韩精品久久久久影院 | 午夜欧美性欧美 | 亚洲成人福利在线观看 | 久久精品小视频 | 亚洲国产成a人v在线观看 | 国产高清卡一卡新区 | 浮力影院欧美 | 久久久在线视频 | 人人澡人人澡 | 91婷婷| 久久久久久成人精品 | 嫩草99| 91视频官网 | 欧美一级一片 | 99热官网 | 亚洲欧美日韩精品久久亚洲区色播 | 亚洲福利 | 免费av在线播放 | 永久免费mv网站入口 | 94在线成人免费视频 | 欧美一级片在线播放 | 偷偷狠狠的日日2020 | 色屁屁www免费看视频影院 | 久久精品一区二区国产 | 999久久久精品视频在线观看 | 91 在线 | 国产午夜亚洲精品 | 蝌蚪久久窝 | 亚洲 欧洲 偷拍 校园 另类 | 黄色羞羞视频在线观看 | 免费性生活视频 | 国产精品污污视频 | 天天干影视 | 精品国产一二三区 | 亚洲精品无码国产爽快A片百度 |