|
塔城翻譯公司關(guān)鍵字：3 domestic economic專業(yè)翻譯公司服務(wù)最好的 development needs of the exchange rate stabilityIn 2002, China's products to the global output totaled 325.57 billion U.S. dollars, from the $ 22.6 billion annual trade surplus expanded to $ 30.5 billion, the same year, the actual utilization of foreign investment reached 52.7 billion. Foreign exchange reserves, exports, attract foreign investment continued to rise, the exchange rate has remained unchanged, naturally attracted the attention of countries such as Japan and the U.S..
However, generally speaking, the current exchange rate is floating and not fixed. Since introduced in 1994, exchange rates, a relatively flexible exchange rate into a floating state, at different points on different currencies were mixed, ranging from big and small. In recent years, the RMB relative to currencies of major trading partners is appreciation. The end of 2002, the RMB against the dollar, euro, Japanese yen, Korean won and Thai baht nominal appreciation of 5.1%, respectively, 17.9%, 17.0%, 58.1% and 78.7%. However, the present situation, the RMB exchange rate basically stable, appropriate. Therefore, the current supply and demand in the foreign exchange market based on a single, managed floating exchange rate system in line with China's reality.
Determine a country有資質(zhì)的正規(guī)翻譯公司哪個好's currency value of the factors into two types of long-term factors and short-term factors. Long-term factors is by increasing a country有資質(zhì)的正規(guī)翻譯公司哪個好's overall economic專業(yè)翻譯公司服務(wù)最好的 size and economic專業(yè)翻譯公司服務(wù)最好的 strength to improve the purchasing power of their foreign currency factors, such as terms of trade (TOT), GDP growth, technological progress factors, poor consumer price index, interest rates, foreign exchange reserves and so on. In addition, the price level and interest rates although not directly reflect the economic專業(yè)翻譯公司服務(wù)最好的 strength, it represents a composite of changes in commodity prices and capital price changes, many other economic專業(yè)翻譯公司服務(wù)最好的 variables is the combined result, the exchange rate can affect the long-term trends. The classic theory of purchasing power parity and interest rate parity theory is, respectively, by domestic and foreign interest rate differential and the price difference to estimate the relative change of the currency.
In fact, GDP growth does not necessarily lead to real exchange rate appreciation. From China's perspective, the faster GDP growth, the domestic import demand for manufactured goods and imported technology greatly improved; while introduction of technology, in turn, promote the role of GDP growth. So fast GDP growth may lead to the early stages of economic專業(yè)翻譯公司服務(wù)最好的 take-off items of trade deficit, leading to real exchange rate depreciation; in the late take-off, due to capital inflows and export finished products to accelerate the ability of the relative increase, causing the real exchange rate appreciation. According to estimates, GDP growth, exchange rate flexibility is 0.0077, which increased by 1 percent GDP growth rate, real effective exchange rate will depreciate 0.0077 percentage points. Full year 1998 GDP growth rate of 7.8 RMB real effective exchange rate depreciation of 0.06% So, so, GDP changes in the role of exchange rate depreciation is not too large. However, foreign investment in China, saw in China's economic專業(yè)翻譯公司服務(wù)最好的 fundamentals, including China's rapid economic專業(yè)翻譯公司服務(wù)最好的 growth and stock market development, improve governance of listed companies, etc., is not undervalued currency, the exchange rate is definitely not an important factor.
For China, a capital item is not open country有資質(zhì)的正規(guī)翻譯公司哪個好, the reserves of dramatic changes in the short term is unlikely, we can use it as a long-term factors affecting exchange rates. The existence of short-term factors make effective exchange rate deviation from the equilibrium exchange rate. However, because these factors are short-term impact on the exchange rate is only temporary, can not hide long-term trend of exchange rate fluctuations. Typical short-term factors including make the best use of monetary and fiscal policies, war, financial crisis and other external shocks will have a negative impact on the current exchange rate.
|