谁能帮我找几篇 关于人民币汇率变动的外文翻译阿...中文对应英文

谁能帮我找几篇 关于人民币汇率变动的外文翻译阿...中文对应英文
谁能帮我找几篇 关于人民币汇率变动的外文翻译阿...中文对应英文

谁能帮我找几篇 关于人民币汇率变动的外文翻译阿...中文对应英文
一.RMB exchange rate might appreciate by 5% in 2007
BEIJING, Jan. 1 (Xinhua) -- The exchange rate of Renminbi, the Chinese currency, is expected to appreciate by some five percent to one U.S. dollar for 7.44 yuan, according to Xinhua Economic Analysis Report released Monday.
The report projected that the pace of RMB appreciation would be faster in the first half of 2007 than in the second half.
Xinhua Economic Analysis Reports are regular products by a team of more than 80 economic analysts under Xinhua Economic Information Department. The latest issue of the reports reviewed the country's 10 key indices in the economic and financial sectors and made projections on possible changes in the coming year.
In 2006, the value of the RMB rose 3.28 percent against the dollar, with an accelerating trend from 0.66 percent in the first quarter to 1.15 percent in the fourth. The central parity price closed at one U.S. dollar for 7.8141 yuan, the lowest of the year.
The report held that the short-term RMB exchange rate will be influenced by the fluctuation between the dollar and other currencies, but in the long run, it depends on the progress of China's exchange rate reforms. Stable appreciation in small steps is generally expected.
Earlier in December, China's State Information Center predicted a 3-4 percent appreciation of the yuan in 2007, while the Bank of America and Deutsche Bank expected a rise of 4-6 percent and 4.5 percent, respectively.
China's foreign exchange policy is in line with the pace of China's economic development and the daily floating band is enough to allow sufficient appreciation of the RMB, according to Chinese economist Fan Gang.
However, some economists argued that the appreciation of the RMB is a double-edged sword, as it will make Chinese exports more expensive and therefore reduce export volume. Some export-driven small and medium companies may not be able to survive and have to lay off employees.
"If China were coerced into really large appreciations of the RMB, it could face the same deflationary fate as Japan in the 1980s and 1990s -- and all this without reducing its trade surplus," said Ronald McKinnon in an article published Wednesday by The Wall Street Journal.
Zhou Xiaochuan, governor of the People's Bank of China, said that there was no timetable for a further widening of the daily floating band between the RMB and the U.S. dollar.
China raised the value of yuan by 2 percent to 8.11 per U.S. dollar and started linking it to a basket of currencies on July 21 of 2005, and allowed it to move 0.3 percent above or below the parity rate against the U.S. dollar.
二.How will RMB exchange rate reform affect trade?
Chinese Minister of Commerce Bo Xilai has said that to complete RMB exchange rate mechanism is the demand of deepening China's reform in financial system. The reform will have positive impact in optimizing China's import and export structure and speeding up the transformation of the growth mode of foreign trade.
He made the remarks while being interviewed by the Japanese media during the Sino-Japanese Forum on Energy-Saving Cooperation being held in Tokyo.
Bo Xilai said since the reevaluation of RMB exchange rate mechanism last July, RMB has appreciated by 3.17%. For some countries, the increase is even higher. According to a Report to Congress on International Economy and Exchange Rate Policies by the US Treasury Department, RMB has appreciated by 4.9 percent to its major trade partners.
The minister said the major impact of RMB appreciation is that it has stimulated import but restrained export. In the first 7 months of 2005, China's import increased by 15% while in the following 5 months, the increase surged to 20%. But in export, in the first 7 months, the increase was 30% while in the following 5 months, the increase was 24.7%. In the first 4 months of this year, export increased by 25.8% while import increased to 22.1%.
Bo Xilai said RMB appreciation has substantially lowered the profit of export-oriented enterprises, especially labor-intensive ones whose profit was already very low. Taking textile industry as an example, their profitability is just 3%. After RMB appreciation, many Chinese enterprises have been in a difficult situation. Quite a few foreign enterprises in China have also been affected. A survey on Japanese enterprises in China shows that nearly half of them think the RMB appreciation has brought negative impact to them while only 24.4% of enterprises think the influence is positive.
The minister said generally speaking to complete the RMB exchange rate mechanism is the demand of deepening China's financial system reform and will be helpful for the transformation of growth mode in foreign trade.
He said that it is proved that the Chinese government didn't manipulate the exchange rate, therefore, to demand China increase its exchange rate again is groundless.
The US Congress has again called on China to appreciate its yuan in order to balance the bilateral trade. Bo Xilai said the reason for trade imbalance is very complicated, but the root is not on RMB exchange rate. First of all, because enterprises in Japan, South Korea and other southeast Asian nations have come to China to produce and then exported their products to the US, the trade originally with Japan and Korea as well as other countries has shifted to be with China. Secondly, the calculation method in the two sides is different. Due to third party transfer, the US has over-calculated bilateral trade imbalance.
Thirdly, mutual complement nature of bilateral trade between the US and China has decided that the current trade is not irrational, for the low-end commodities the US market needs will come from other countries anyway if it doesn't come from China while it is the US importers and consumers who got the major profit.
Finally, the US investment in China has triggered China's export. Through investment in China, the US companies have occupied nearly 100 billion US dollars of market share and exported their products to other countries while taking China as the production base. Last year, if foreign enterprises export was discounted, China's trade surplus with the US will be reduced by 73%.
Bo Xilai said due to above mentioned reasons, the appreciation of RMB will restrain China's export to the US and increase import from the US to China, but its impact on Sino-US trade balance is very limited. And RMB value now is able to fluctuate according to the market demand.
On the issue of overheated economy in China, Bo Xilai said the Chinese government has taken macro-control measures to keep the economy developing fast and steadily.
During the first quarter of this year, Chinese economic growth rate reached 10.3%. Bo Xilai said in recent years, China is just experiencing a fast economic development phase, therefore, this rate is within the normal extend. And judging from the national situation, China has 700 million laborers and 600 million of them are in rural areas. According to current resource condition, there are nearly 200 million surplus laborers. According to World Bank standard, there are still 210 million people in China living under the poverty line of one dollar a day. Therefore, no matter for creating more jobs or for alleviating poverty, China needs fast development.
Bo Xilai said China's fast development has also brought benefit to surrounding countries and regions. In 2005, trade with surrounding countries and regions accounted for 55% of China's overall foreign trade. Among the top 10 trade partners with China, 7 of them are from surrounding countries and regions. Currently, China is ASEAN and South Korea's largest trade partner. Japan is the second largest trade partner with China. To trade with China has become an important impetus for surrounding countries to expand employment and strengthen economic growth.
Bo Xilai said in order to ensure China's sustained, steady and coordinated development, Chinese government has taken a lot of macro-control measures such as increasing interest rate of loans and readjusting the surplus production capacity. He said he is confident in a healthy economic development in China.