Yao Jingyuan: The Appreciation Of The RMB Will Be A Disaster For The World Economy.
Yao Jingyuan, former chief economist of the National Bureau of statistics, said in July 23rd.
RMB
The adverse factors brought by the appreciation will have a greater impact on China's economy. The biggest problem is to crack down on exports.
Up to now, the RMB exchange rate has been reformed for six years, and its appreciation has exceeded 20%.
Recently, the International Monetary Fund continued to urge the renminbi to appreciate. It was considered that the renminbi was calculated in three ways.
exchange rate
They were underestimated at 3%, 17% and 23% respectively.
Yao Jingyuan said that the exchange rate of a country is the sovereignty of a country. There is no reason for the IMF to ask the renminbi to appreciate in China.
If the RMB exchange rate appreciates significantly, our exports will be greatly affected at the moment. If exports are affected, this is not only a question of China's economy.
Yao Jingyuan said that the world's economic growth in the past ten years is two engines, one is the United States, one is China, the financial crisis, the United States this engine has extinguished the fire, and now China is left. If the engine is extinguished again, it will not be a disaster for China's economy, but a disaster for the whole world economy. Therefore, stabilizing the RMB exchange rate should not only be China.
Economics
The need is also a necessity for the healthy development of the world economy.
The Chinese government also disagrees with the IMF's valuation of the RMB exchange rate, stressing that the RMB exchange rate is moving towards a balanced level and expects that this process will continue in the medium term.
Zhou Xiaochuan, governor of the Central Bank of China, wrote in the magazine "China finance" published in July 11th that the central bank will further improve the RMB exchange rate formation mechanism and maintain the basic stability of the exchange rate at a reasonable and balanced level.
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