国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

   

Expert: China should limit pace of yuan rise

(Reuters)
Updated: 2007-06-11 14:50

China should contain the pace of yuan appreciation within a bearable range because a big rise would aggravate the country's overcapacity problem, a prominent economist said in comments published on Monday.

The yuan has now gained a further 5.7 percent since it was revalued by 2.1 percent and freed from a dollar peg to float within managed bands in July 2005.

Special coverage:
Chinese Economy

Related readings:
 Stop pressuring China to revalue yuan - AmCham
Yuan hits new high against US dollar
Sharp rise of yuan may cost millions of jobs

Last month, authorities widened the yuan's daily trading band against the dollar to up or down 0.5 percent from its morning mid-point, compared with 0.3 percent before.

But a big rise in the currency would reduce the country's exports and subsequently worsen overcapacity in exporting sectors, Justin Lin, a professor with Peking University, wrote in People's Daily.

Moreover, an increase in imports resulting from a stronger yuan would displace some domestic products, exacerbating the problem of excess production in those sectors, Lin said.

That would push some domestic manufacturers into bankruptcy and risk fanning economic and financial crisis, he added.

"In developing countries with rapid growth, the government should send clear-cut signals to the market to create stable expectations about currency appreciation and keep the scale of strengthening within a bearable range," Lin said.

Lin did not spell out how much of an annual rise would be appropriate, but he has said in the past that a pace of 3 to 5 percent a year was suitable.

His comments came even as the yuan fell sharply against the dollar on Monday, extending last week's slide and erasing gains from a rally that preceded Sino-U.S. trade talks in May, as the central bank applies the brakes to the currency's ascent.

Lin also said the government should step up its macroeconomic controls by employing a mix of tools, including industrial and fiscal measures, to steer the economy into safe waters.

Monetary policy alone is not enough because the central bank is now facing a dilemma in moving in interest rates, Lin said.

Increasing lending and deposit rates by the same margin would dampen consumption, while raising the lending rate by more than the deposit rate would give banks greater incentive to lend, he wrote.

China has raised benchmark interest rates four times since April 2006 and increased the proportion of deposits banks have to hold in reserve on eight occasions in the past year.


(For more biz stories, please visit Industry Updates)



大厂| 怀柔区| 鲁甸县| 静乐县| 三明市| 饶河县| 扎赉特旗| 同江市| 金山区| 河津市| 三都| 格尔木市| 永宁县| 泸定县| 松溪县| 托克托县| 闻喜县| 姚安县| 玉山县| 肃宁县| 松潘县| 建阳市| 黔南| 威远县| 辽宁省| 正定县| 华蓥市| 哈尔滨市| 白沙| 衡阳县| 阿荣旗| 新化县| 南汇区| 马山县| 定襄县| 祁东县| 阿拉尔市| 招远市| 林芝县| 宿迁市| 桂平市|