人民币升值的英语作文

篇一：人民币升值对中国经济的影响(英文版)

International Finance

Effects of RMB Appreciation on the

Chinese economic

NAME：STUDENT NUMBER：

JOSAI UNIVERSITY

Effects of RMB Appreciation on the Chinese economic

Since 2002, many countries like Japan and America have suggested that Renminbi(RMB)should increase in value. In fact, the exchange rate of RMB became higher and higher in recent years. The exchange rate was beyond 8 in 2005.but this year, It is only about 6. The appreciation of the RMB exchange rate and the corresponding impact on china’s economy are becoming the focus issues of international economy, and also has become the major theoretical and practical issues for China to deal with the increasingly complex international economic situation which must be faced up to. It has become a hot topic over the world. RMB appreciation affects the Chinese economy and the lives of Chinese people. Does it have a good effect or not? On this, the United States'40-year history of pressuring Japan to let the yen appreciate against the dollar is instructive. So for RMB appreciation, we should learn the lessons of history and correctly assess the pros and cons of RMB appreciation. RMB appreciation is like a double-edged sword; on one hand, it has a positive effect on the Chinese Economy. On the other hand，it will have a negative impact. So I think it's very necessary to discuss the matter of RMB appreciation.

1. The impacts on the economy of China

The positive impact on the economy of RMB Appreciation

1.1.1 The appreciation of the RMB will increase our personal wealthbenefiting the people and improving people's living standards. Appreciation of the RMB improved terms of trade that it will make imported products relatively cheaper. With the continuous economic development and people's rising living standards, more and more people like vacations, tourism or education abroad. After the revaluation of the RMB, to study or travel abroad will spend less money than before or will be able to do more things than ever before with the same money. Just as Argentine, they traveled all over the world after the appreciation of the

Peso (Argentine currency) in 80's last century, because they become "the rich countries of the South". Furthermore, Chinese people will feel richer as the value of their money grows and further stimulates domestic demand. Of greater strategic significance is the fact that the appreciation of the RMB will make the Chinese labor price higher.

1.1.2 It is helpful to reduce burden of the debt. Since the implement of reform and opening policy, China has borrowed a lot of foreign debt in order to accelerate economic development. According to data published by the State Administration of Foreign Exchange, China's foreign debt reached374.66 billion dollars at the end of 2008, an increase of 18%. After RMB appreciation, the outstanding external debt servicing will be required to present a corresponding reduction in the number of RMB, easing the pressure on China's foreign debt to a certain extent. The appreciation of RMB surely makes foreign currency-denominated debt shrink, accordingly reducing debt burden of the government and enterprises.

1.1.3 The appreciation of the RMB will conducive to accelerate industrial upgrading and improve the economic structure in the long run. The appreciation of the RMB means that the price of various domestic resources, especially land and labor, will go up in relative terms and this will speed up necessary adjustments to the commodity mix and domestic industry. So the RMB appreciation will be bond to trigger an upgrading or conversion of the industrial structure. More and more domestic enterprises will try to focus domestic production on more high-value added commodities. Thus one of the long-term desirable effect on China economy is what the appreciation of RMB will made China a more advanced or high-value added economy and a more reasonable industrial structure.

1.1.4 The appreciation of the RMB will optimize the export trade structure and expand domestic demand. RMB appreciation will be disadvantageous to the labor-intensive export products. But in the long

run, RMB appreciation will spur export companies to rely more on technological progress and increase of products added-value. Some enterprises which rely on low-cost competition with low-tech, high pollution and high energy-consuming will be squeezed out of the international market. Accordingly the RMB appreciation will help to enhance China's export trade structure.

1.1.5 The appreciation of the RMB will promote enterprises to perfect their management, enhance the capability of independent innovation and improve international competitiveness and risk-resisting ability. Under the circumstance of the RMB appreciation, the enterprises cannot succeed in the international market if they don’t cut the cost of their products. The feasible way to cut the cost of their products should be taken are enhance management, improve productivity in order to enhance competitiveness. At the same time, the reform of RMB exchange rate regime requires export companies continue to develop high-tech and high value-added products.

1.1.6 With the adjustment of the RMB exchange rate, the prices of China's export products will certainly rise. Although it can not solve thoroughly trade surplus of Sino-US trade, it will serve to ease the trade frictions with the United States, Japan and other major trading partners. It would show trading partners that China is not attempting to manipulate its exchange rate, thereby lessening the threat of protectionist measures against China's exports.

1.2 The negative influenceon the economy of RMB Appreciation Now China is the most populous country and the fifth-largest trading country in the world. Although evidences have shown that the RMB is indeed undervalued and appreciation would not be sufficient to weaken the competitive power of the economy, the appreciation of RMB will bring about some negative influences on Chinese economy.

1.2.1 The appreciation of RMB will reduce China’s export and increases its import, further affect the economic growth goals. A number

of industries in China are still in the labor-intensive mode of production. The expansion of exports relay mainly on price competitiveness. After the continuous appreciation of RMB, China's commodity export relative prices could rise and the comparatively competitive powers come from those could to be weakened, resulting in export reduce. Meanwhile, the price of import commodities in Chinese currency could drop and stimulate import to increase. As a result, an appreciation of RMB could cut China’s current account surplus, and it will crimp China’s growth.

1.2.2 Damage to basic industries lack of competitiveness. In China different industries have different endurances to the shocks of RMB appreciation. With the appreciation of the RMB, the price of China's labor-intensive exports corresponding increase. Thereby this undoubtedly will make the kinds of industries such as the agriculture sector and automobile sector which may be easily affected by a revaluation suffer enormous. So if the RMB is sharply appreciated, it will affect the China’s noncompetitive agriculture sector and state-owned enterprises (SOEs). In addition, the appreciation of the RMB would be harm to China's some strategic industries.

1.2.3 Deteriorating domestic job situation and increasing labor pressure. Full employment, price stability and the balance of international payments is the world's countries common objectives. Especially full employment is the most problem the government concerned in China. Currently, cheap labor costs have been served as the biggest contribution to the China’s surging exports. With the appreciation of RMB, the cheap labor advantage of China will be challenged. The appreciation of the RMB would lose millions of jobs in China, and worse the China’s already grim employment situation. This might make the unemployment problem more serious and may even lead to economic (and political) instability.

1.2.4 Suffered the loss of China's foreign exchange reserves. By the end of 2007, China's foreign exchange reserves have reached 15282 billion dollars. If the appreciation of RMB is to dollar-denominated

篇二：人民币升值的英文文献及翻译

US clears China of currency manipulation

Veronica Smith

AFP

The US Treasury cleared China of official accusations of currency manipulation on Friday,

but said progress toward allowing the yuan to appreciate was "insufficient".

In a report to Congress, the Treasury said that China, eight other countries and the eurozone were

all innocent of charges that they manipulated exchange rates "for purposes of ... gaining unfair

competitive advantage in international trade".

"Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of

real bilateral appreciation over the past few months," China's behaviour did not qualify under the

official definition of manipulation, it said in the long-delayed report.

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"Treasury's view, however, is that progress thus far is insufficient and that more rapid

progress is needed."

It pledged to "continue to closely monitor the pace of appreciation" of the yuan.

In addition to China, the Treasury looked at the policies of the eurozone and eight other economies:

Brazil, Britain, Canada, Japan, Mexico, South Korea, Switzerland and Taiwan. The 10 together

account for about 75 per cent of US trade.

"Treasury has concluded that no major trading partner of the United States met the standards" of

manipulation as identified by the law "during the period covered in this report".

The Chinese currency policy has been a major irritant in bilateral relations with the world's

second-largest economy, and was a key topic of discussion when President Barack Obama hosted

Chinese President Hu Jintao on a state visit last month.

The United States accuses Beijing of keeping its currency undervalued, flooding the

country with cheap exports and costing US jobs.

US legislators have pushed the Obama administration to get tough with China over the

yuan.A bill threatening sanctions to punish Beijing's currency policy is lurking in Congress, which

has awaited the Treasury report since it was first supposed to appear on October 15.

Chinahas pledged to allow the yuan to gain value, but at a measured pace so as not to destabilise

its rapidly expanding economy.

The Treasury said the yuan, also called the renminbi (RMB), had appreciated 3.7 per cent

against the dollar between mid-June and January 27.

In fact, it added, weighing the higher rate of inflation in China, "the RMB has been appreciating

more rapidly against the dollar on a real, inflation-adjusted basis, at a rate which if sustained

would amount to more than 10 per cent per year".

A top politician in congress, Max Baucus, head of the Senate Finance Committee, slammed the

Treasury's findings.

"China's currency practices harm ranchers, farmers, and exporters across America and

around the world," the senator, a Democrat representing the western state of Montana, said in a

statement.

"China has been given a free pass on its currency practices for far too long. We need to

hold China and our other trading partners accountable for their actions, and we must acknowledge

- and take steps to remedy - those actions that harm the competitiveness of American businesses

and workers."

The report came a week ahead of the government's December trade balance numbers. The

Commerce Department is expected to report next Friday that the US trade deficit widened to

$US50.0 billion ($A49.3 billion) from $US42.6 billion ($A42.01 billion) in November.

China has appeared on track to beat its 2008 record trade surplus with the US. Over the

first 11 months of 2010, the China trade gap was $US252.4 billion ($A248.88 billion), compared

with $US268.0 billion ($A264.26 billion) for all of 2008.

资料来源：Veronica Smith，AFP，February 5, 20 （http://news.smh.com.au/breaking-news-business/us-clears-china-of-currency-mani

pulation-20110205-1ah94.html）

美国清除中国操纵货币 维罗尼卡史密斯

2011年2月5日

法新社

美国财政部清除官员的指责中国操纵汇率上周五，但表示对允许人民币升值的进展“不足”。在给国会的报告，财政部表示，中国，其他八个国家和欧元区的，他们都是操纵汇率清白“为宗旨...抢占国际贸易不公平的竞争优势。” “基于汇率的灵活性和恢复去年六月的实际双边升值步伐在过去数个月的加速，”中国的行为不符合操纵下的正式定义，它说，在拖延已久的报告。 广告语：下面的故事继续

“财政部的观点，但是，迄今为止的进展是不够的，更迅速地取得进展是必要的。”它承诺将“继续密切监察升值步伐”的人民币。除了中国，财政部看着欧元区的政策和其他八个经济体：巴西，英国，加拿大，日本，墨西哥，韩国，瑞士和台湾。10个一起约占美国贸易总额的75。“财政部的结论是，没有美国的主要贸易伙伴符合标准”的操作由法律确定为“在本报告所涵盖的时期”。

在中国货币政策一直是与世界第二大经济体的双边关系中的重大刺激，是一个讨论的主要议题时，总统奥巴马托管在中国进行国事访问的国家主席胡锦涛上个月。

美国指责保持其货币被低估，充斥廉价出口的国家和北京的美国就业成本。美国立法者推动奥巴马政府与中国强硬获得超过人民币。法案威胁制裁，以惩罚北京的货币政策在国会，后者正在等待财政部的报告，因为它是第一个应该出现在10月15日潜伏。Chinahas承诺将允许人民币增益值，但在计算速度，以免破坏其迅速增长的经济。

美国财政部表示，人民币，也称为人民币（人民币），已升值百分之之间对六月中旬和1月27日3.7美元。

事实上，它补充说，称重中国的通货膨胀率较高，“人民币更快升值已对美元在真实，通货膨胀调整后的基础上，在利率，如果持续下去将达到百分之十以上，每年“。在国会上的政治家，鲍卡斯，参议院财政委员会主席，批评了财政部的调查结果。

“中国的汇率政策损害农场主，农民和全美国和世界各地的出口商”的参议员，民主党人代表蒙大拿州西部，在声明中说。

“中国一直给予其货币实行自由传递的时间太长了，我们需要保持对自己的行动和我们的其他中国贸易伙伴的责任，我们必须承认 - 。，并采取措施纠正 - 这些行为损害的竞争力美国企业和工人。“

该报告是提前一个星期，政府的12月贸易平衡数字。美国商务部报告预计下周五，美国贸易赤字扩大至亿美元US42.6（$ A42.01亿美元）十一月US50.0亿美元（A49.3亿美元）。

中国曾出现在赛道击败了2008年创纪录的美国贸易盈余。在2010年首11个月，中国的贸易逆差为US252.4亿美元（A248.88亿美元），去年同期为US268.0亿元，2008年全年（$ A264.26亿美元）。

篇三：人民币升值英语文章

RMB VALUE

Hao Zhang

Intrduction

From the year 2002, because China's trade surplus and foreign exchange reserve increased unceasingly, the call of Renminbi revaluation of overseas countries continuously. Especially, Japan hoped developed countries of Europe and America can make an agreement together, liked "the square agreement" signed in 1985. The article attempts to discuss the unfavorable influence of Renminbi revaluation to Chinese economy and world economy through elaborating the influence of "the square agreement" to Japanese economy, and we believe "the square agreement" certainly does not suit to resorve the conflict of Renminbi value, and the value of Renminbi should be maintained stable. Finally, we propose several measures to alleviate the pressure of Renminbi revaluation.

ⅠThe conflict of Renminbi value

Since 2002, Renminbi revaluation pressure and the revaluation anticipation from the overseas had unceasingly increased. The first attack was launched by Japan: in February, 2003, Masukowa Seijuuno, the Minister of finance of Japan proposed Renminbi revaluation proposal in the conference of Minister of finance of G7. Afterwards, in June, 2003, the American enterprise started to discuss to force Renminbi to revalua by "301 provisions"; On October 1, 2003, John Taylor, American

vice-minister of finance, testified at the finance committee's public hearing of American Low House, requesting the revaluation of Renminbi once more or using the floating exchange rate system as soon as possible; moreover, the transnational groups such as US's American flag group, the Deutsche bank and so on also published reports to forecast Renminbi revaluation. Therefore, since period of time the problem of Renminbi revaluation had become the focal point which the people pays attention. The main basis of "Renminbi revaluation theory" is "China outputs deflation theory", i.e. one of the important reason of main western developed countries at difficult position at present is that Chinese labor force cost inexpensively, productivity of many products is overmuch, the price of export commodity often to be lower, not only causes the frequently project of import of commodities country at the trade deficit position, moreover hits its commodity price of domestic market, makes the price unceasingly to walk lowly, receives the threat of deflation. It is not difficult to see from current international economy development situation, the discussions regarding Renminbi exchange rate at present, mainly are proposed based on the condition of China's increasing trade surplus and foreign exchange reserve1.

The G8 summit meeting which was held once a year had been held from July 6 to 8th,2005 at roentgen eagles manor which was called "the hawk valley" in English Scotland, and the unbalance of world economy grow became one of the world economics difficult problems the conference focused. The problem Renminbi exchange rate was mentioned again at the meeting that, the US, European and Japan 1 Chen Xinan, “The macro finance adjustment of China and choice of exchange rate system”, Shanghai Finance, Vol.5, 2003, pp42~44

eagerly forced the Renminbi revaluation, their intention lied in that, through the Renminbi revaluation to let China undertake the consequence of unbalance of world economy2.

Ⅱ The influence of “the square agreement”to Japanese economy

Somebody claimed to resorve the problem of Renminbi value by the method of “the square agreement”, firstly let us to know the influence of “the square agreement”to Japanese economy.

In the beginning of 1980's, the financial deficit of the US increased sharply, and the trade deficit grew largely. The US hoped to increase the competitive ability of export commodities through the depreciation of US dollar, in order to improve the condition of unbalance of international payment. On Sep. 22nd, 1985, America, Japan, Federal Republic of Germany, French as well as England's ministers of finance and Central Bank presidents held the conference in New York square hotel, achieved an agreement that five governments intervene foreign exchange market unitedly, induct US dollar to depreciate to the main currency exchange rate orderly to solve the problem of US?s large amount trade deficit. Because the agreement was signed in square hotel, it is called "the square agreement".

After subscriotion of "the square agreement", the above five countries started to the intervene the foreign exchange market unitedly, massively underselled US dollar in the international foreign exchange market, subsequently formed the undersell 2 Liu Chao, Yang Hongyan, “Analysis of unbalance of world economy, the square agreement and Renminbi revaluation”, Jiangsu Commercial Forum, Vol.8, 2005, pp155~157

raging tide of market investors, and caused US dollar to depreciate continuously by large scale. In less than 3 years, US dollar had depreciated by 50% to the Japanese Yen, in other words, the JapaneseYen has revalued a time to US dollar. The bitter fruit Japan swallowed down has still not been completely digested until now. Because Japan treated "the square agreement" to be short of calm, estimated the situation of Japanese Yen revaluation excessively optimistic, and transferred to implement the currency excessively expansion policy. From January, 1986 to February, 1987, Japan continuously declined the official discount rate, fell on the international lowest 25% level. The long-term official low interest rate urged the massive increase of financial loan, and massive funds inflowed into stock market and the real estate department which led to suddenly rise of the price of stock and the realestate. From 1987~1989, the stock price rised by 94%, the metropolis land price rised by 103%, but the expends price index only had rised by 3.1% at the same time. In this condition, the increase of credit created economic bubble, the expansion of bubble promoted the increase of credit, and the vicious circle formed. In the end of 1989, Japanese economy had already comprehensively marched into the bubble. Japan was anxiously compelled to reduce the credit, the bubble economy finally started to collapse in1991. From this time on, the Japanese economy fell into long-term recession, until now has still not been able to get rid of the difficult position.

Ⅲ Is “the square agreement” suited to resolve the conflict of Renminbi value

The experience of "the square agreement" told us: Renminbi revaluation, although in the short-term may alleviate this kind of unbalance of world economy, but in long term it would not only affect the development of Chinese economy, but also would bring serious consequence to the development of the world economy. Therefore we believed, “the square agreement” certainly does not suit the solution of Renminbi value conflict.

1. Renminbi revaluation is unfavorable to the development of Chinese economy Renminbi revaluation mainly has following adverse effect to the Chinese domestic economy:

Firstly, it will harm Chinese superiority industry, suppress increase of exportation, and directly affect long-term stable growth of Chinese economy. Opposite to developed countries, China?s trade pattern that dominated by manufacturing industry is extremely easily influenced by the change of exchange rate level. After Renminbi revaluation, the price of export commodities will rise, which will weaken the international competition strength of exportation enterprise product, thus will cause damage to the international price competition strength of massive Chinese labor-intensive forms products. Moreover, the import price falls caused by Renminbi revaluation could lead to deflation, especially under the adverse condition that financial deficit expands, the monetary policy space is limited, and the real estate bubble starts to appear, Renminbi revaluation will certainly take adverse effect to the long-term stable growth of Chinese economy.

篇四：《人民币升值对中国出口型企业的影响及对策》中英文

The Impact and Countermeasures of RMB Appreciation on Export-Based Enterprises in China

Min Yuan

School of Economics, Tianjin Polytechnic University

Tianjin 300387, China

E-mail: wuna0915.student@sina.com

Zhuang Zhou

School of Economics, Tianjin Polytechnic University

Tianjin 300387, China

E-mail: zhouzhuang@tjpu.edu.cn

Abstract

RMB appreciation will pose a challenge to export-based enterprises in China, and bring a sense of crisis to them. Therefore, China's export enterprises should take active measures to deal with the impact caused by the RMB appreciation, so that export-oriented enterprises can better adapt to the changes in the global economy, thus materializing their sustainable and stable development.

Keywords: RMB appreciation, Export-based industries, Pros and cons, Countermeasures

The appreciation of the RMB has become much-discussed focus in the international economy and society. China has begun to implement the managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies. RMB exchange rate is no longer pegged only to the U.S. dollar, and instead China has formulated a more flexible RMB exchange rate mechanism. RMB appreciation will pose a challenge to export-based enterprises in China, and bring a sense of crisis to them. Therefore, China's export enterprises should take active measures to deal with the impact caused by the rising Yuan, so that export-oriented enterprises can better adapt to the changes in the global economy, thus materializing their sustainable and stable development.

In June, 2008, the exchange rate of RMB against the U.S. dollar exceeded the 7:1 boundary. The trend of a Yuan’s rise is foreseeable, and in the irreversible environment, we must take appropriate steps to prevent large fluctuations in RMB to mitigate its negative impact on the import and export trade, while at the same time making full use of the small rise in yuan to promote trade development. Yuan’s rise is not only conducive to a decrease in import costs and domestic inflation, stimulation to consumption, acceleration of structural adjustment, promotion of foreign investment and the reduction in trade friction, but in the short term will also have a negative impact on exports, influencing foreign investment and employment.

1. Major industries damaged by and benefiting from Yuan’s rise

The impact of a Yuan’s rise on various kinds of sectors varies according to the different

characteristics of industries. RMB appreciation brings advantages to the industries that need to import raw materials, but is not favorable to ones that are export-oriented. It also brings opportunities to the upgrade and optimization of these industries, though certain industries will be adversely affected by it.

The main industries benefiting from Yuan’s rise are as follows: (1) real estate and infrastructure ones, which belong to the non-real estate industry, with its domestic real estate value comprehensively enhanced by a rise in Yuan; (2) ones such infrastructure industries as airports, ports, railways, and highways characterized by limited resources, monopoly, the long construction period, and small supply elasticity; (3) the financial sector, especially banking and securities, which is among capital-intensive industries dealing with currencies and capital. Because of good liquidity, it is categorized into the industry with a high value of RMB assets, benefiting from attracting a large amount of international capital; (4) ones such as aviation, electricity, oil refining, paper-making, engineering machinery, and so on, which will see a reduction in costs owning to its main dependence on procurement of foreign raw materials or equipments, or because of the benefits resulted from large amounts of external debt service and the exchange gains and losses, in particular the aviation industry with the dominance of the domestic market; (5) high-tech ones relying upon importing technology, which don’t have any advantage in intellectual property rights related to key sciences and technologies, will also maintain the momentum of a large amount of imports in a certain period of time, and are able to keep up their advantage in costs under the premise of a rise in Yuan.

Major industries damaged by Yuan’s rise are as follows: (1) as for export-oriented ones, such as the textile industry (especially garment industry with the high degree of dependence on exports more damage, followed by the cotton spinning industry and wool industry), household appliances, building materials, whose product competitiveness will be weakened to a large extent; (2) foreign trade enterprises have a disadvantageous position in the industry chain, and their import business will be unable to gain excess profits from the appreciation of the RMB, with the export business suffering a lot; (3) mining, petrochemical, and non-ferrous metal industries, which will be given a big blow by their export business; (4) agriculture with a larger proportion of exports.

2. The impact of RMB appreciation on China's export enterprises

2.1 Adverse effects on China's export enterprises

2.1.1 The export of manufactured goods is greatly affected by fluctuations in exchange rate on a wide basis

RMB appreciation will induce a increase in currency exchange cost in Chinese export firms, resulting in the loss of price advantage. The cost refers to the RMB cost paid domestically on the net revenue from one dollar’ worth of exports. China's manufacturing exports are more concentrated on low-end products, with competitive advantage weak. These products compete with other ones mainly by means of prizing, and as a result the Yuan’s rise will have a retarding effect on their exports. For employees in the manufacturing sector, those that are seriously affected may face the reduced income, or even the risk of unemployment. The adverse impact of enterprises in labor-intensive industries will be greater than ones in capital-intensive industries.

2.1.2 Causing a slow growth in the export of most of products related to raw materials

The majority of products related to raw materials don’t have any competitive edge in the export price, with a stronger reliance on the exchange rate, such as paper, cotton yarn, black metal (steel, manganese, etc.), aluminum, wood and other decorations. RMB appreciation will induce a slow growth in exports of these primary products and raw material products, having a negative impact on economic growth in the short run. It will also reduce the exports of crude oil, refined oil, timber, copper, gold and other resource-based commodities, and bring about the loss of the enterprises, worse still such cascade effects as increased unemployment and banking bad debts. Because our resources are not rich, these resource-based products belong to highly energy-consuming and polluting industries. Over-exports of resource-based products make it easy to intensify the tense contradiction between domestic coal, electricity and oil transportation in the short term. In the long term, it will increase the pressure of the domestic environment and resources, which is not conducive to the sustainable development of the domestic economy.

2.1.3 The psychological effect of trade impact on people

In the international market, the increase in production costs will be passed on to the price, and consequently the exchange rate appreciation will not affect the profits of these enterprises too much. China's export products cause the price fluctuations in foreign countries due to our currency appreciation, and the appreciation of the RMB will increase the domestic production costs of these enterprises, and in the international market these enterprises have a substantial cost advantage, with the minimal impact on the interests of traders. However, those with ulterior motives will instigate a negative psychological effect on China in the international community. People will believe the prices of products from China are higher, and foreign businessmen also believe that they will not made a lot of money from products imported from China, which causes the really adverse impact on China's exports.

2.2 Beneficial effects on China's export enterprises

2.2.1 Enhancing the independent innovation capacity of enterprises

At present, China is at a stage of technology overtaking, and enterprises have a strong capacity of technology introduction, digestion and absorption. And the Yuan’s rise can reduce the cost of independent development, indirectly promote the technological upgrading of firms and enhance their core competitiveness, thus speeding up the pace of optimizing and upgrading the industrial structure and boosting the structure adjustment of exports.

2.2.2 Optimizing the structure of introduced foreign capital

RMB appreciation makes improve the treatment of workers, which is beneficial to attracting high-tech talents. Under the prerequisite of the country's independent innovation and technological progress, foreign capital will invest in those industries with a high technological content, thereby promoting industrial structure upgrading and optimizing the structure of exports.

2.2.3 Promoting China's enterprise investment overseas

For enterprises to invest directly in foreign nations, they must use the currency of investment destination country. The RMB appreciation significantly reduces their overseas investment costs, and meanwhile enhances the firm's international purchasing power and capacity of foreign

investment, paving the way for a part of powerful enterprises to implement "going out" strategy.

2.2.4 Facilitating the development in service and trade industries

RMB appreciation can most effectively crowd out those firms in the manufacturing sector with low technology content and added value, poor management and low efficiency, to the benefit of changing the situation of excessive resources gathering to export industries (mainly the secondary industry), and thus make industrial structure service-industry-oriented, promoting the optimization and upgrading of industrial structure and facilitating the rapid development of service industries including trade services. This way, the coordinated development can be ultimately realized between service and commodity trade, enhancing the country's overall competitiveness.

2.2.5 Boosting China's imports of raw materials and technology

The prices of foreign consumer goods and capital goods are lower than ever before, and manufacturers dependent on importing raw materials witness a decline in costs, such as steel, electrolytic aluminum, gasoline, oil and other consumption goods more and more dependent on imports. China's industrialization need to purchase a large number of advanced foreign technology; the appreciation of the RMB can reduce the purchase cost of foreign technology. As imports increase, the purchasing power of foreign raw materials increase, with exports declining, so it is helpful to ease the current trade surplus, enhance the balance of China's international balance of payments and weaken the formation of the RMB foreign exchange accounting, and improve the independence and initiative of monetary policy and the balance of money supply.

2.2.6 Reducing pressure from external debt servicing

The appreciation of the RMB is advantageous to repaying foreign debts, and there is a corresponding reduction in the amount of outstanding external debt servicing.

2.2.7 Strengthening the international purchasing power of common people in our country

As the exchange rate rises, the prices of foreign consumer goods purchased by ordinary people will fall, promoting the import of consumer goods. At the same time the drop in the cost of travel abroad can promote the growth of national consumption.

3. Counter-measures by China's export firms after RMB appreciation

In theory, the rising RMB exchange rate is bound to have a negative effect on China's export enterprises, but according to the actual trade volume, it’ s still uncertain whether the rise in the RMB exchange rate lead to such results, which can be verified by the fact that China's foreign trade volume continues to maintain a favorable balance. However, export enterprises should response in a positive manner under the premise of the growing appreciation of the RMB.

3.1 Avoiding exchange rate risk is an expedient measure for export enterprises to grapple with the appreciation of the RMB in the short run

Faced with the steadily rising RMB exchange rate, export enterprises must take precautions, apart from enhancing its anti-risk capacity. In addition, financial instruments developed by banks and other financial institutions must also be relied on to be hedged against risks and prepare more “life buoy”, so as to achieve the purposes of avoiding risks and improving operational efficiency.

3.1.1 Focus on the RMB exchange rate changes, and increase exchange rate risk awareness

Concern about the RMB exchange rate changes is one of long-term management tasks in export businesses, with great importance attached to this. Special force must be organized to learn exchange rate management knowledge and closely track the movement of the RMB exchange rate changes, in particular the movements in the recent exchange rate of RMB against the U.S. dollar, euro, Japanese Yen, and other major currencies. Firms have to conduct an in-depth study of the impact of RMB appreciation on export products, and strive to improve the relevance and effectiveness of work. Export enterprises should enhance the risk awareness of exchange rate changes, take control of the effective means of exchange rate risk, and continuously boost their capacity to deal with exchange rate risk. For instance, when signing export contracts, firms can add some relevant provisions of avoiding exchange rate risk to prevent unexpected situations.

3.1.2 Flexibly use various financial tools to lock and avoid exchange rate risks

Flexible and effective financial instruments should be adopted, such as the use of multi-currency clearing method to transfer exchange rate risk, appropriate use of foreign exchange forward trading, hedging and other means to lock the exchange rate risk. Through the appropriate U.S. dollar loans, interest payments and the losses can be reduced. In addition, under the conditional premise, this method can be used to keep the exchange rate risk within the business source through long-term foreign exchange transactions, options transactions and foreign exchange futures trading.

3.1.3 Accelerate the realization of exports, and reduce the occupation of receivable foreign exchange accounts

Export enterprises accelerate the documentation transfer, strive to withdraw export documentations as soon as possible, actively take notes trade, factoring and other ways to make timely settlement in hand instruments realizable, and use this method to implement the money worth more than half of the export volume into cash. Enterprises should carry out the more rapid recovery of the export business, appropriate control of the export business with a long recovery period, and at the same time increase the collection of receivable foreign exchange accounts, thus shortening the settlement period and reducing in-transit funds occupation as soon as possible.

3.1.4 Increase foreign exchange liabilities, and strike a balance between foreign exchange income and expenditure

Through the application of remittances, enterprises can replace Yuan loans for foreign exchange loans, delaying payment of imports and appropriately increasing foreign exchange liabilities. After the appreciation of the RMB, the amount of outstanding loans due to sell or buy foreign exchange return and external payment can be used to offset the risk of devaluation of foreign exchange assets, or directly profit from it.

3.2 Main strategies for export enterprises to deal with the long-term appreciation of the RMB

In the evasion of exchange rate risk, the pace of restructuring needs to be accelerated, and the ability of independent innovation and competitiveness enhanced. By strengthening internal management, carrying out technological transformation to develop the potential, and taking the

篇五：英国大学硕士论文--人民币升值影响及对策(全英文)

The Impacts on China's Economy and

Countermeasures of RMB Revaluation

Lv, DeLiang

This dissertation is submitted in partial fulfillment of the requirements of Staffordshire University for the award of Master of Business Administration

March 2010

Executive summary

The exchange rate regime is an important component of a country's economy system. The appropriate exchange rate regime is important to economy growth of one country. Since formation mechanism reform of RMB (Renminbi, Chinese Currency) exchange rate in 2005, it experienced a steady trend of appreciation of RMB exchange rate. Especially since 2007, the RMB exchange rate was characterized by accelerating the appreciation as a whole. The appreciation of the RMB exchange rate and the corresponding impact on china‘s economy are becoming the focus issues of international economy, and also has become the major theoretical and practical issues for China to deal with the increasingly complex international economic situation which must be faced up to.

This dissertation aims to inform about the appreciation of RMB exchange rate and its influences on China‘s economy as well as the countermeasures China should take to respond to the RMB appreciation.

Thus, it critically evaluates the literature on exchange rate regime and the exchange rate determination theory, also briefly reviews the evolvement of the RMB exchange rate regime. Further, the international background and academic debates on the RMB appreciation are analyzed and the impacts of RMB appreciation on China‘s economy including the positive and negative impacts are comprehensively and thoroughly evaluated. The findings about the effective countermeasures to the RMB appreciation and China‘s future option for exchange rate regime as well as the objectives of the exchange rate reform are discussed. A conclusion presents the resulting implications for further research. Finally the learning reflection produced a comparatively statement where I reflected on the entire personal experience of carrying out the dissertation.

Acknowledgement

This dissertation would not have been a real fulfillment without the backing and encouragement from various individuals through various means. I owe everlasting gratefulness to many people who pleasantly involved themselves in helping me undertake this dissertation. Firstly, I am heartily thankful to my supervisor, Maguire Alison, whose encouragement, supervision and support from the preliminary to the concluding level enabled me to develop an understanding of the subject. Without her guidance and persistent help this dissertation would not have been possible.

I would also like to thank my parents who were always supporting me and encouraging me with their best wishes. I would also like to express my

deepest gratitude to my wife, Weidong Sun. She was always there cheering me up and stood by me through the good times and bad.

I also would like to make a special reference to Mr. Xie Junhong, my boss who provided me every convenience when I engaged in my dissertation. Finally, I offer my regards and blessings to all of those who supported me in any respect during the completion of the dissertation.

Contents:

Executive summary ....................................................................................................................... II Acknowledgement ........................................................................................................................ III Contents: ............................................................................................................................................ IV List of charts: ................................................................................................................................... VI Abbreviations: ............................................................................................................................... VII Chapter 1: Introduction ................................................................................................................ 8 Chapter 2: Literature review .................................................................................................... 12

2.1 The exchange rate and exchange rate regime .................................................. 12

2.1.1 The exchange rate ............................................................................................................. 12

2.1.2 Exchange rate regime ...................................................................................................... 12

2.2 The exchange rate determination theory ............................................................ 14

2.2.1 Purchasing power parity (PPP) theory .................................................................... 14

2.2.2 The Mundell-Fleming model ....................................................................................... 15

2.3 The impossible triangle and rate regime choices ........................................... 15 Chart 2.1: The Impossible Trinity ......................................................................................... 16

2.4 The development of the RMB exchange rate r(来自:WwW.smhaida.Com 海达 范文 网:人民币升值的英语作文)egime .................................. 17 Chapter 3: Research Methodology ....................................................................................... 19

3.1 Data requirement ........................................................................................................... 19

3.2 Research design .............................................................................................................. 20 Chart 3.1: Research design (Onion model) ...................................................................... 20

3.2.1 Research philosophy ........................................................................................................ 20

3.2.2 Research approach ............................................................................................................ 22

3.2.3 Research strategy ............................................................................................................... 22

3.2.4 Methods choices ................................................................................................................. 23

3.2.5 Time horizons ...................................................................................................................... 24

3.3 Methods for data collection and data analysis ................................................ 24

3.4 Credibility and ethical issues ................................................................................... 26 Chapter 4: Finding and Discussion ....................................................................................... 27

4.1 The background and debates on the appreciation of the RMB ............... 27 Chart 4.1: China Gross Domestic Product (GDP) Growth Rate (From 1995 to

2008) .................................................................................................................................... 27

Chart 4.2: China trade volume and growth rate ............................................................. 28

Chart 4.3: China foreign direct investment (FDI) (From 2000 to 2008) ........... 29

4.2 The impacts on the economy of China ............................................................... 31

4.2.1 Negative influence ............................................................................................................ 31 Chart 4.4: China‘s foreign exchange reserves ................................................................. 33

4.2.2 The positive influences ................................................................................................... 33

4.3 Japan‘s experience and lessons for China ......................................................... 36

4.3.1 Experience of appreciation of Japan Yen ............................................................... 36

4.3.2 The lessons of Japan‘s experience and the apocalypse for China ............. 37

4.4 The countermeasures for RMB appreciation ................................................... 38

4.4.1 The Short-term solution ................................................................................................. 39

4.4.2 The Long-term strategy .................................................................................................. 41

4.5 The principle and future option for the exchange rate regime reform 42

4.5.1The principle and Objectives of the exchange rate reform ............................ 42

4.5.2 Future option for the exchange rate regime reform .......................................... 43 Chapter 5: Conclusion and recommendation ................................................................... 46 Chapter 6: Reflection on learning ......................................................................................... 51

Reference: ................................................................................................................................. 53

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