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Uneven Economic Recovery And Reunification Of The RMB Is Difficult
Author : Paul Hu
Submitted : 2011-12-26 20:05:51 Word Count : 734 Popularity: 0
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Germany's central bank governor, the ECB Executive Board member Axel Weber said publicly, China is manipulating the RMB exchange rate, and that this is the reason for the international balance of payments surplus. Experts believe that the EU power differences between the foreign trade sector, and national economic recovery is not, on balance, Comparative Study and Integration of the attitude of the RMB, it is difficult reunification.
Varying the speed of economic recovery EU
In the EU, the strength of national foreign trade sector gap in regional economic integration, driven by increasingly large trade imbalances EU showed more "north-south imbalance within the region." From the euro since the introduction to Denmark, Sweden, the Netherlands, represented by the Nordic, Germany and Belgium with the EU represented together in the powerful support of the trade sector, through the AU continuing increase in trade surplus in trade within the EU imbalance.
Since the EU enlargement has, whether within or outside the region for regional trade, Germany is the largest EU members, producer surplus. The "PIIGS" in addition to Ireland, the other four States in the "double deficit" in the area. The most serious deficit in the European Union, the United Kingdom, in the 4 years from 2005 to 2008 a cumulative trade deficit of up to 477.5 billion euros.
Weber in a recent speech that China's current account surplus in addition to its exchange rate policy, whereas the German current account surplus is due to manufacturing and technology development, but also on the foreign exchange rate policy as an additional tool for the practice of issuing a serious warning, he pointed out that this approach is misjudgment of the situation.
China Foreign Economic and Trade University of Finance and Dean Ding Zhijie, the "Daily Economic News", told reporters that the war is now the source of global currency is the U.S. dollar since the third quarter, a significant depreciation of the euro exchange rate has appreciated by 15%, since the crisis the euro against the U.S. dollar fluctuate greatly, but also created obstacles to its economic recovery.
Exchange rate differences Nan Xiao
October 14, Noah said the European Central Bank member of the Council, the global exchange rate change and the fundamentals must be an orderly restructuring.
Chinese Premier Wen Jiabao at the 8-day trip to Europe, the United States has repeatedly called off in Europe not to participate in the "oppression of the chorus of appreciation." He also repeatedly expressed China's determination to reform the exchange rate formation mechanism, and promised that China will guarantee a fair investment environment.
The Premier Wen's visit to Europe, to European countries to convey the sense of commitment in China, responsible major power, the objective of the European Union conveyed a positive image will help win the support of the European Union.
Financing of the European Central Bank interest rates in October Jiangzai maintained at 1% level. Published together with a statement of the decision and the statement that the European Central Bank President Jean-Claude Trichet Central Bank official rate is still appropriate. European Central Bank is expected positive trend of economic activity will continue, even if the recovery will be uneven and the second half of the euro-zone economic growth will slow. Following the 2nd quarter of 2010 the economy grew by 1.1% qoq after the second half of 2010 euro zone GDP growth is expected to decline, mainly due to tightening of financial market uncertainty increased and higher energy and commodity prices due to . But inflation pressures are still modest, this is because demand is still weak, stagnant pay levels and inflation expectations remain stable.
Appreciation of the United States willing to assume responsibility for oppression of other economies through exchange rate appreciation to achieve the dollar even less appreciation of the purpose of appreciation. But if the U.S. does not change its economic crisis through the exchange rate to shift the policies, economies of other countries and regions will have become victims to kill each other, the EU should also have recognized this, but they are also pressure from the USA.
On the other hand, has not yet completely over the financial crisis, some EU countries need to restore economic cooperation with China within the EU on the exchange rate has not reached consensus.
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