人民币的价值外文翻译.docVIP

外文翻译 原文 The Value of the Renminbi Material Source: China Business Review Author: Gelb, Catherine The value of the renminbi (RMB) against major currencies has become a contentious issue in political circles in recent months. Chinas effective peg to the US dollar has led to a decline of the RMB exchange rate against other major currencies, particularly the euro and the yen. European, Japanese, and even US companies and their government representatives have accused China of purposefully undervaluing the RMB to make already competitively priced Chinese exports even cheaper in overseas markets. Many China-based businesspeople are familiar with this debate. The question is, are the critics right? And if so, what, if anything, are PRC officials likely to do? China Facts: Exchange rate: ￥ 8.276-8.28 to $1 Current account surplus, 2002: $35.4 billion Current account surplus, January-June 2003: $4.5 billion Foreign exchange reserves, 2002: $286.4 billion Foreign exchange reserves, January-June 2003: $346.5 billion Foreign direct investment (utilized), 2002: $50.7 billion Foreign direct investment (utilized), January-June 2003: $30.3 billion Foreign-invested enterprises share of Chinas total exports in 2002: 52 percent RMB basics Large inflows of foreign funds and large export volumes are putting upward pressure on the value of the RMB. This seems hard to dispute. The reason for this pressure is that first, more foreigners want to buy goods and services valued in RMB, so they need to convert foreign currency to RMB to make their purchases. Second, more RMB holders are selling things for dollars and needing to convert the dollars back to RMB. This demand for RMB drives up its value relative to other currencies — even the US dollar, to which it is tied. The PRC government is concerned about the value of the RMB against the dollar and other currencies for several reasons, though not the same ones that concern foreign firms or the politicians whose ears they ben