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会计硕士考试英语阅读素材(八)
Its our currency and your problem, U.S. Treasury Secretary John
Connally famously said of the dollar in 1971.
More than 40 years later, China is doing something about it.
Fed up with what it sees as Washingtons malign neglect of the
dollar, China is busily promoting the cross-border use of its own
currency, the yuan, also known as the renminbi, in trade and
investment.
The aim is both narrowly commercial - to reduce transaction costs
for Chinese exporters and importers - and sweepingly strategic.
Displacing the dollar, Beijing says, will reduce volatility in oil
and commodity prices and belatedly erode the ‘exorbitant privilege
the United States enjoys as the issuer of the reserve currency at the
heart of a post-war international financial architecture it now sees
as hopelessly outmoded.
Zha Xiaogang, a researcher at the Shanghai Institutes for
International Studies, said Beijing wants to see a better-balanced
international monetary system consisting of at least the dollar, euro
and yuan and perhaps other currencies such as the yen and the Indian
rupee.
Competition among major currency issuers and a wider menu of
options when investing, trading or seeking a store of value would
produce better results for the world economy, Zha argued.
The shortcomings of the current international monetary system pose
a big threat to Chinas economy, he said. With more alternatives,
the margin for the U.S. would be greatly narrowed, which will
certainly weaken the power basis of the U.S.
Zhas comments were in a paper prepared for a seminar in Bahrain
this week on the geopolitics of currencies organized by the
International Institute for Strategic Studies, a London think tank.
SHIFTING SANDS
The great financial crisis, alongside the ascent of China and other
emerging markets and the existential threat to the euro, is prompting
policymakers in the West, too, to question the establish
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