Author: L. I. KONDRASHOVA Keywords: China, global crisis, yuan revaluation The United States has long sought to revalue the yuan, believing that the undervalued exchange rate of the Chinese national currency has turned into a protectionist measure to actually subsidize Chinese exports. The European Union is concerned about the undervalued yuan. Both India and Brazil, China's BRIC partners (Brazil, Russia, India, and China), have recently been calling for an end to the artificial peg of the yuan to the dollar1. However, Beijing has counterarguments against the appreciation of the yuan, which are shared by some Western and international experts. 2During the China-US Economic and Strategic Dialogue held in Beijing in May 2010, US Treasury Secretary Timothy Geithner noted that bringing the renminbi closer to market value is "an important part of broader reform", while emphasizing that the Chinese government should make its own decisions on this issue. As most experts assumed, Beijing actually went for a small increase in the yuan exchange rate. On the eve of the G20 summit in Toronto, the People's (central) Bank of China announced on June 19, 2010, the establishment of a more flexible exchange rate of the yuan against the dollar. The dollar - yuan exchange rate was set at around 6.8 yuan, compared to 6.827 yuan, meaning the Chinese currency appreciated by 0.43%.3 This was Beijing's first monetary policy revision since July 2008, when the PBOC pegged the yuan more tightly to the dollar. The ambiguous nature of the problem of yuan revaluation is discussed in the article by Doctor of Economics L. I. Kondrashova. L. I. KONDRASHOVA Doctor of Economics Setting the exchange rate of a national currency affects the interests of millions and millions of people in different countries. Financiers, on the other hand, strive to preserve the aura of "mystery" and closeness to the uninitiated in this matter. But they themselves, first of all, because of the divergent interests of econ ... Read more

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Japan Online
Tokyo, Japan
21.08.2023 (308 days ago)
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