RMB appreciation process becomes quicker

时间：2007-05-11 03:01:30

（单词翻译:单击）

Chinanews, Beijing, May 11 – On Tuesday, Renminbi's exchange rate against the dollar hit the 7.7 mark to reach a new high since the exchange rate regime. Renminbi value seems to rise at a faster speed than before and this has brought significant changes to China's employment and China's foreign currency exchange system, the Legal Evening News reported.

 

On employment issue, the Ministry1 of Labor2 and Social Security recently released a report to assess the impact of Renminbi appreciation3 on China's employment. According to this report, Renminbi appreciation will mainly bring negative impact on China's employment. Industrial sectors4 that are most affected5 by Renminbi appreciation are textiles, clothes making, shoemaking, toys, motorcycles and agricultural sectors. When Renminbi appreciates by 5-10%, it means that 3.5 million workers in the non-agricultural sectors will lose their jobs. Meanwhile, employment situation for millions of farmers will also be affected.

 

The exchange rate will bring negative consequences to the trade volume and the price index of domestic goods. This will not only discourage foreign investors6' access to China, it will also affect the business performance of Chinese export companies, which will finally affect China's employment, said Tan Yaling, a financial expert.

 

As Renminbi appreciation process quickens, those people who have saved a large amount of US dollars and do not plan to go abroad for study or sightseeing, should now exchange their US dollars for Renminbi as quickly as possible, Tan said.

 
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1 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
2 labor P9Tzs     
n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦
参考例句：
  • We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
  • He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。
3 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
4 sectors 218ffb34fa5fb6bc1691e90cd45ad627     
n.部门( sector的名词复数 )；领域；防御地区；扇形
参考例句：
  • Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
  • Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》
5 affected TzUzg0     
adj.不自然的，假装的
参考例句：
  • She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
  • His manners are affected.他的态度不自然。
6 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会

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