Chinese yuan breaks 7.5 mark against USD

时间：2007-10-25 06:00:13

（单词翻译:单击）

BEIJING, Oct. 24 - China's Renminbi (RMB) broke the 7.5 mark to reach a new central parity1 rate of 7.4938 yuan to one U.S. dollar on Wednesday, according to the Chinese Foreign Exchange Trading System.

 

The yuan, climbing 72 basis points to one dollar from Tuesday, rose a total 3,149 basis points from 7.8087 yuan on the last trading day of 2006.

 

Tan Yaling, an expert with the Bank Of China, said a weakening dollar and calls from the United States and the Europe that China should allow the currency to appreciate more quickly were "short-term reasons" contributing to the recent rise in value.

 

"Speculation2 ignited by rising expectations of a stronger yuan also led to the continuous appreciation3 of the Chinese currency," she said.

 

The accumulative appreciation since July 21, 2005, when China abolished yuan's peg4 to the dollar, has exceeded eight percent.

 

However, Tan said the move to a more market-valued yuan should be made gradually.

 

"Currency appreciation was not the key solution to China's huge surplus, which should be solved through improvement of China's economic structure over the long term," she said.

 

Data from the General Administration of Customs shows the trade surplus for the first nine months reached 185.7 billion U.S. dollars, exceeding the total trade surplus of 177.47 billion U.S. dollars for 2006.

 

Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, echoed Tan's opinion.

 

More than 55 percent of China's exports were made by foreign-funded enterprises, which were little affected5 by the appreciation as 70 to 90 percent of their materials and spare parts were purchased abroad, he said.

 

"Yuan appreciation has little impact on them since they use dollars in transaction settlements," he said.

 

"However, in the long term, we will see significant impacts since Chinese enterprises are still exporting a considerable amount," said Zhuang Jian, senior economist6 with Asian Development Bank Resident Mission.

 

The problem was that appreciation hurt domestic manufacturers too much, Zhuang said.

 

Wu Xiaoling, deputy governor of the central bank, said on Oct. 20 during a visit to Washington that a sudden move to float the yuan would harm China, and ultimately the global economy.

 

The current mission for the Chinese government was not to control the currency value, but to adjust the economic structure. "The world should be more patient," said Wu.

 

Tan Yaling suggested that the central government should dispel7 expectations for yuan appreciation by expanding the trading band of the currency.

 

The People's Bank of China on May 21 further widened the floating band of yuan against dollar for daily spot trading on the inter-bank market from 0.3 percent to 0.5 percent.

 

At a conference of the People's Bank of China on Tuesday, the central bank said it would strengthen efforts in financial control and improve the valuation mechanism8 of the RMB exchange rate.

 

The yuan broke the 7.6 mark against the U.S. dollar on July 3.

 

"After all, the 7.5 mark is just a psychological threshold and the appreciation is still mild and controllable," Zhuang said. "I don't expect any sudden moves."

 

However, China had to be aware of the influx9 of hot money during the continuous appreciation process, Zhuang warned.

 

The appreciation of yuan would increase asset values and so give a further boost to the stock market, said Cheng Weiqing, an analyst10 with the CITIC securities.

 

"It's hard to tell how much hot money have contributed to the surge of the stock and property markets," Zhuang said. "The influence might be minor11 and under well control right now."

 

"However, China needs to be cautious of the trend considering the excessive liquidity12 it already faces," he argued.

 

On Wednesday, the yuan lost 329 basis points from the previous trading day to reach a central parity rate of 10.6779 yuan against one euro.

 

Meanwhile, it climbed 28.5 points from 6.5585 on Tuesday to 6.53 yuan against 100 Japanese yen13.

 
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点击收听单词发音收听单词发音  

1 parity 34mzS     
n.平价，等价，比价，对等
参考例句：
  • The two currencies have now reached parity.这两种货币现已达到同等价值。
  • Women have yet to achieve wage or occupational parity in many fields.女性在很多领域还没能争取到薪金、职位方面的平等。
2 speculation 9vGwe     
n.思索，沉思；猜测；投机
参考例句：
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
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 peg p3Fzi     
n.木栓，木钉；vt.用木钉钉，用短桩固定
参考例句：
  • Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
  • He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。
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 economist AuhzVs     
n.经济学家，经济专家，节俭的人
参考例句：
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
7 dispel XtQx0     
vt.驱走，驱散，消除
参考例句：
  • I tried in vain to dispel her misgivings.我试图消除她的疑虑，但没有成功。
  • We hope the programme will dispel certain misconceptions about the disease.我们希望这个节目能消除对这种疾病的一些误解。
8 mechanism zCWxr     
n.机械装置；机构，结构
参考例句：
  • The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
  • The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。
9 influx c7lxL     
n.流入，注入
参考例句：
  • The country simply cannot absorb this influx of refugees.这个国家实在不能接纳这么多涌入的难民。
  • Textile workers favoured protection because they feared an influx of cheap cloth.纺织工人拥护贸易保护措施，因为他们担心涌入廉价纺织品。
10 analyst gw7zn     
n.分析家，化验员；心理分析学家
参考例句：
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。
11 minor e7fzR     
adj.较小(少)的，较次要的；n.辅修学科；vi.辅修
参考例句：
  • The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
  • I gave him a minor share of my wealth.我把小部分财产给了他。
12 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
13 yen JfSwN     
n. 日元；热望
参考例句：
  • He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
  • He has a yen to be alone in a boat.他渴望独自呆在一条船上。

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