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1、 RMB appreciationAbstract: At present, the RMBs appreciation has attracted wide attention because exchange rate movements on the impact of a countrys economy and international interests of all economies is closely related toCaused by the yuan appreciation are also external factors, both internal and
2、 therefore a variety of measures to be taken and requested the co-ordination of the main stakeholders in order to cope with the impact of the appreciation.This paper analyzes the causes and impact of RMB appreciation that the appreciation should seize the opportunities and to actively respond to cha
3、llenges, to avoid sharp fluctuations in the Chinese economy.一.An appreciation of the renminbi because（1）.An appreciation of the yuan external causesFirst, the RMB revaluation pressure from the United States.The US government believes that the long-term Sino-US trade surplus with the US dollar and Ch
4、inas pegged exchange rate policies, the depreciation of the dollar can be put into the role of trade, but to make Chinese products more competitive, there is an urgent demand appreciation of the RMB.However, the US trade deficit is determined by its sharp increase in foreign direct investment is too
5、 large, personal consumption expenditures is much higher than savings, and so a variety of factors, appreciation of the renminbi alone could not rescue its economy recession.Secondly, the pressure from Japan.90 years since the Japanese economy has entered a long period of depression, inexpensive Chi
6、nese products in the Japanese market share rising, the Japanese government that the low prices of Chinese goods to foreign sales, not only Japans current account deficit in the state, but also to the Japanese domestic market has brought the threat of deflation.Therefore, Japan strongly want to chang
7、e the yuan revaluation of the domestic economy continues to slump and the decline in international competitiveness of the state.Once again, the pressure from the European Union.The continuing depreciation of dollar against the euro makes the link with the devaluation of the yuan against the euro, is
8、 also relatively recent years, China-EU trade continued to grow, the depreciation of the renminbi against the euro, European companies in China led to the rising costs of goods, business loss, then Canada, the European Union and other countries and regions have to revalue its currency in order to ta
9、ke some of the effects of dollar depreciation.（2） the internal causes of the appreciation of yuan First of all, Chinas capital projects and current double surplus led to the huge foreign exchange reserves are the most important internal reason for the yuan appreciation.Second, Chinas continued rapid
10、 economic growth laid the economic foundation of the RMB exchange rate. Moreover, the United States spreads upside down has further boosted the yuan appreciation.Chinas current excess liquidity there and asset prices, inflation rates remained high, the central bank needs to tighten monetary policy t
11、o deal with these issues, including improving the RMB deposit and lending rates.However, the US interest rate cut in a row after the rate cut is still possible, the situation of Sino-US spreads upside down from the United States makes a large number of short-term capital outflows are more likely to
12、flow into China, causing upward pressure to the yuan.二the RMB appreciation on Chinas Economy(1) The appreciation of the renminbi reduces the profitability of Chinas export products Yuan revaluation, if Chinas commodity prices in foreign currencies marked change, places yuan marked prices, in this ca
13、se, although Chinas exports will not be affected, but the corporate profit margins will decline.If the price of the RMB marked change, places mark up the price of foreign currency, Chinas export products in the international market, declining competitiveness, reduced exports, corporate profits will
14、fall.Yuan revaluation caused a decline in level of corporate profit margins out of date due to the different types of products and different.For the primary products of its labor-intensive products and low value-added products, the most influential of these products is to use cheap labor to reduce i
15、nternal costs, export prices down in order to obtain the international competitiveness of the industry itself, due to intense competition, small profit margins appreciation of the yuan to its greater impact. Its for the deep processing, with higher value-added, as well as enterprises with independen
16、t little effect on national brands, or even no effect.Export products of these enterprises have the advantage of non-price products, companies can negotiate with the client consultation, lock exchange rate risk, etc. to resolve to reduce the pressure on profits.(2) appreciation of the renminbi is co
17、nducive to reduce import costs and improve trade structure For the import-dependent companies, the RMB appreciation to lower import prices of products, the same funds can import more resources, enterprise importing raw materials and the more the better it will reduce production costs, improving prod
18、uct competitiveness.RMB appreciation is also really beneficial to Chinas enterprises to import advanced equipment, the introduction of the scarcity of technological achievements, and the promotion of enterprise products upgrading and improve productivity.An increase in imports in the short term may
19、lead trade deficit, but in the long run, the survival of the fittest caused by appreciation of the renminbi and the reallocation of resources will play an adjustment of trade, export structure, promote industrial upgrading effect.For Chinese enterprises to go global, improve trade structure and oppo
20、rtunities.(3) The appreciation of the renminbi to promote enterprise product upgrades Appreciation of the RMB to bring pressure for export enterprises and enhance their own competitiveness of its order to reduce the adverse impact of the appreciationAlthough China has an export trading power.However
21、, the structure of export products is still dominated by labor-intensive, capital-intensive products, most of which are from the processing trade, a very small proportion of high-tech products, export products are mostly dependent on low-cost-based price advantage.Chinese enterprises need to change
22、the thinking, the price becomes a quality win to win appreciation of the yuan could to a certain extent, to promote export enterprises to adjust product structure, from production of primary products with low added value to gradually shift production of high technology products, while promoting busi
23、ness technical innovation and management innovation:（4）the RMB appreciation on Chinas international balance of payments impactIn theory, a countrys currency exchange rate makes the countrys foreign currency prices of goods, external goods prices in this currency, which reduced exports, increased imp
24、orts, the countrys trade surplus to reduce or turn to deficits.However, since the appreciation of the RMB has been.Chinas trade surplus is not reduced, but still continued to increase.（5） RMB appreciation on Chinas capital flowsCapital, including the long-term investment capital and short-term specu
25、lative capital appreciation of the renminbi is significantly influenced by these two kinds of capital.Makes the appreciation of foreign currency converted into an equivalent value of the yuan down, and will enhance our production costs relative to other countries, especially labor costs, investment
26、income less profitable, leading to foreign direct investment in China will be reduced.The short-term capital inflows in general there are two reasons, first, the short-term interest rates are at a high point, or still higher, the second was about the short-term exchange rate appreciation, the curren
27、t domestic existence of an upward trend in interest rates and exchange rates would give rise to short-term capital inflows.This is because the appreciation of the renminbi is expected to remain the case, if the appreciation of foreign currency into RMB before, so that investors receive the appreciat
28、ion and the appreciation of the magnitude corresponding benefitsAfter the short-term capital inflows will be a substantial flock to stocks and real estate sectors, these capital addition to proceeds from the appreciation of yuan would be value-added benefits.To speculative inflows of capital for the
29、 purpose of export and trade surplus will lead to overvalued, greater external imbalances.（6） RMB appreciation on Chinas employment In theory, in a perfectly competitive market, exchange rate movements affect the import and export trade through further impact employment in related industriesThe incr
30、ease in exports will lead to the increase in employment related industries, while imports increased employment will be two effects: first, making a direct reduction in domestic employment in the same industry; the second is that if the imports are intermediate products, it will stimulate an increase
31、 in output and thus increase employmentIn general, the currency depreciation would promote job growth, unemployment is down; currency appreciation makes reduction in employment and rising unemployment.Relevant departments of a country or the higher degree of openness, exchange rate fluctuations, the
32、 greater the impact on employment.三. Chinas foreign trade enterprises ways to deal with the appreciation of yuanContinuing the current US dollar weakness is still the main reason is to accelerate the appreciation of the RMB. Market for the US economy into recession is expected to become increasingly
33、 strong, the Fed may still cut interest rates to stimulate future market risk preference.In addition, the sub-prime crisis, the consequences have not yet fully apparent, which triggered the devaluation of financial assets is still a large number of investors to sell dollar-denominated assets, but al
34、so the dollar continue to fall.Therefore, the yuans appreciation trend will not change, even if the break is still possible to accelerate the appreciation of the post, appreciation and magnitude of increase accelerated to bring about economic and social impact of increasingly prominent, the most dir
35、ect impact is to curb Chinas exports.How to adjust in order to reduce the negative impact of the appreciation of Chinas economic significance.（1） the use of financial means to deal with the risk of RMB appreciation 1994-2005, China adopted a managed floating exchange rate regime, the RMB exchange ra
36、te floating range is quite small, is always fluctuating within a range of 8.2766-8.2799, so exporters have to worry about currency fluctuation However, in the current stage of the RMB appreciation, export companies in order to maintain business stability, and must take certain financial measures.s,
37、it seldom used for hedging risks. Because Chinas financial institutions in response to exchange rate risk derivative products fewer choices are available for businesses and foreign currency swaps, forward exchange settlement and sales trading.Forward exchange settlement and sales can be pre-lock exc
38、hange rates to lock in the cost of yuan appreciation to circumvent the risks of its main business of production and long-term enterprises, can greatly reduce the uncertainty caused by exchange rate movements RMB and foreign currency swap transactions in spot foreign exchange trading and reverse comb
39、ination of long-term foreign exchange trans Business of both import export business, foreign trade enterprise can choose such financial instrumentsctions.In addition, the export enterprises can enter into the contracts used in consultation with the importer against payment at sight letter of credit
40、or receive the payment settlement as early as possible in order to reduce losses caused by appreciation of the RMB.First, select your billing currency to be flexibleChinas foreign trade companies have long been accustomed to US dollars as a settlement currency, the dollar continued to weaken the tre
41、nd appreciation of the renminbi is still exist, if the enterprise does not change the original settlement practices, the exchange will take on more risk.Foreign trade enterprises should be based on specific trading partners, as well as the status of the different buyers and sellers select the approp
42、riate settlement currencies, export enterprises should use the hard currency exchange earnings, increase in foreign currency other than US dollars settlement in the border trade actively promote the use of RMBThe second is to appropriately raise the export prices, a move to bring the appreciation of
43、 some of the export increase in the cost passed on to the price of export products, and importers share the profits resulting from loss of RMB appreciationHowever, this method has serious limitations, only in our country have greater bargaining advantage of export products to use.Third, it could app
44、ropriately raise the proportion of import and export businessRMB appreciation will help to import is not conducive to exports and imports for both large enterprises have export trade, it can be continued appreciation of the yuan, trade surplus and high level of trade friction, will gradually shift t
45、heir focus from export import , to avoid appreciation of the risks.(2) the use of operational methods to deal with the risk of RMB appreciation Although the financial instruments and financial instruments is relatively simple, but only as a temporary expedient to avoid foreign exchange risks, can no
46、t fundamentally eliminate the risk of hidden dangers. Enterprises to achieve long-term development, we must adopt operating adjustment means.1. adjustment and upgrading of product mix, walking brand, the difference of the road: RMB appreciation will be by raising the export prices of products to red
47、uce our international competitiveness of export enterprises, which export enterprises of Chinas cheap exports of the original model presented a challenge . 2. active overseas investment, the implementation of going out strategy, I am a single channel of the domestic capital investment, capital is no
48、t fully utilized, although has a high savings rate, but can not be effectively translated into investment. Yuan appreciation reduced the cost of domestic enterprises to invest overseas, to Chinas enterprises going global strategy has provided an opportunity.3. actively explore diversified markets.Ch
49、inas export markets mainly in the United States, Japan, the European Union hold the worlds major currencies of countries and regions, exports to these markets depends heavily on, the yuan appreciation pressures from these countries and regions.To change this situation, to reduce excessive dependence on the market needs to set out the various countries and regions, the export share of the adjustment, and explore potential internation
