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1、外文资料 The impact of RMB exchange rate appreciation to our economy and the foreign tradeAaron Johnson This paper analyzes the causes of RMB exchange rate appreciation, expounds the beneficial effects, adverse effects on our coun-trys economic and foreign trade, and puts for-ward the countermeasures to
2、 the effects. Present situation of Chinese foreign trade surplus continues to expand, which is caused by a variety of reasons. The appreciation of RMB exchange rate on Chinas economy, foreign trade import and export volume and structure have a series of effects, only to take positive and effective m
3、easures to make the economy of our country and export enterprises to obtain the sustainable and stable development.1. reasons for the appreciation of the RMB exchange rate1.1 Chinese and foreign interest rate difference Interest rate policy is an important tool of monetary policy. The rate of relati
4、ve height will affect the capital flow direction is one of the important ways, high interest rates will stimulate the international capital inflow, and reduce its outflow of funds. Thus affecting the scale of international trade, make the difference of interest rate on exchange rate influence the tr
5、end of continuous improvement.1.2 Money supply situation RMB exchange rate and Chinas money supply substantially positive correlation, due to the deepening of reform and opening up, foreign investors can not only make use of cheap Chinese labour, more optimistic about Chinas huge domestic market. Th
6、erefore, foreign investment increased substantially. Due to tightening of monetary policy, the RMB fund is quite nervous, the entry of foreign capital and foreign exchange, so appeared apparent oversupply, resulting in the trend of Renminbi rmb.1.3 International balance of payments and foreign excha
7、nge reserve The formation of foreign exchange market and the international trade and investment is not divided, international balance of payment is a countrys foreign economic activities of the various payment sum. Under floating exchange rates, the market supply and demand to determine the exchange
8、 rate changes, therefore international payments deficit will lead to the devaluation of the currency, the foreign currency appreciation, namely the exchange rate rise. Conversely, international payments surplus caused a decline in foreign exchange rates.1.4 Economic growth A countrys economic take-o
9、ff stage, due to the low level of productivity, economic development performance for the extensive mode of operation, and thus their own currency exchange rate decreased, i.e. A countrys economy is relatively mature stage, consumer demand as income and growth, but the growth that consumes demand to
10、catch the output supply growth, so in the period of rapid economic growth, supply relative consumption demand, so as to have a downward pressure on prices.2. The exchange rate of RMB appreciation on Chinas economy and foreign trade favourable effects2.1 Be helpful for Chinese enterprises to go out T
11、he appreciation of the renminbi means that Chinese enterprises to invest abroad cost relatively drops than before, which makes them to lower the cost of the establishment of multinational companies. So it is beneficial to the Chinese enterprises to go out, to create a truly international competitive
12、ness of Chinese transnational corporation.2.2 Will help improve trade conditions The appreciation of the renminbi, export prices higher, you can use less export products in return for their own needs a variety of products. Export profit increases ceaselessly, can improve our terms of trade.2.3 Condu
13、cive to reduce external debt debt service pressure The rise in the renminbi exchange rate, outstanding debt servicing required the amount of local currency is correspondingly reduced, to a certain extent so as to reduce the burden of external debt.2.4 Conducive to promoting the transformation of for
14、eign trade growth mode The appreciation of the renminbi has contributed to Chinas foreign trade growth mode from extensive original shift quality and cost-effective intensive, this will bring the improvement of export structure, encourage technological innovation, sustainable development.2.5 Conduci
15、ve to lower import costs After revaluation, the price of imported goods will have the same magnitude of decline, reducing our cost of imports and import fees paid. The appreciation of the renminbi will make large transaction costs of imports, so as to improve the profit situation of related industri
16、es, to economy construction is very favorable.2.6 Be helpful for improving the environment of attracting foreign investment The appreciation of the RMB exchange rate, can make have foreign-funded enterprises in China increased profits, so as to enhance the confidence of investors, to further increas
17、e investment or investment; the appreciation of the RMB exchange rate will attract a lot of foreign capital into China s capital market, indirect investment proportion will be increased further.中文译文浅谈人民币汇率升值对我国经济及外贸的影响 亚伦约翰逊 中国目前的现状是外贸的顺差额继续扩大，这主要是由于多种原因造成的。人民币汇率的升值将对我国经济、外贸进出口的总额及其结构产生一系列影响，只有采取积极有
18、效的措施才能使我国经济及出口企业获得持续稳定发展。1. 人民币汇率升值的原因1.1 中外利率差异情况 利率政策是一个国家重要的货币政策工具。利率的相对高低会影响资本流动的方向就是其中一个重要的方式，较高的利率水平会刺激国际资本流入，并减少本国的流出资金。从而影响国际贸易规模，使利率差异对汇率走势的影响力不断提高。1.2 货币供应量状况 人民币汇率与中国货币供应量大体上成正相关，由于改革开放的深入，国外投资者不但可以利用中国廉价的劳动力，更看好中国庞大的国内市场。因此，外商投资大幅增加。由于紧缩性的货币政策，人民币资金相当紧张，外资进入又多，所以出现了明显的外汇供大于求，造成人民币升值趋势。1.
19、3 国际收支状况和外汇储备情况 外汇市场的形成与国际贸易和投资是分不开的，国际收支是一国对外经济活动中的各种收支的总和。在浮动汇率制下，市场供求决定汇率的变动，因此国际收支逆差将引起本币贬值，外币升值，即外汇汇率上升。反之，国际收支顺差则引起外汇汇率下降。1.4 经济增长情况 一国经济起飞阶段，由于生产力水平低，经济的发展表现为粗放式经营，从而本国的币值下降，即汇率的上升。一国经济较为成熟阶段,消费者的需求虽然随着收入而增长，但消费需求的增长赶不上产出供给的增长，故在经济快速增长时期，供给相对消费的需求旺盛，从而对物价有向下的压力。2. 人民币汇率升值对我国经济及外贸的有利影响2.1 有利于中
20、国企业“走出去” 人民币升值意味着中国企业到海外投资的成本相对来说比以前下降，这使得他们能以较低的成本在国外建立跨国公司。所以有利于中国企业更好地“走出去”，造就出中国真正具有国际竞争力的跨国公司。2.2 有利于改善贸易条件 人民币升值以后，出口产品的价格相对提高，就可以用较少的出口产品换回本国所需要的各种产品。出口利润不断增加，就可以改善我国目前的贸易条件。2.3 有利于减轻外债还本付息压力 人民币汇率的上升，未偿还外债还本付息所需本币的数量相应减少，从而在一定程度上减轻了外债负担。2.4 有利于推动外贸增长方式的转变 人民币升值有助于我国外贸增长方式从原来的粗放型转向高质量和高效益的集约型，这会带来出口结构的改善，激励企业技术创新，实现可持续发展。2.5 有利于进口成本的降低 人民币升值以后，进口商品的价格将会发生相同幅度的下降，降低我国进口商品的成本和在进口环节支付的费用。人民币升值将使大宗交易的进口成本降低，进而改善相关行业的赢利状况，对经济建设非常有利。2.6 有利于改善吸引外资的环境 人民币汇率升值，可使已在华投资的外资企业的利润增加，从而增强投资者的信心，促使其进一步追加投资或进行再投资；人民币汇率升值将吸引大量外资进入中国的资本市场，间接投资比重将进一步增加。（摘自亚伦约翰逊 浅谈人民币汇率升值对我国经济及外贸的影响 2009.08）
