He Weiwen: RMB Exchange Rate Reduction Has No Advantage For The United States.

　 Director, Sino US economic and Trade Research Center, China University of foreign trade and Economics He Wei Wen The real effective exchange rate of RMB has risen and fallen in the past five years, and the cumulative increase in the past 16 years is as high as 56.38%. The accusation that the RMB exchange rate has been lowered and continued to fall is totally against the fact and violates professional knowledge.

He Weiwen said in an interview with people's Daily that over the past five years Renminbi appreciation The magnitude is the largest, and the base of January 1994 is that only RMB has appreciated sharply in the past 16 years, and the US dollar has been on the March and other major currencies have fallen.

The bank for International Settlements has recently announced the effective June main currencies. exchange rate The index is RMB 118.8, down 119.97 from 0.98%. in May. This is mainly due to the rise of the euro, the yen and the pound. In fact, it is indicating that the RMB exchange rate presents a two-way fluctuation and is increasingly consistent with the changes in the international market.

In June 19th, the people's Bank of China announced the resumption of the exchange rate reform to enhance the RMB exchange rate flexibility. In July 21st, the reunification 5th anniversary reiterated that there was no basis for significant fluctuations and changes in the RMB.

Aiming at the underestimation of the RMB exchange rate is the problem of China's huge trade surplus. He Weiwen said that in 2009, there was no change in the exchange rate of RMB against the US dollar, and the surplus decreased by almost 100 billion dollars. This shows that there is no direct correlation between the level of RMB exchange rate and the trade surplus. The main cause of China's foreign trade surplus is China's participation in the specific division of international industrial division, and the international cargo logistics formed in the industrial chain.

He pointed out that the main problem of the RMB exchange rate is the minority members of the United States. This is due to the need for domestic politics and the responsibility to shirk the international financial crisis and the need to contain China.

"The history of unilaterally oppressing a sovereign state to sacrifice has never been returned. China will never sacrifice its development in accordance with the needs of the containment." he said.

He Weiwen said that the current basis for world economic recovery is still fragile. The common responsibility of China and other major powers is to jointly maintain the basic stability of exchange rates between major currencies such as the US dollar, the euro, the renminbi, the yen and the pound, so as to prevent the money market from going up and down and preventing gold speculation from resuming.

"China also needs to maintain stable and fast economic growth and provide a strong market and confidence for world economic and trade, which is the best performance of China as a responsible big country," he said.