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n the American economist Robert. Tiffin published in 1960's gold and dollar crisis -- free exchange of the future ', from finance' Tiffin Dilemma '. The so-called Tiffin paradox, that is to say: in the Bretton Woods system, gold and the dollar exchange rate fixed, the dollar and other currencies fixed exchange rate, the dollar in the international monetary system has a core position. This central position makes the countries in international trade, to be used for trade settlement with the u.. This arrangement leads to $America in other areas continue to be stored, not to America. So the long-term trade deficit of the United States is inevitable. As the core of the international monetary system, the U. S. dollar bears the responsibility to ensure the normal operation of international trade. Therefore, it is required to maintain the stability of the dollar. The requirements and USA the long-term trade deficit situation has become a contradiction, namely the 'Tiffin paradox'. Reality quickly verify the 'Tiffin Dilemma' -- 20th century of 'stagflation' part of the reason is the international monetary system inherent defects.
After a lapse of nearly 50 years, the financial crisis has fully exposed the dollar as the leading international monetary and financial system, the U.S. foreign trade volume decreased significantly, the United States once again into a financial crisis. In order to boost the economy, the United States implemented the QE2, QE3, QE1, QE4 program, resulting in a global flood of dollars and significant devaluation. This has caused the world to re build the international monetary system of the international monetary demands. As a manufacturing and trading country, China is directly influenced by two aspects. First, China's huge foreign currency reserves due to the depreciation of the dollar, and then, its sovereign currency, the RMB appreciation is a serious impact on China's cost advantage and the international balance of payments as a trading power. The reason for this is that China has too much reliance on other sovereign countries as an independent sovereign state, so that the internationalization of the RMB should be promoted as a major strategy for China in the future. However, the internationalization of the RMB, the strategy will inevitably lead to the rise of the status of the RMB and the decline of the dollar, will also cause the appreciation of the RMB against the U.S. dollar. This result is also contrary to the immediate problems that China faces. 'Whether such a departure will hinder the internationalization of the RMB'; 'the impact of the appreciation of the RMB on the internationalization of the RMB', the world's financial community cannot give a unified answer to the public. Therefore, in order to give the policy recommendations to reconcile this contradiction. In this paper, the impact of RMB appreciation on the internationalization of the RMB has been studied.
Real Exchange Rate in the developing Countries:Conceptand Measurement
Edwards, S.
The price scale is the monetary function of the international reserve currency and the international settlement currency, the real exchange rate is the central issue that the sovereign currency is the international process. Dollars in has the amount of deficit of the United States to promote the obtained core position in the international monetary system is due to the consciousness that the important role of exchange rate stability and take effec