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agreement. This marks the start of oil and the dollar peg, if oil prices, the market will require more dollars to pay, the nominal exchange rate of the dollar will follow up. On the other hand, the United States is the world's largest oil consuming countries, which greatly reduces the risk of foreign trade settlement of the United States.
The US dollar and oil peg not only stabilize the exchange rate, but also bring us dollar hegemony. Since oil is the 'industrial blood', the industry's need for almost all of the raw materials, the industrial countries need to use the dollar to buy oil also means that the dollar has become a necessity of the world's countries are stored, even though the dollar's devaluation will be held in the world. After more than two times in the history of major events, and two major historic moment dollars are facing great pressure to depreciate, why the dollar success is due to the implementation of action boosting the devaluation of the dollar. Then return to the Tiffin Dilemma: in order to deal with the trend of economic globalization, countries are trying to highlight its own comparative advantage, to participate in a wide range of international trade. This requires the United States to have a long-term trade deficit, the dollar continued to precipitate in the United States, so that the country has a large number of dollar reserves, in order to prepare for the settlement of the. Such a long-term deficit is the main pressure of the dollar devaluation. So we can draw a conclusion: the internationalization of sovereign currency must be to restrain the downward trend of the exchange rate.
Since the reform and opening up, China's economy has been developing rapidly. Since 2003, the RMB appreciation has become the focus of domestic and foreign scholars. Under pressure from foreign countries and the actual situation of China, the RMB exchange rate reform in July 2005 has been implemented, by March 25, 2011, the RMB appreciation rate has reached 20.8%. After the 2008 global financial crisis, China's economy took the lead out of the bottom, the world economy also rebounded bottom. Therefore, the pressure on the appreciation of the RMB at home and abroad will continue to exist.
Openness and Real Exchange Rate Volatility: In Search pf an Explanation
Michael Bleaney.
1 domestic factors
(1) rapid economic growth, economic strength has become the fundamental reason for the appreciation of the RMB, China's reform and opening up gradually become the hot spot of the world economy, since 2003, China's economic growth rate of five years in a row more than 13%, especially in 2007 reached 10%. Although the outbreak of the global financial crisis in 2008 led to a sharp decline in exports, but the economic growth rate is still reached 9%, in 2009 has reached the goal of 'eight'. China's economy in the financial crisis, the first to reach the 'V' type of reverse. China's economic strength has made China the world's third largest economy, the impact of the world economy and international finance has significantly increased, which is bound to attract the attention of the international community, and led to a sharp rise in the demand for the appreciation of the RMB.
(2) The trade surplus is increasing; the status of the balance of payments will directly affect the supply and demand of the foreign exchange market. Under normal circumstances, a country trade surplus will cause the currency t