英语论文网

o appreciate, foreign currency depreciation. In recent years, China's trade balance has always maintained a double favorable balance of current account and capital account, and the proportion of capital account surplus is higher and higher, which leads to the increase of RMB appreciation pressure in terms of trade surplus.
(3) a sharp increase in China's foreign exchange reserves is an important reason for the appreciation of the RMB. Along with the rapid growth of China's economy, the export situation is good, foreign direct investment increased year by year, foreign exchange reserves are also repeatedly hit a new high. At the end of 1994, China's foreign exchange reserves were $21200000000, the end of 2008 to reach $1.9, the end of 2009 foreign exchange reserves exceeded $two trillion, reaching $2.39, at this time, leading the world's major economies. As of the end of 2010, China's foreign exchange reserves have reached $2.85, become a veritable foreign exchange reserves, so that the appreciation of the RMB is also facing tremendous pressure.
2 international factors
The appreciation of the RMB is not a pure economic problem, more and more rising to the political problem between the governments of the countries, which become the world's developed countries and the mutual game between the governments. (1) The United States to China and the United States trade surplus as an excuse to exert pressure on China frequently imposed pressure on the RMB appreciation of the external pressure mainly from the United States. In recent years, especially after the 2008 financial crisis, the United States because of the economic structure of the problem of economic growth has been slow and even negative growth, the trade deficit is becoming more and more serious. The U. S. government attributed this to China's exchange rate policy, that China's 'peg to the dollar' policy, the United States did not get any positive effect in the U.S. dollar depreciation, but it makes China's export advantage gradually revealed. Therefore, the United States is eager to reduce its debt burden, and can achieve the purpose of increasing U.S. exports by making the appreciation of the RMB. So the United States by the International Monetary Fund, the World Bank and other international organizations to put pressure on China, and through the new trade barriers to China's export products. The various measures of the United States are nothing more than trying to maintain the status of its world hegemony, in order to obtain the purpose of over interest. (2) the continued depreciation of the euro zone member countries of the RMB appreciation of the RMB against the euro, which also makes the RMB against the euro, in recent years, with the sustained growth of China EU trade, the depreciation of the RMB against the euro makes the EU enterprises increased, many enterprises have a huge loss, which led to the EU countries to ease the pressure on the EU to ease the pressure. They hope to change the problem of Global trade imbalances through the appreciation of the RMB.
Exchange rate volatility and United Kingdom trade: evidence from Canada, Japan and New Zealand
Taufig Choudhry.
RMB exchange rate as the dependent variable, the formation mechanism of RMB exchange rate has experienced many changes. Since July 21, 2005, our country has reformed the old exchange rate system, mainly according to the market supply and demand situation, the reference a ba