Central bank rejects IMF advice on yuan

时间：2007-04-16 09:14:15

（单词翻译:单击）

Apr.16 - A senior central bank official has rejected calls for a quicker increase in the flexibility1 of the renminbi exchange rate, saying the currency's role in rectifying2 global economic imbalances should not be exaggerated.

 

Hu Xiaolian, deputy governor of the People's Bank of China, said more attention should instead be paid to growing protectionism to safeguard the health of the world economy, according to a central bank statement and Xinhua.

 

She was speaking in Washington on Saturday at a conference during the semi-annual meetings of the International Monetary3 Fund (IMF) and the World Bank. The meetings are a venue4 for key financial officials of the two institutions' member countries to discuss global economic issues.

 

Officials and economists5 at the IMF, which has a mandate6 to safeguard the global economy and render advice to member countries, said that Beijing should pursue a more flexible exchange rate, for the sake of both the Chinese economy and a more balanced global economy.

 

However, China did not seem to see the advice as being appropriate. "The fund... should respect its member countries' core interests and actual economic fundamentals," Hu was quoted as saying.

 

"Biased7 advice would damage the fund's role in safeguarding global economic and financial stability."

 

In July 2005, China abandoned the renminbi's decade-old peg8 to the US dollar and let the currency appreciate by 2.1 per cent. Since then, it has gained almost another 5 percent against the dollar.

 

However, there has been a persistent9 international chorus, led by the United States, arguing that China has not been moving quick enough in letting its currency rise.

 

US lawmakers have said that the country's trade deficit10 was partly caused by what they believed an undervalued Chinese currency.

 

Chinese officials say the yuan's flexibility would gradually increase but argue that radical11 steps would generate shocks in the Chinese economy which could spread to the rest of the world.

 

"The IMF... should attach significance to stability of domestic economies (of member countries) when observing their contribution to outside stability," Hu said.

 

She said the IMF should strengthen surveillance over the soundness of economic policies of countries whose currencies are used as major instruments in other countries' foreign exchange reserves. She was clearly referring to the US, whose low savings12 rate, and fiscal13 and trade deficits14 are agreed to be a key cause for global economic imbalances.

 

Hu also called attention to what is seen as a rising protectionist sentiment, which has been causing troubles for China's exporters.

 

"We call on all countries to harness the opportunities created by globalization... and resolutely15 oppose protectionism," she said.

 

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1 flexibility vjPxb     
n.柔韧性，弹性，（光的）折射性，灵活性
参考例句：
  • Her great strength lies in her flexibility.她的优势在于她灵活变通。
  • The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。
2 rectifying 93741cb43328d77343c113e8ef08eea9     
改正，矫正( rectify的现在分词 )； 精馏； 蒸流； 整流
参考例句：
  • James Gregory gave in in his "Geometriae Pars Universalis" a method of rectifying curves. James Gregory在他的《几何的通用部分》中给出了计算曲线长度的方法。
  • Significant progress was made in rectifying and standardizing nonbank financial institutions. 整顿和规范非银行金融机构取得重要进展。
3 monetary pEkxb     
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
4 venue ALkzr     
n.犯罪地点，审判地，管辖地，发生地点，集合地点
参考例句：
  • The hall provided a venue for weddings and other functions.大厅给婚礼和其他社会活动提供了场所。
  • The chosen venue caused great controversy among the people.人们就审判地点的问题产生了极大的争议。
5 economists 2ba0a36f92d9c37ef31cc751bca1a748     
n.经济学家，经济专家( economist的名词复数 )
参考例句：
  • The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
  • Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
6 mandate sj9yz     
n.托管地；命令，指示
参考例句：
  • The President had a clear mandate to end the war.总统得到明确的授权结束那场战争。
  • The General Election gave him no such mandate.大选并未授予他这种权力。
7 biased vyGzSn     
a.有偏见的
参考例句：
  • a school biased towards music and art 一所偏重音乐和艺术的学校
  • The Methods: They employed were heavily biased in the gentry's favour. 他们采用的方法严重偏袒中上阶级。
8 peg p3Fzi     
n.木栓，木钉；vt.用木钉钉，用短桩固定
参考例句：
  • Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
  • He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。
9 persistent BSUzg     
adj.坚持不懈的，执意的；持续的
参考例句：
  • Albert had a persistent headache that lasted for three days.艾伯特连续头痛了三天。
  • She felt embarrassed by his persistent attentions.他不时地向她大献殷勤，使她很难为情。
10 deficit tmAzu     
n.亏空，亏损；赤字，逆差
参考例句：
  • The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
  • We have a great deficit this year.我们今年有很大亏损。
11 radical hA8zu     
n.激进份子，原子团，根号；adj.根本的，激进的，彻底的
参考例句：
  • The patient got a radical cure in the hospital.病人在医院得到了根治。
  • She is radical in her demands.她的要求十分偏激。
12 savings ZjbzGu     
n.存款，储蓄
参考例句：
  • I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
  • By this time he had used up all his savings.到这时，他的存款已全部用完。
13 fiscal agbzf     
adj.财政的，会计的，国库的，国库岁入的
参考例句：
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
  • The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
14 deficits 08e04c986818dbc337627eabec5b794e     
n.不足额( deficit的名词复数 )；赤字；亏空；亏损
参考例句：
  • The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
  • Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句
15 resolutely WW2xh     
adj.坚决地，果断地
参考例句：
  • He resolutely adhered to what he had said at the meeting. 他坚持他在会上所说的话。
  • He grumbles at his lot instead of resolutely facing his difficulties. 他不是果敢地去面对困难，而是抱怨自己运气不佳。

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