China says rapid appreciation of RMB not good for the world

时间：2007-12-13 08:15:40

（单词翻译:单击）

Dec.13 - Chinese Vice1 Commerce Minister Chen Deming said in Beijing Wednesday that if the Renminbi, China's currency, appreciated too rapidly, it would cause fluctuations2 in the Chinese economy that would not be positive for the world.

 

Chen made the remarks at a news briefing on the sideline of the third China-U.S. Strategic Economic Dialogue, which opened in Beijing Wednesday.

 

He said China was not against Renminbi appreciation3 but did not want it to occur too rapidly, as this would not suit China's conditions. "Some people in the world hope the Renminbi would appreciate as fast as possible; these are irresponsible remarks," Chen said.

 

The Renminbi hit a new high against the U.S. dollar Wednesday, when its central parity4 rate stood at 7.3647 yuan per dollar, gaining 150 basis points from Tuesday's reference rate of 7.3797.

 

Chen said the appreciation of the Chinese currency would not help ease the trade imbalance between China and the United States.

 

The Renminbi has appreciated about 11 percent since China de-pegged it from the U.S. dollar in July 2005, but the trade surplus has not shrunk. The latest figures from Chinese Customs show that between January and November, China-U.S. trade expanded 15.7 percent from the same period of last year, to 276.21 billion U.S. dollars.

 

Chen also expressed concern over the continued depreciation5 of the U.S. dollar, which he said would "drive up oil and gold prices and reduce the assets of the countries or companies that hold the currency," Chen said.

 

"So I hope the U.S. economy could be stronger, as well as the U.S. dollar," he added.
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1 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
2 fluctuations 5ffd9bfff797526ec241b97cfb872d61     
波动，涨落，起伏( fluctuation的名词复数 )
参考例句：
  • He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
  • There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。
3 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
4 parity 34mzS     
n.平价，等价，比价，对等
参考例句：
  • The two currencies have now reached parity.这两种货币现已达到同等价值。
  • Women have yet to achieve wage or occupational parity in many fields.女性在很多领域还没能争取到薪金、职位方面的平等。
5 depreciation YuTzql     
n.价值低落，贬值，蔑视，贬低
参考例句：
  • She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
  • They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

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