人民币汇率与美国对华逆差的复杂关系-----外文翻译.doc
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人民币汇率与美国对华逆差的复杂关系-----外文翻译,critics of beijing's currency policy in washington argue that a jump in the yuan's value against the dollar would have a big impact on china's trade gap with th...
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Critics of Beijing's currency policy in Washington argue that a jump in the yuan's value against the dollar would have a big impact on China's trade gap with the U.S.
Does history back them up?
Supporters of the bill that passed the House on Wednesday argue that Beijing's refusal to let the yuan rise again the U.S. currency is responsible for the massive size of America's trade deficit with China by making Chinese exports so much cheaper in dollar terms that rivals can't compete.
C. Fred Bergsten, director of Peterson Institute for International Economics in Washington and one of the most prominent advocates of legislation targeting China's currency policy, argues that the U.S. should seek to 'persuade' China to let the yuan rise around 20% to 25% over the next two to three years.
This would reduce China's global current account surplus by $350 billion to $500 billion and the U.S. global current account deficit by $50 billion to $120 billion. Bergsten said in testimony to the House Ways and Means Committee on Sept. 15 ( PDF). Elimination of the Chinese misalignment would create about half a million U.S. jobs, mainly in manufacturing and with above-average wages, over the next couple of years.
China's government rejects such arguments, saying the exchange rate plays little role in the bilateral balance of trade with the U.S. But Chinese officials also warn that a big jump in the yuan's value could severely damage China's export sector. China cannot afford a big rise in the yuan, Premier Wen Jiabao said in a speechin the U.S. earlier this month, arguing that 20% to 40% jump in the yuan's value against the dollar would trigger a wave of job losses and business bankruptcies that would cause major turbulence in society.
华盛顿批评北京汇率政策的人士认为，人民币兑美元大幅升值，会显著缩小美国对华贸易逆差。
这种观点能否得到历史的检验？
支持上周三美国众议院所通过法案的人认为，北京拒绝让人民币兑美元升值，让中国出口商品的美元价格低到竞争对手无法招架的程度，因而使美国形成了巨大的对华贸易逆差。
华盛顿智库彼得森国际经济研究所的所长伯格斯坦，是主张针对中国汇率政策采取立法措施的最知名人士之一。他认为，美国应当寻求“说服”中国允许人民币在未来两到三年升值20%到25%。
伯格斯坦9月15日在众议院筹款委员会作证时说，这会使中国的全球经常项目顺差减少3,500亿美元到5,000亿美元，美国的全球经常项目逆差减少500亿美元到1,200亿美元。他说，如果排除中国汇率的错配，美国将在未来几年新增约50万个就业岗位，这些岗位主要集中于制造业，工资高于平均水平。
Does history back them up?
Supporters of the bill that passed the House on Wednesday argue that Beijing's refusal to let the yuan rise again the U.S. currency is responsible for the massive size of America's trade deficit with China by making Chinese exports so much cheaper in dollar terms that rivals can't compete.
C. Fred Bergsten, director of Peterson Institute for International Economics in Washington and one of the most prominent advocates of legislation targeting China's currency policy, argues that the U.S. should seek to 'persuade' China to let the yuan rise around 20% to 25% over the next two to three years.
This would reduce China's global current account surplus by $350 billion to $500 billion and the U.S. global current account deficit by $50 billion to $120 billion. Bergsten said in testimony to the House Ways and Means Committee on Sept. 15 ( PDF). Elimination of the Chinese misalignment would create about half a million U.S. jobs, mainly in manufacturing and with above-average wages, over the next couple of years.
China's government rejects such arguments, saying the exchange rate plays little role in the bilateral balance of trade with the U.S. But Chinese officials also warn that a big jump in the yuan's value could severely damage China's export sector. China cannot afford a big rise in the yuan, Premier Wen Jiabao said in a speechin the U.S. earlier this month, arguing that 20% to 40% jump in the yuan's value against the dollar would trigger a wave of job losses and business bankruptcies that would cause major turbulence in society.
华盛顿批评北京汇率政策的人士认为，人民币兑美元大幅升值，会显著缩小美国对华贸易逆差。
这种观点能否得到历史的检验？
支持上周三美国众议院所通过法案的人认为，北京拒绝让人民币兑美元升值，让中国出口商品的美元价格低到竞争对手无法招架的程度，因而使美国形成了巨大的对华贸易逆差。
华盛顿智库彼得森国际经济研究所的所长伯格斯坦，是主张针对中国汇率政策采取立法措施的最知名人士之一。他认为，美国应当寻求“说服”中国允许人民币在未来两到三年升值20%到25%。
伯格斯坦9月15日在众议院筹款委员会作证时说，这会使中国的全球经常项目顺差减少3,500亿美元到5,000亿美元，美国的全球经常项目逆差减少500亿美元到1,200亿美元。他说，如果排除中国汇率的错配，美国将在未来几年新增约50万个就业岗位，这些岗位主要集中于制造业，工资高于平均水平。
