我国出口加工企业应对人民币升值的对策研究外文翻译.docx

我国出口加工企业应对人民币升值的对策研究外文翻译.docx

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我国出口加工企业应对人民币升值的对策研究外文翻译

中文4750字

RMBappreciation

Abstract:

Atpresent,theRMB'sappreciationhasattractedwideattentionbecauseexchangeratemovementsontheimpactofacountry'seconomyandinternationalinterestsofalleconomiesiscloselyrelatedto

Causedbytheyuanappreciationarealsoexternalfactors,bothinternalandthereforeavarietyofmeasurestobetakenandrequestedtheco-ordinationofthemainstakeholdersinordertocopewiththeimpactoftheappreciation.

ThispaperanalyzesthecausesandimpactofRMBappreciationthattheappreciationshouldseizetheopportunitiesandtoactivelyrespondtochallenges,toavoidsharpfluctuationsintheChineseeconomy.

一.Anappreciationoftherenminbibecause

（1）.Anappreciationoftheyuanexternalcauses

First,theRMBrevaluationpressurefromtheUnitedStates.

TheUSgovernmentbelievesthatthelong-termSino-UStradesurpluswiththeUSdollarandChina'speggedexchangeratepolicies,thedepreciationofthedollarcanbeputintotheroleoftrade,buttomakeChineseproductsmorecompetitive,thereisanurgentdemandappreciationoftheRMB.However,theUStradedeficitisdeterminedbyitssharpincreaseinforeigndirectinvestmentistoolarge,personalconsumptionexpendituresismuchhigherthansavings,andsoavarietyoffactors,appreciationoftherenminbialonecouldnotrescueitseconomyrecession.Secondly,thepressurefromJapan.

90yearssincetheJapaneseeconomyhasenteredalongperiodofdepression,inexpensiveChineseproductsintheJapanesemarketsharerising,theJapanesegovernmentthatthelowpricesofChinesegoodstoforeignsales,notonlyJapan'scurrentaccountdeficitinthestate,butalsototheJapanesedomesticmarkethasbroughtthethreatofdeflation.Therefore,Japanstronglywanttochangetheyuanrevaluationofthedomesticeconomycontinuestoslumpandthedeclineininternationalcompetitivenessofthestate.Onceagain,thepressurefromtheEuropeanUnion.Thecontinuingdepreciationofdollaragainsttheeuromakesthelinkwiththedevaluationoftheyuanagainsttheeuro,isalsorelativelyrecentyears,China-EUtradecontinuedtogrow,thedepreciationoftherenminbiagainsttheeuro,EuropeancompaniesinChinaledtotherisingcostsofgoods,businessloss,thenCanada,theEuropeanUnionandothercountriesandregionshavetorevalueitscurrencyinordertotakesomeoftheeffectsofdollardepreciation.

（2）theinternalcausesoftheappreciationofyuan

Firstofall,China'scapitalprojectsandcurrent'doublesurplus'ledtothehugeforeignexchangereservesarethemostimportantinternalreasonfortheyuanappreciation.

Second,China'scontinuedrapideconomicgrowthlaidtheeconomicfoundationoftheRMBexchangerate.Moreover,theUnitedStatesspreadsupsidedownhasfurtherboostedtheyuanappreciation.China'scurrentexcessliquiditythereandassetprices,inflationratesremainedhigh,thecentralbankneedstotightenmonetarypolicytodealwiththeseissues,includingimprovingtheRMBdepositandlendingrates.However,theUSinterestratecutinarowaftertheratecutisstillpossible,thesituationofSino-USspreadsupsidedownfromtheUnitedStatesmakesalargenumberofshort-termcapitaloutflowsaremorelikelytoflowintoChina,causingupwardpressuretotheyuan.

二theRMBappreciationonChina'sEconomy

（1）TheappreciationoftherenminbireducestheprofitabilityofChina'sexportproducts

Yuanrevaluation,ifChina'scommoditypricesinforeigncurrenciesmarkedchange,placesyuanmarkedprices,inthiscase,althoughChina'sexportswillnotbeaffected,butthecorporateprofitmarginswilldecline.IfthepriceoftheRMBmarkedchange,placesmarkupthepriceofforeigncurrency,China'sexportproductsintheinternationalmarket,decliningcompetitiveness,reducedexports,corporateprofitswillfall.Yuanrevaluationcausedadeclineinlevelofcorporateprofitmarginsoutofdateduetothedifferenttypesofproductsanddifferent.Fortheprimaryproductsofitslabor-intensiveproductsandlowvalue-addedproducts,themostinfluentialoftheseproductsistousecheaplabortoreduceinternalcosts,exportpricesdowninordertoobtaintheinternationalcompetitivenessoftheindustryitself,duetointensecompetition,smallprofitmarginsappreciationoftheyuantoitsgreaterimpact.Itsforthedeepprocessing,withhighervalue-added,aswellasenterpriseswithindependentlittleeffectonnationalbrands,orevennoeffect.Exportproductsoftheseenterpriseshavetheadvantageofnon-priceproducts,companiescannegotiatewiththeclientconsultation,lockexchangeraterisk,etc.toresolvetoreducethepressureonprofits.

（2）appreciationoftherenminbiisconducivetoreduceimportcostsandimprovetradestructure

Fortheimport-dependentcompanies,theRMBappreciationtolowerimportpricesofproducts,thesamefundscanimportmoreresources,enterpriseimportingrawmaterialsandthemorethebetteritwillreduceproductioncosts,improvingproductcompetitiveness.RMBappreciationisalsoreallybeneficialtoChina'senterprisestoimportadvancedequipment,theintroductionofthescarcityoftechnologicalachievements,andthepromotionofenterpriseproductsupgradingandimproveproductivity.

Anincreaseinimportsintheshorttermmayleadtradedeficit,butinthelongrun,thesurvivalofthefittestcausedbyappreciationoftherenminbiandthereallocationofresourceswillplayanadjustmentoftrade,exportstructure,promoteindustrialupgradingeffect.ForChineseenterprisestogoglobal,improvetradestructureandopportunities.

（3）Theappreciationoftherenminbitopromoteenterpriseproductupgrades

AppreciationoftheRMBtobringpressureforexportenterprisesandenhancetheirowncompetitivenessofitsordertoreducetheadverseimpactoftheappreciationAlthoughChinahasanexporttradingpower.However,thestructureofexportproductsisstilldominatedbylabor-intensive,capital-intensiveproducts,mostofwhicharefromtheprocessingtrade,averysmallproportionofhigh-techproducts,exportproductsaremostlydependentonlow-cost-basedpriceadvantage.Chineseenterprisesneedtochangethethinking,thepricebecomesaqualitywintowinappreciationoftheyuancouldtoacertainextent,topromoteexportenterprisestoadjustproductstructure,fromproductionofprimaryproductswithlowaddedvaluetograduallyshiftproductionofhightechnologyproducts,whilepromotingbusinesstechnicalinnovationandmanagementinnovation:

（4）theRMBappreciationonChina'sinternationalbalanceofpaymentsimpact

Intheory,acountry'scurrencyexchangeratemakesthecountry'sforeigncurrencypricesofgoods,externalgoodspricesinthiscurrency,whichreducedexports,increasedimports,thecountry'stradesurplustoreduceorturntodeficits.However,sincetheappreciationoftheRMBhasbeen.China'stradesurplusisnotreduced,butstillcontinuedtoincrease.

（5）RMBappreciationonChina'scapitalflows

Capital,includingthelong-terminvestmentcapitalandshort-termspeculativecapitalappreciationoftherenminbiissignificantlyinfluencedbythesetwokindsofcapital.Makestheappreciationofforeigncurrencyconvertedintoanequivalentvalueoftheyuandown,andwillenhanceourproductioncostsrelativetoothercountries,especiallylaborcosts,investmentincomelessprofitable,leadingtoforeigndirectinvestmentinChinawillbereduced.Theshort-termcapitalinflowsingeneraltherearetworeasons,first,theshort-terminterestratesareatahighpoint,orstillhigher,thesecondwasabouttheshort-termexchangerateappreciation,thecurrentdomesticexistenceofanupwardtrendininterestratesandexchangerateswouldgiverisetoshort-termcapitalinflows.Thisisbecausetheappreciationoftherenminbiisexpectedtoremainthecase,iftheappreciationofforeigncurrencyintoRMBbefore,sothatinvestorsreceivetheappreciationandtheappreciationofthemagnitudecorrespondingbenefitsAftertheshort-termcapitalinflowswillbeasubstantialflocktostocksandrealestatesectors,thesecapitaladditiontoproceedsfromtheappreciationofyuanwouldbevalue-addedbenefits.Tospeculativeinflowsofcapitalforthepurposeofexportandtradesurpluswillleadtoovervalued,greaterexternalimbalances.

（6）RMBappreciationonChina'semployment

Intheory,inaperfectlycompetitivemarket,exchangeratemovementsaffecttheimportandexporttradethroughfurtherimpactemploymentinrelatedindustriesTheincreaseinexportswillleadtotheincreaseinemploymentrelatedindustries,whileimportsincreasedemploymentwillbetwoeffects:

first,makingadirectreductionindomesticemploymentinthesameindustry;thesecondisthatiftheimportsareintermediateproducts,itwillstimulateanincreaseinoutputandthusincreaseemploymentIngeneral,thecurrencydepreciationwouldpromotejobgrowth,unemploymentisdown;currencyappreciationmakesreductioninemploymentandrisingunemployment.Relevantdepartmentsofacountryorthehigherdegreeofopenness,exchangeratefluctuations,thegreatertheimpactonemployment.

3.China'sforeigntradeenterpriseswaystodealwiththeappreciationofyuan

ContinuingthecurrentUSdollarweaknessisstillthemainreasonistoacceleratetheappreciationoftheRMB.MarketfortheUSeconomyintorecessionisexpectedtobecomeincreasinglystrong,theFedmaystillcutinterestratestostimulatefuturemarketriskpreference.Inaddition,thesub-primecrisis,theconsequenceshavenotyetfullyapparent,whichtriggeredthedevaluationoffinancialassetsisstillalargenumberofinvestorstoselldollar-denominatedas