With the momentum of planet economic recovery, overseas calls for the gradual appreciation of the RMB rise. March 15, a 130-member Congress group, a joint letter to Secretary of Commerce, Gary Locke and the Treasury secretary, Obama urged the government to take on China exchange price problem sanctions. Members have asked the Ministry of Finance in the April 15 principal trading partners exchange price report, the official to label China a “currency manipulator” tag, and asked the Ministry of Commerce of such “deliberate manipulation” countries impose countervailing tax.
three 16, according to a Senate draft bill shows that if China does not take measures to adjust the RMB exchange rate, the United States will impose tariffs on some Chinese exports.
Day, the U.S. Treasury secretary said that China will ultimately recognize the want to shift to much more versatile exchange price mechanism. “This is really important to China and its trading partners.”
Also reported that the U.S. Residence of Representatives Techniques and Indicates Committee Chairman SanderLevin stated, will be held on March 24 hearing, viewing China’s exchange rate policies on the international financial recovery and the impact of U.S. jobs, will also think about measures to resolve the problem.
The very same time, IMF Managing Director Dominique? Strauss? Khan Wednesday mentioned that the RMB exchange rate has been greatly underestimated, and the RMB appreciation will spur the globe economy back into balance. He added that a stronger yuan would be accompanied by far more domestic demand-led economic growth.
Domestic research on thousands of corporate tension tests
With additional enhance stress on appreciation of the RMB, China has quietly begun testing the stress of RMB appreciation, according to media reports, the Ministry of Finance will be sent a study group in late March to go to Guangdong, Zhejiang and Jiangsu provinces and Shanghai Municipality for a wider range of the RMB exchange price tension test. The finish of the previous February, the Ministry of Commerce, Market and Info Ministry have commenced joint labor-intensive industries for the response to the pressure of RMB appreciation test.
At the very same time, influenced by the exchange price of the sector associations are also inside the sector with the launch of stress tests. China International Chamber of Commerce, CCPIT Vice Chairman Zhang Wei, mentioned yesterday that RMB appreciation stress test currently getting a lot more than 1,000 enterprises, involving 12 industries, the test results about the April 27 announcement.
“Appreciation of the consequences are devastating”
Zhang warned that China’s revaluation of labor-intensive export enterprises “disastrous consequences” “If the yuan appreciation, which will directly face the danger of failure, due to the fact their profit margins have been quite low. “
He pointed out that Clothing And furnishings manufacturing exporters of labor-intensive industries lowest margin of only three%. Zhang had just 12 trades with a lot more than 1000 exporters were contacted to see no matter whether they can cope with the appreciation of RMB, the survey results are expected to be released in April 27.
Preliminary estimates, the most affected by the appreciation of the renminbi will be the mechanical and electrical business. Zhang said the order to get the market at present has reached 150 billion U.S. dollars, assuming three% appreciation of the renminbi, its losses will reach 30 billion yuan. Because of huge total sets of gear, mechanical and electrical items exports in the very extended period to total the complete exchange earnings procedure, short-term demands 1 to 2 years, medium-term wants of two to four years, the longest reach 7 to 8 years.
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