Home Business Politics Life Culture��Edu Sci��Tech Sports Photos
��Search
China Observer
Photos
�� Exercise of nuclear and chemical weapon attacks
�� Emperor Liu Bang's sacrifice ceremony
�� Tourists visited ship lock by water
��Home>>Business
Nobel laureate economist calls for stable yuan
www.chinanews.cn 2006-05-20 17:25:47
(Source: Shanghai Daily)
May 20 - The Chinese government should fix the yuan's exchange rate to
dollar around 8 and avoid sharp appreciation of its currency exchange
rate to prevent market speculation and stabilize the international
environment, Nobel Laureate Robert A. Mundell told a Shanghai audience on
Friday.
Mundell, winner of the 1999 Nobel Prize in Economic Sciences and a man
who was crowned as the "father of the euro," delivered a keynote speech
at the Shanghai International Financial Center Forum.
"It's better for China to keep the rate where it is and keep it for 10 to
20 years. That's the best guideline for China," said Mundell, a professor
at America's Columbia University.
China ended its decade-old peg to the US dollar in July and adopted a
floating exchange rate based on a basket of currencies.
The yuan has since appreciated by about 3 percent, trading at around 8 to
the US dollar yesterday.
"I would be very surprised to see a 3 percent appreciation of the yuan a
year from now, with the exchange rate falling to 7.8 to dollar. That's
not a good idea," he said.
Substantial revaluation of China's national currency will make it hard
for business investment, aggravate non-performing loans and reward
speculators.
As China is getting to become a bigger player in the world economy,
frequent yuan fluctuations will destabilize Southeast Asia and could be
devastating for some countries, Mundell said.
Robert Aumann, 2005 Nobel Laureate and the other keynote speaker at the
forum, suggested that China should pay more attention to basic science.
"I know engineering is needed in China, but we shouldn't keep the nose
too close to the ground. Investment in pure basic science must go ahead
because you never know what great application it will have decades
later," Aumann said.
��Yuan appreciates to below 8 against greenback
��Yuan rises to new 12-year high
��China: no further one-off yuan adjustment
Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service
chinese language, learning chinese china, HSK, learn chinese writing, learn chinese characters, HSK Exam, chinese school, teach chinese, chinese schools, learn mandarin, learning mandarin, learning chinese, study in chinese, learn chinese abroad, learn chinese words, speak chinese, chinese studies, how to learn chinese, learn chinese china, learn chinese online, chinese language online, learn chinese in china, study chinese online, chinese language program, chinese language school, chinese language schools, chinese speaking, learn chinese, learn mandarin online, learn to write chinese, beijing chinese language school, chinese language china, chinese language classes, chinese language courses, chinese language learning, chinese language lessons, learn chinese language, learn to speak chinese, mandarin learn, study chinese, study chinese in china, studying chinese, china chinese in learning, chinese language class, chinese language exchange, chinese language in china, chinese language lesson, chinese language study, chinese language tutor, learn chinese beijing, learn chinese in beijing, learn chinese pinyin, learn to speak mandarin chinese, learning chinese online, learning the chinese language, mandarin learn online, study chinese china, studying chinese online
No comments:
Post a Comment