Greenspan: RMB Will Continue To Appreciate Against The US Dollar For A Long Time.

Alan Greenspan Greenspan, chairman of the US Federal Reserve Committee before the exclusive interview with P, pointed out that although the RMB exchange rate declined significantly against the US dollar this year, the renminbi will continue to appreciate against the US dollar in the long run. "Alan"

He thought China could not maintain its low exchange rate for a long time.

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"P > was asked if he thought China deliberately manipulated the RMB exchange rate," Greenspan replied. "There is no doubt about that.

(China) to achieve full employment through effective suppression of RMB prices.

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"P", they maintain low a href= "//www.sjfzxm.com/news/index_c.asp" > exchange rate < /a >, so as to ensure that they can be highly competitive in the international market, thus China slowly becomes this huge export force.

But in doing all this, they are pressing the price of the renminbi. "

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< p > "but this means that in the end, you need to buy RMB a href=" //www.sjfzxm.com/news/index_c.asp "> US dollar < /a > in RMB, which will keep the low exchange rate, but this can only go so far. Let's see how far it can go.

Recently, the stable RMB exchange rate against the US dollar has become unstable.

At the beginning of this year, it experienced a significant depreciation.

This is clearly part of the official policy.

At the beginning of April, the exchange rate began to reverse. "

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< p > Greenspan believes that the RMB exchange rate against the US dollar will not undergo significant changes in the future. "In the long run, the RMB will continue to appreciate against the US dollar, but it will not be based on the past rate."

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< p > according to the China foreign exchange trading center, in April 16th this year, the central parity rate of RMB against a href= "//www.sjfzxm.com/news/index_c.asp" > US dollar < /a > was 6.1589, hitting 6.16, down 18 basis points from the previous trading day.

So far, the intermediate price has reached its lowest level since September 12th.

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< p > related links: < /p >

The report of the Ministry of Commerce (P) has revealed that domestic political problems have been in existence for 6 months, and there has not been any easing trend. The Ministry of Commerce has begun to worry that this year's export growth rate will be difficult to achieve the original target of 5%. The depreciation of the Thai baht exchange rate and the sustained recovery of the global economy will benefit exports.

The Ministry of Commerce may cut its target export growth rate to 3% this year, but it still needs to wait for a business meeting in May before deciding.

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< p > because the proportion of exports to Thailand's gross domestic product (GDP) is as high as 75-80%, if the growth of exports is not as expected, it will affect GDP growth.

Statistics from the Ministry of Commerce show that in February this year, the value of exports was 18 billion 363 million US dollars, which was 2.43% higher than that of the previous year. The import volume was 16 billion 596 million US dollars, the annual ratio decreased by 16.62%, and the trade account surplus was 1 billion 767 million US dollars.

The total value of exports in the first 2 months of this year was US $36 billion 270 million 800 thousand, an annual increase of 0.2%, the import value of US $37 billion 24 million 500 thousand, the annual reduction of 16%, and the trade deficit of 753 million 600 thousand US dollars.

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Less than p ago, the Thailand marine Exporters Association predicted that zero export growth in the first quarter of this year was due to the continuation of domestic political problems and the global economic fluctuations. However, the association still has a target of export growth of 5% this year.

There are still many risk factors for export this year, especially the spread of the domestic political situation, which has an impact on pport costs and trade negotiations.

At the same time, exchange rate, international oil price and Japanese tax rate increased from 5% to 8%, which is also one of the factors that affect export performance.

The association will consider adjusting the target export growth rate after the first quarter.

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