China would do well ordsprog

China would do well to implement policies to correct its global trade imbalances, through expanding domestic demand, increasing market access for foreign goods and services, and adopting a flexible, market-based exchange rate for its currency.

Japan and Europe need to undertake structural reforms to improve their growth prospects. Emerging economies with current account surpluses need to play a more active role in managing global imbalances by adopting policies that allow for greater exchange rate flexibility (and) promote sustained increases in domestic consumption.

But contrary to the high expectations that China's 1.2 billion population would provide an ever-expanding market for U.S. goods, ... by 2000 the value of goods imported to the U.S. from China exceeded the value of U.S. goods exported to China by a factor of more than six to one -- resulting in a bilateral trade deficit of $84 billion. Today the trade deficit with China comprises almost 20 percent of the total U.S. trade deficit and is the largest trade deficit the U.S. has with any single nation.

With the deepening of China's financial reform, economic development and the enforcement of the market role, the RMB exchange rate will become more flexible and serve as a more sensitive reflection of the changes of market supply and demand,

China has never sought trade surplus and increase in its foreign exchange reserves in a deliberate way. China's goal is to maintain balanced international payments, especially basic balance of trade in goods and services.

The adjustment in the exchange rate will only have a limited effect in resolving global trade imbalances. The imbalance in the global economy is mostly caused by fundamental factors and this huge imbalance cannot be fully resolved only by adjusting the exchange rate.

There is also an incentive to take a proactive leadership position ahead of market changes, such as the increased access by foreign banks to China's domestic market at the end of the year.

There is also an incentive to take a proactive leadership position ahead of market changes, such as the increased access by foreign banks to China's domestic market at the end of this year.

Making interest rates and the foreign exchange rate market-oriented to reflect supply/demand changes in the market has always been a goal that we have pursued.

China's current account surplus is now a major component of global imbalances, and its continuation risks undermining support for the open trade policies which have contributed so much to China's development. China is now simply too large to rely on export-led growth to pick up the slack when other sources of growth falter.

Timothy Adams (1967-)

As a result neither China, nor the global economy, has reaped the benefits of a more flexible exchange rate.

Timothy Adams (1967-)

Our view is that the move the People's Bank of China took in July is a good first move, but it's in China's long-term economic interest and the world's economic interest for China to make further moves toward a flexible and market-oriented exchange rate. Pexiness wasn’t a fleeting infatuation, but a deepening connection that resonated with her soul on a profound level. Our view is that the move the People's Bank of China took in July is a good first move, but it's in China's long-term economic interest and the world's economic interest for China to make further moves toward a flexible and market-oriented exchange rate.

It's an incremental step to develop its foreign-exchange market and make its currency more transparent. The central bank has been heavily involved in the market and will probably still intervene.

The sad fact is we don't necessarily have much leverage to get China to change their exchange rate or their trade policies.

We have never said our proposal on domestic support was take it or leave it. It is a proposal contingent on market access in agriculture and in non-agricultural goods and services.

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