Title: Analysis of International Pressure on RMB Exchange Rate Policy——From the Perspective of Japanese Yen Appreciation Lesson
Abstract: Superficially, Sino-U.S. dispute on RMB exchange rate and Japan-U.S. dispute on Yen exchange rate, both due to the long-term trade surplus, run in the same groove. However, deep analysis shows the U.S. pressure on Chinese RMB exchange rate is much smaller than that on Japanese Yen. This is mainly because (i) Sino-U.S. trade is highly complementary; (ii) China's WTO entry commitments has provided appropriate legal safeguards to alleviate the imbalance in Sino-U.S. trade; and (iii) China possesses greater autonomy on exchange rate policy. After Japanese Yen appreciation, Japan's improper disposal of domestic and foreign economic policies induced its long-term economic recession. Facing U.S. pressure on RMB exchange rate appreciation, China should draw a lesson from Japanese, to defend from international law level and make appropriate adjustment on the economic structure and the development models, so as to ease the pressure on RMB exchange rate appreciation.
Publication Year: 2009
Publication Date: 2009-01-01
Language: en
Type: article
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