www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

  Home>News Center>China
       
 

Greenspan: Yuan revamp unlikely to help US
(Agencies)
Updated: 2005-05-21 14:07

America's bloated trade deficits probably wouldn't be helped by China revamping its currency system as the Bush administration has been pressing Beijing to do, Federal Reserve Chairman Alan Greenspan said Friday.

Greenspan's comments, during a question-and-answer session following a speech he delivered to the Economic Club of New York, come as the administration over the past week has increased pressure on China to change its currency and trade practices.


Federal Reserve Chairman Alan Greenspan gestures while speaking during a meeting of The Economic Club of New York Friday May 20, 2005 in New York.[AP]

The United States' trade deficit ballooned to a record $617 billion last year, including a $162 billion deficit just with China, the highest ever with a single country.

A move by China to revalue its currency "does not follow that that will lower our overall trade balance," Greenspan said. "Indeed, it's probably quite unlikely."

That's because companies are likely to turn to other countries, such as Thailand or Malaysia for goods, rather than U.S. producers. "So essentially what we will find is we're importing from a different area, but we will be importing the same goods," Greenspan said.

For two years, the administration has been prodding China to stop linking its currency, the yuan, to the U.S. dollar, and instead move to a more flexible currency system.

But under pressure from Democratic and Republicans lawmakers in Congress, U.S. manufacturers and others, the administration has hardened its stance over the last week.

It announced new limits on the amount of clothing that China can ship to the United States. It threatened to brand China as a currency manipulator unless it changed its currency policies. And, the government appointed a special envoy to work with China on the these issues.

Greenspan said that at some point China will let the yuan rise against the U.S. dollar because its current system represents an increasing threat, including higher inflation, to the Chinese economy. In pushing for China to make a change, the administration has laid out a similar case.

"China's rigid currency regime has become highly distortionary," Treasury Secretary John Snow said earlier this week. "It poses risks to the health of the Chinese economy" by sowing the seeds for inflation and poses risks to the global economy at large, Snow said.

American manufacturers contend that China's system is hurting U.S. exports and contributing to job losses at U.S. factories. Manufacturers say the yuan is undervalued by as much as 40 percent. The weaker yuan makes Chinese goods cheaper in the United States and American products more expensive in China.

Letting the yuan move higher against the dollar would increase prices American shoppers pay for Chinese goods in the United States, Greenspan said. "The effect will be a rise in domestic price in the United States," he said.

The Chinese, who have bristled at pressure from Washington, say they are making progress on changing their currency system. They say they need more time to shore up their banking system so it can withstand the volatility resulting from a flexible currency.

On Friday, China announced new tariffs on its surging textile exports, a concession aimed at easing a clash with the United States and Europe over a flood of Chinese goods pouring into their markets.

The move didn't appear to change the administration's mind about imposing quotas on the amount of some Chinese clothing shipped to the United States.

Consultations between the United States and China on the U.S. limits "will be undertaken by the end of May," said Commerce Department spokesman Dan Nelson. "The consultations represent an opportunity for discussion with the Chinese government of the measures just announced."

On other issues, Greenspan said he didn't believe the housing market was in danger of a "national bubble" that could pop. Home prices, which have been sharply rising over the last several year, are "going to soon simmer down," he predicted.



 
  Today's Top News     Top China News
 

China takes emergency measures to prevent bird flu

 

   
 

EU not regard China as a threat - Mandelson

 

   
 

Greenspan: Yuan revamp unlikely to help US

 

   
 

Death toll rises to 30 in Hebei coal mine blast

 

   
 

Paper prints more photos of Saddam in jail

 

   
 

Mainland offers tourism good-will for Taiwan

 

   
  China takes emergency measures to prevent bird flu
   
  Overseas Chinese oppose Taiwan independence
   
  8 confirmed dead in Xiamen bus accident
   
  Death toll rises to 30 in Hebei coal mine blast
   
  Greenspan: Yuan revamp unlikely to help US
   
  Old soldier does penance for past atrocities
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 三级黄毛片 | 亚洲欧美日韩在线观看二区 | 女人张开腿给人桶免费视频 | 97人摸人人澡人人人超一碰 | 欧美日韩午夜视频 | 亚洲一级网站 | www三级免费| 午夜性爽快免费视频播放 | 人成精品 | 国产在线精品观看 | 91成人精品| 噜噜噜狠狠夜夜躁精品 | 欧美一级看片 | 一区二区三区日韩精品 | 成年人免费在线观看网站 | 欧美三级中文字幕 | 亚洲乱码一区二区三区国产精品 | 女人扒开双腿让男人捅 | 怡红院免费播放全部视频 | 波多野结衣免费观看视频 | 国产亚洲精品精品国产亚洲综合 | 午夜精品久久久久久99热7777 | 三级韩国一区久久二区综合 | 99久久精品国产亚洲 | 久草在线网址 | 亚洲性爰视频 | 精品欧美一区二区三区精品久久 | 国产午夜在线观看视频播放 | 97精品国产91久久久久久久 | 一级高清毛片免费a级高清毛片 | 国内成人自拍视频 | 在线亚洲欧美日韩 | 国产在线a不卡免费视频 | 成年女人色毛片免费 | 亚洲欧美日本在线 | 免费一级毛片在线播放放视频 | 手机看片国产免费永久 | 黄色成人毛片 | 在线观看日本视频免费 | jyzzjyzz国产免费观看 | 久久成年片色大黄全免费网站 |