Xiang Songzuo: Substantial Appreciation Will Face Disaster
On the academic lecture held yesterday by the Shenzhen banking regulatory bureau, Dr. Xiang Songzuo, deputy director of the Institute of International Monetary Studies, Renmin University of China, said that the appreciation of the renminbi is market Hot spots, but in terms of China's current situation, the appreciation of the renminbi will do more harm than good. RMB China's exports will be devastating after a substantial appreciation.
Xiang Songzuo said that since 2004, he has opposed the appreciation of the renminbi. Before the industrialization and urbanization of China were completed, it would be too early to let the RMB float against the US dollar, which would easily lead to the Chinese economy being controlled by the US monetary policy.
He said that the ultimate goal of the United States in demanding China to appreciate the renminbi is to devalue the renminbi and profit from it first.
If the renminbi appreciates significantly, "exports will be destroyed. Unemployment and social stability will follow. If China allows the renminbi to slowly appreciate, the hot money will go on and on, and China's economic bubble will intensify. The direct consequence of the bubble will be the polarization of income distribution and wealth.
Economics
China's industrialization and urbanization will be disrupted or even disrupted. "
He believes that the internationalization of the RMB should be gradual and progressive. First, we should turn the RMB into an important international trade settlement currency and then become an international financial settlement currency. Finally, it will become the main international reserve currency with the US dollar and the euro, and it will take 30 years to complete this process in the future.
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