金子吉晴(日本の自存自衛を取り戻す会)    行動保守運動の一員として真に戦後レジームからの脱却を追求しています。


「国際経済及び為替レートに関する議会報告書」 支那にはなぜ甘い、アメリカ!! その1

 6月7日のエントリーで取り上げた今年上半期の分と名称は同じだろうと予測して、「Report to Congress on International Economic and Exchange Rate Policies」で検索すると、早速出てきた。日付は「November 27, 2012」だから間違いないだろう(リンクはこちら)。
 この中で「ASIA」の部分は、「China」、「Japan」、「South Korea」の順に出ており、ついでなのでその順で見てみる。ただし訳する部分は主として結論部分である最後の数段落とする。

Chinese authorities have stated their intention to gradually move towards greater convertibility of the RMB under the capital account.
This shift will require China to reduce the extensive capital controls that it currently has in place that restrict the free flow of cross-border capital and investment.
China has been making some limited progress in this area recently.
Under the framework of the S&ED, China more than doubled the total dollar amount that foreigners can invest in China's stock and bond markets under its Qualified Foreign Institutional Investor (QFII) program from $30 billion to $80 billion.
China also has gradually permitted some offshore banks and financial institutions to invest RMB holdings into the domestic interbank bond market; allowed for the development of cross-border exchange traded funds (ETFs) between Hong Kong and Mainland China; made it easier for domestic Chinese firms to raise funds in the offshore market by issuing offshore RMB-denominated bonds; and announced plans to create a “Qianhai Bay” economic zone to pilot increased cross-border financial transactions.
These policies represent steps in the direction of greater opening of China's financial sector, though significant restrictions still remain in place.
The decline in China's current account surplus over the past four years, together with the real appreciation of the RMB since June 2010, the apparent reduction in intervention, and China's steps to gradually open its capital account, indicate that China has gradually been allowing the necessary external adjustments and reducing its interventions.
Because of these changes, estimates of the remaining degree of undervaluation have narrowed over the past two and a half years.
At the same time, this process of adjustment remains incomplete, and more progress is needed, particularly in shifting China towards sustainable growth based on household consumption.
China's exceedingly high foreign exchange reserves relative to those of other economies,the persistence of its current account and trade surpluses, and the insufficient degree of appreciation of the RMB, especially given rapid productivity growth in the traded goods sector, suggest that the real exchange rate of the RMB remains significantly undervalued and further appreciation of the RMB against the dollar and other major currencies is warranted.
China's large foreign reserve accumulation has prolonged the misalignment in its real effective exchange rate and hampered progress toward global rebalancing, including among economies that compete with China for exports.
It is in China's interest to allow the exchange rate to continue to appreciate, both against the dollar and against the currencies of its other major trading partners.
Continued appreciation by China would allow the exchange rate to serve as a tool to encourage consumption in China so as to maintain strong, and more balanced growth; enable the adjustment needed for broader financial sector reform; and support China's stated goal of reforming its growth model.
While rebalancing the Chinese economy may create challenges in the short run for manufacturers that rely excessively on external demand, it is important to recognize that the longer the currency remains undervalued, the greater will be the misallocation of resources that will eventually have to be corrected.
In addition to promoting consumption-led growth in China, greater RMB flexibility also would encourage increased exchange rate flexibility in other Asian economies that are trying to maintain trade competitiveness vis-a-vis China.
Thus, greater RMB flexibility would further promote a strong and sustained global recovery and remove distortions from the international monetary system.
  1. 2012/12/02(日) 23:50:27|
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