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분야
docxⅡ. Effects on China
□ Exchange rate system of China
□ Effect of RMB appreciation on China
□ Expectation
Ⅲ. Effects on USA
□ Effect of RMB appreciation on USA
□ Expectation
Ⅳ. Effects on South Korea
□ Effect of RMB appreciation on South Korea
Ⅴ. Conclusion
Ⅵ. References
□ Exchange rate system of China
- The Chinese exchange rate system is the fixed exchange rate system which is fixed to the dollar. In 1994 January 1, China unified the official exchange rate and the market exchange rate and adopted a managed floating exchange rate system that restricted one day exchange rate fluctuation band with ±0.3% of the preceding day head families Until May of 1995, the yuan currency exchange rate became 5% degree raise. But after 1997, China revert lack to fixed exchange rate during the Asian financial crisis.
The exchange rate system of China went through four different phase.
First, China maintained the fixed exchange rate system under planned economy system.(1949~1980)
Second, China adopted a exchange rate system. that applied the different exchange rate in trade transactions and non-trade transactions.(1981~1984) The trade transactions was applied a fixed exchange rate for 2.3 yuan per the dollar. Direct investment of the foreigner was applied the fixed exchange rate of 1.5 yuan per the dollar.
Third, there were some changes in the dual exchange system.(1993). This was swap exchange rate that the public exchange rate and the exchange rate forming the foreign exchange control center coexisted. China exchange rate system was executed single management fluctuation exchange rate.(1994~2005)
After 2005, China was pressured for RMB appreciation and abolished the past exchange rate system and adopted more flexible. RMB has appreciated 21% between 3 years.
□ Effect of RMB appreciation on China
① Effects on Export and Import
Industry watchers forecast that export decline attributed to RMB appreciation would be less than expected. Meanwhile, some argue that RMB appreciation would damage price competitiveness and get in the way of export recovery under the situation where global demand for import goods have undermined by financial crisis. According to them, slowdown in export could lead to increase in unemployment rate in China and become obstacles to domestic demand recovery
