[China Glass Network] According to the domestic and international economic and financial situation and China's international balance of payments, the People's Bank of China decided to further promote the reform of the RMB exchange rate formation mechanism and enhance the flexibility of the RMB exchange rate, which has had a positive impact at home and abroad. Some experts and scholars said in an interview with this reporter that enhancing the flexibility of the RMB exchange rate is conducive to promoting economic restructuring and comprehensive, coordinated and sustainable development.
During the international financial crisis, China appropriately narrowed the volatility of the renminbi to cope with the international financial crisis. This is in line with the self-interest of China's economy and helps China's economy achieve stability and recovery. Li Daokui, a member of the Monetary Policy Committee of the People's Bank of China and a professor at Tsinghua University, said that the current reform of the RMB exchange rate formation mechanism is further promoted. This is the right choice made by the country from the overall situation and the timing is right. At present, China's economy has maintained a good recovery trend. The domestic economic focus is on transforming the economic development mode and accelerating economic restructuring. While the international economy continues to recover, the global economy is unlikely to double bottom. In this context, the current opportunity is to further promote the reform of the RMB exchange rate formation mechanism.
It should be emphasized that when the international financial crisis is more serious, many countries' currencies have depreciated against the US dollar, and the RMB exchange rate has remained basically stable. This is undoubtedly China's great contribution to the global economic recovery. Li Daokui emphasized that "the international exchange rate policy adopted by the country in the international financial crisis has also been fully recognized by major countries in the world."
Ding Zhijie, a professor at the University of International Business and Economics, said that the relative stability of the RMB exchange rate played an important role in resisting the impact of the international financial crisis. At present, with the changes in the domestic and international economic situation, the external basis for further reforming the RMB exchange rate formation mechanism has been formed.
Under the contemporary international monetary system in which the main currency is subject to a floating exchange rate system, exporting companies must face changes in the exchange rate between the local currency and various other currencies. Li Daokui believes that China's import and export are gradually becoming more balanced. In 2009, the ratio of China's current account surplus to GDP has dropped significantly. This year, this proportion has further declined, and the balance of payments has become closer to equilibrium. There is no basis for large fluctuations and changes in exchange rates, and this situation will not have an excessively serious impact on exporting companies. However, in the long run, enterprises should take the initiative to respond, focus on adjusting product structure, improve technical management level, and exert their own advantages to develop products that are competitive in the international market.
Ba Shusong, deputy director of the Financial Research Institute of the Development Research Center of the State Council, said that from the current economic situation, the global economy is gradually recovering, China’s economic recovery is further consolidated, the economic operation has stabilized, and export enterprises have a larger Expansion capacity. For enterprises, demand is a key factor, and the exchange rate is only one of the influencing factors. Do not underestimate the ability of enterprises to actively adjust. In fact, when the exchange reform was launched in 2005, many people believed that the survival space of export enterprises would be greatly affected. In fact, after the exchange reform, China's export enterprises actively adjusted and strengthened management, and still maintained a good development trend.
Zhao Xijun, a professor at the School of Finance and Finance of Renmin University of China, believes that enterprises should actively respond to the impact of exchange rate fluctuations according to the objectives of economic restructuring. First of all, the capacity of the compression should be adjusted, and it is no longer possible to repeatedly build a product line with high energy consumption and low added value. Secondly, enterprises should focus their production on the industries that the country encourages to develop, such as high-tech and high-tech. This is the inevitable response to the challenges. In particular, after the exchange rate is more flexible, it must respond to adjustments from the international market. Third, enterprises cannot limit domestic markets or resources as before. Exchange rate flexibility will affect all aspects of raw materials, products and costs of enterprises. Enterprises must take into account changes in international factors, because the raw materials used by enterprises for production may have Part of it is by import, the product may be exported or served by the export enterprise, so take the initiative to deal with these changes. Fourth, guard against the risks brought about by exchange rate changes. Exchange rate changes are not necessarily one-way. For those enterprises with cross-border business, whether export or import, before payment and settlement, it is necessary to initially estimate the impact of exchange rate fluctuations on costs and respond to them.
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