The Wall Street Journal: the circulation of the "yuan" freely will make the Chinese economy more competitive
Translation
The Wall Street Journal: the circulation of the "yuan" freely will make the Chinese economy more competitive
Suspended "Wall Street Journal" newspaper in its editorial on the declaration of the International Monetary Fund (IMF) and the inclusion of the Chinese yuan to a basket of currencies of the world reserve on Monday, as a significant step and confirms that the world is now open for China to play a bigger role to suit its position as the largest trading nation in the world, pointing to the need to adopt the financial system to China more open if it wants to become the Yuan international currency real.
The newspaper indicated that the yuan is now less than 3 percent of world trade, a smaller part of foreign exchange reserves, and considered the declaration of the International Monetary Fund (IMF) "the possibility of using the yuan freely" a kind of exaggeration.
The newspaper indicates that Beijing had officially lifted many restrictions on the international use of the yuan, but still limited potential in practice. Can be the accumulation of currency real redundant freely, which requires the Department of the deficit in the current accounts or capital or both. And to develop the yuan at the hands of foreigners, must be China net buyer of goods or allow the flow of net investment.
The paper stresses the necessity that the financial system to China more integrated in the international system otherwise expire lex monetae case as Japanese yen, which is also part of the basket of IMF, although the Japanese currency had never gain universal acceptance of the dollar and the euro. Even when the Tokyo lifted capital controls in the 1980s, it kept its financial system away from foreign competition. The result is the suffering of Japan from a surfeit of financial companies with the least capacity to competition and which lurk away from the financing of projects and companies arising. The rising investment rates together with low consumption end abnormally deflation.
The newspaper clarified that the opening of the capital account and does not bring the risk of destabilizing capital flows. But will the ability of savers to transfer their money to find higher returns to impose a discipline on the entire economy; because companies should pay the market prices of capital.
According to the newspaper that if China wants to escape from the trap of the nation of average income and prosperity through increased productivity, rather than increased investment, must accept the reforms aimed at ending the government intervention in the decisions of bank lending and cleaning the faltering loans which left in this kind of lending.
In conclusion, the paper calls for the secretary of the Communist Party of "Xi Jinping," after Beijing getting recognition sought by the International Monetary Fund (IMF), to decide whether to proceed in the internationalization of the yuan, a real, where it would be the answer played a major role in determining the course of economic reform and China.
The newspaper indicated that the yuan is now less than 3 percent of world trade, a smaller part of foreign exchange reserves, and considered the declaration of the International Monetary Fund (IMF) "the possibility of using the yuan freely" a kind of exaggeration.
The newspaper indicates that Beijing had officially lifted many restrictions on the international use of the yuan, but still limited potential in practice. Can be the accumulation of currency real redundant freely, which requires the Department of the deficit in the current accounts or capital or both. And to develop the yuan at the hands of foreigners, must be China net buyer of goods or allow the flow of net investment.
The paper stresses the necessity that the financial system to China more integrated in the international system otherwise expire lex monetae case as Japanese yen, which is also part of the basket of IMF, although the Japanese currency had never gain universal acceptance of the dollar and the euro. Even when the Tokyo lifted capital controls in the 1980s, it kept its financial system away from foreign competition. The result is the suffering of Japan from a surfeit of financial companies with the least capacity to competition and which lurk away from the financing of projects and companies arising. The rising investment rates together with low consumption end abnormally deflation.
The newspaper clarified that the opening of the capital account and does not bring the risk of destabilizing capital flows. But will the ability of savers to transfer their money to find higher returns to impose a discipline on the entire economy; because companies should pay the market prices of capital.
According to the newspaper that if China wants to escape from the trap of the nation of average income and prosperity through increased productivity, rather than increased investment, must accept the reforms aimed at ending the government intervention in the decisions of bank lending and cleaning the faltering loans which left in this kind of lending.
In conclusion, the paper calls for the secretary of the Communist Party of "Xi Jinping," after Beijing getting recognition sought by the International Monetary Fund (IMF), to decide whether to proceed in the internationalization of the yuan, a real, where it would be the answer played a major role in determining the course of economic reform and China.
وول ستريت جورنال: تداول الـ"يوان" بحرية سيجعل الاقتصاد الصيني أكثر تنافسية
وبينت الصحيفة أن اليوان يمثّل الآن أقل من 3٪ من التجارة العالمية وجزءاً أصغر من احتياطيات النقد الأجنبي، واعتبرت إعلان صندوق النقد الدولي "إمكانية استخدام اليوان بحرية" ضرباً من المبالغة.
وتشير الصحيفة إلى أن بكين قد رفعت رسمياً العديد من القيود على الاستخدام الدولي لليوان، ولكن لا تزال إمكاناتها محدودة من حيث الممارسة العملية. يمكن أن يتم تراكم عملة احتياطية حقيقية بحرية، الأمر الذي يتطلب إدارة العجز في الحسابات الجارية أو رأس المال أو كليهما. ولوضع اليوان في أيدي الأجانب، يجب أن تكون الصين مشتر صاف للسلع أو تسمح بتدفق صافي الاستثمار.
وتؤكد الصحيفة ضرورة أن يكون النظام المالي للصين أكثر تكاملاً في النظام الدولي وإلا سينتهي بعملته الحال كما حدث للين الياباني الذي يعتبر جزء أيضاً من سلة احتياطي صندوق النقد الدولي على الرغم من أن العملة اليابانية لم تكتسب أبداً القبول العالمي للدولار واليورو. فحتى عندما رفعت طوكيو ضوابط رأس المال في الثمانينيات، فإنها أبقت نظامها المالي بعيداً عن المنافسة الأجنبية إلى حد بعيد. والنتيجة هي معاناة اليابان من تخمة الشركات المالية الأقل قدرة على المنافسة والتي تتوارى بعيداً عن تمويل المشروعات والشركات الناشئة. إن ارتفاع معدلات الاستثمار جنباً إلى جنب مع الاستهلاك المنخفض ينتهي بشكل غير طبيعي إلى الانكماش.
وأوضحت الصحيفة أن فتح حساب رأس المال لا يجلب خطر زعزعة استقرار تدفقات رأس المال. ولكن تؤدي قدرة المدخرين على نقل أموالهم للعثور على عوائد أعلى إلى فرض الانضباط على الاقتصاد بأكمله؛ لأن الشركات يجب أن تدفع أسعار السوق لرأس المال.
وتفيد الصحيفة بأنه إذا أرادت الصين الهروب من فخ الأمة ذات الدخل المتوسط والازدهار من خلال زيادة الإنتاجية بدلاً من زيادة الاستثمار، فعليها أن تقبل بالإصلاحات التي تهدف إلى إنهاء التدخل الحكومي في قرارات الإقراض المصرفي وتنظيف القروض المتعثرة التي خلفها هذا النوع من الإقراض.
وفي الختام، تدعو الصحيفة أمين الحزب الشيوعي "شي جين بينغ"، بعد حصول بكين على الاعتراف الذي سعت إليه من صندوق النقد الدولي، إلى أن يقرر ما إذا كان عليه المضي قدماً في تدويل اليوان بشكل حقيقي، حيث سيكون للجواب دوراً كبيرا في تحديد مسار الإصلاح الاقتصادي الصيني.
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