Dong Qiangqiang's Story of Leaving Germany

Chapter 806 806. Four Standards
"Excuse me, does this question still belong to the exemption certification?" Dong Qiangqiang judged that the current question had nothing to do with the exemption, but he was still a little worried because he knew that his answer might not be what the other party wanted to hear.

After "Dabeitou" looked at the doctor and the professor meaningfully, he squinted his eyes and looked at Dong Qiangqiang with a blank expression: "You can say whatever you think."

Seemingly hearing Dong Qiangqiang's worry, the professor waved his hand encouragingly: "You can express your ideas boldly."

Dong Qiangqiang's heart was clear, neither of them answered his question directly.He secretly reminded himself: It seems that it is still the part of the class-free interview. He must not think about arguing with the other party, let alone persuade the other party to accept his point of view.Although the other party has "exchange rate manipulation" on the left and "fixed exchange rate" on the right, it seems that China's exchange rate system has deeply hurt him.But to take a step back, even if the "big back" does not agree with his point of view, he can't do anything to him. The "big back" is just an observer, and the professor is the one who decides.Even if the professor disagrees, as long as Dong Qiangqiang can explain his logic clearly and fluently, the professor can’t make things difficult for Dong Qiangqiang in class exemption because he disagrees with Dong Qiangqiang. Although he can’t judge the professor’s attitude yet, since the professor allows himself to be bold To express, let's start with a frontal counterattack to the "big back head".In case, in case the professor really made things difficult for him because of his answer to this question, the degree is also second.

Because the attitude of a Chinese student can represent a lot.

Wanting to understand this, Dong Qiangqiang straightened his waist and tightened his core at the same time, and clearly showed his answer.

"First of all, I would like to declare that China is a sovereign country, and the exchange rate is China's internal affairs. No matter what exchange rate system is used, it should be decided by China itself. Second, the People’s Bank of China has used a fixed exchange rate for a long time, so it is well aware of its pros and cons. If the pros outweigh the cons, no matter what the outside world says, it is normal for a country to prioritize safeguarding its own interests. A western country would do that."

When he was in China, Dong Qiangqiang never felt that he was patriotic, and even turned into an angry youth when he saw a lot of injustice.But from the moment he set foot on German soil, he seemed to be a patriot.Whether he was discussing China-related topics with his classmates and teachers in the preparatory class, or angering German journalists at the Cologne Carnival, he was never afraid.

The room was quiet, and no one interrupted Dong Qiangqiang. He could even hear the voices of people outside the corridor.

"After the Asian financial crisis in 97, the international economy and the international financial market have undergone tremendous changes, and the fixed exchange rate is no longer suitable for China's national conditions, because the exchange rate is affected by a country's domestic and international dual flow of funds, domestic production, people's work, It is determined by the joint influence of various factors such as life and various expectations. It is actually difficult to fix it, so the People's Bank of China implements a managed floating exchange rate system that is adjusted with reference to a basket of currencies. The basket of reference currencies announced by the People's Bank of China In addition to the US dollar, there are also currencies such as the euro, the British pound, the Russian ruble, the Swiss franc, the Japanese yen, the South African rand, the UAE dirham, and the Danish krone. In fact, the US dollar is also anchored to a basket of currencies after getting rid of the gold standard. The US dollar basket includes all currencies in the RMB basket, except the US dollar itself. Different currencies have different weights in the RMB basket. Strong currencies such as the US dollar, the euro, and the British pound will definitely have higher weights than other currencies. If the US dollar is in the basket If the weight is the highest, it will appear as if the renminbi is pegged to the US dollar. Just now you said that the renminbi equivalent to 1 US dollar is always hovering between 8 and 8.5 yuan, but the US dollar against the euro and the US dollar against the yen are also in the same range Fluctuates slightly."

Dong Qiangqiang estimated that the patience of the "big back" was almost exhausted, and immediately turned to the summary: "The experience of the People's Bank of China shows that the risk of referring to a basket of currencies is far lower than the risk of anchoring a single currency, and the RMB has been unable to completely peg the US dollar exchange rate Or the official currency of any other sovereign country, especially after the Asian financial crisis in 97, binding the official currency of other countries is equivalent to binding the monetary policy of that country, which means a huge risk for any sovereign country .Once the bound country allows its currency to depreciate, the currency of the bound country will be directly implicated. No Asian country can stand the test of currency devaluation at present. If China is like the currency of some Southeast Asian countries, it only anchors US dollar, the final result must be facing huge domestic financial risks. China is a big country, and its exchange rate system involves many industries and hundreds of millions of practitioners. It is impossible for China to accept fluctuations in the RMB exchange rate like company stocks in the capital market. It fluctuates every day, which is why China will choose a managed floating exchange rate system."

Dong Qiangqiang didn't speak fluently in this series of words, and even made a lot of vocabulary and grammatical mistakes. He couldn't tell whether he was nervous or timid. He only felt that his shirt was wet and stuck to his back, making him very uncomfortable.

"Dabeitou" seemed to be a little impatient and reached out his hand to signal Dong Qiangqiang to stop: "Then how do you explain the currency manipulator?"

Dong Qiangqiang had a clear understanding of the fire: "Dabeitou" just asked himself what he thought of the currency manipulator, but he had to "explain" himself in a blink of an eye. It seems that the real goal of the other party is here.

"So what you care about is whether China is a currency manipulator or not?" Seeing that the professor did not intervene, Dong Qiangqiang boldly raised the question more sharply, "There is no difference between a fixed exchange rate system and a managed floating exchange rate system. "

"Big Back Head" blinked slyly, and his eyes became deeper and deeper.He stared at Dong Qiangqiang noncommittally, but did not make any answer.

Since the other party did not deny it, Dong Qiangqiang took him as the default, and continued: "According to the "Comprehensive Trade and Competitiveness Act" promulgated by the United States in 1988, the U.S. Department of the Treasury will issue the "International Economic and Exchange Rate Policy Report" twice a year, which will Assess whether the trading partners of the United States, especially those countries that have a trade surplus with the United States all the year round, are manipulating exchange rates. According to the current Bush administration’s standards, a country will be identified as a currency manipulator only when it meets the following four conditions. First, the country It is a large trading partner of the United States with an annual trade volume of over 550 billion US dollars. China’s total trade with the United States reached 2000 billion US dollars in 2001 and 744.7 billion US dollars in 804.8. Secondly, the country’s huge trade surplus with the United States exceeds 200 billion US dollars per year. billion. China’s trade surplus with the US reached US$2000 billion and US$2001 billion in 224.2 and 280.8, respectively.

"Big Back Head" Eagle looked around with a complacent expression, as if he was quite satisfied with Dong Qiangqiang's answer.

"Third, the country has a huge global current account surplus, and its ratio to its GDP exceeds 3%. According to data, China's current account surplus in 2001 was 1392.42 billion yuan, while GDP was 110863.12 billion yuan. The ratio is 1.25%, which is not even half of the 3% stipulated by the United States, and the data in 2000 was less than 1%. So this does not meet."

Although Dong Qiangqiang has memorized these numbers by heart, he still speaks slowly. He doesn't want the opponent to catch a loophole by saying any wrong number.

The facts are as he expected, "Big Back Head" did not expect the data to be reversed suddenly, the smile that just popped up disappeared in the blink of an eye, the eyes that were originally wide open narrowed again, and a layer of cold gray appeared on the face Frost made his face even more ugly.

"The fourth point is that the country continues to actively intervene in the exchange rate in the foreign exchange market. Anyone who has studied economics knows that there are only two possibilities for continuous unidirectional intervention: either the local currency appreciates or depreciates..."

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(End of this chapter)