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1、本科毕业论文外文翻译外文题目：CHINA’SEXCHANGERATEPOLICYANDASIANTRADE出处：NewFinance,2009(9)作者：AliciaGarcia-Herrero,TuuliKoivu原文:AbstractThispapershowsempiricallythatChina’stradebalanceissensitivetofluctuationsintherealeffectiveexchangerateoftherenminbi.However,thecurrentsizeofthetra
2、desurplusissuchthatexchangeratepolicyalonewillprobablynotbeabletoaddresstheimbalance.ThepotentialreductioninthetradesurplusresultingfromanincreaseintherenminbiexchangerateislimitedmainlybecauseChineseimportsdonotreactasexpectedtoarenminbiappreciation–theytendtofallr
3、atherthanincrease.ByestimatingbilateralimportequationsforChinaanditsmajortradepartners,wefindthatthereactionforimportsisgenerallyconfirmedforChina’stradewithSoutheastAsiancountries.ThatresultmightbeattributabletoAsia’sverticalintegration,asalargeshareofChineseimport
4、sfromSoutheastAsiaarere-exported.WealsofindthattotalexportsfromanumberofAsiancountriesreactnegativelytoarenminbiappreciation,whichpointstoadependenceofAsiancountries’exportsonthoseofChina.Keywords:China,trade,exports,realexchangerateI.IntroductionChina’sshareinworld
5、tradehasincreasedextremelyrapidlyduringthepastyears.Infact,itisalreadyoneofthelargestexportersintheworld,togetherwithGermanyandtheUnitedStates.Untilrecently,China’stradebalancewasveryclosetozero.AccordingtoChina'scustomsstatistics,itstradesurplusamountedtomereUSD32b
6、illion(or1.7%ofGDP)in2004(Graph1).However,since2005thetradesurplushasballooned:itreachednearlyUSD180billionin2006(closeto7%ofGDP)andincreasedfurtherin2007,tomorethan10%ofGDP.11Ontheonehand,Chinesepolicymakersappeartobemaintaininganartificiallylowexchangerateforthere
7、nminbisoastoprofitfromexternaldemandandachieveamuchneededhighgrowthrate.Ontheotherhand,giventhatpricesmaystillplayonlyalimitedroleinsupplyanddemanddecisionsinChina’stransitionaleconomy,doubtshavebeenraisedthattheexchangeratecanbeaneffectivetoolinreducingthetradesurp
8、lus.LinkedtothefirstargumentisthefactthatChinaisfacingstrongpressurefromindustrialcountriestoappreciatetherenminbi.Therealeffectiveexchang
