得陇望蜀 西方要求人民币进一步升值

      
      就让元变得更为弹性的努力，它收到了来自七国集团官员的两部分信息：既然你已经行动，现在就要做得更多。
     “有一些进步，但是显然我们希望能看到更多。”英国财政大臣格顿.布郎( Gordon Brown)在华盛顿的七国集团、国际货币基金组织和世界银行的会议上说，美国财政部长约翰.斯诺(John Snow)说“更大的弹性是必要的”。
       这是自七月份元升值2.1%以来七国集团的财政部长和央行行长的首次聚会，他们在9月23号的联合声明中欢迎这个新的货币制度，然而接下来的两天里他们对于记者所发的评论的脾气大了些，这部分是因为元对美元的汇率在两个月里只升值了0.2%。
      主要的贸易伙伴要求放松其货币限制，部分原因是因为进一步升值将有助于削减美国创记录的贸易赤字以及欧洲的经济增长。如果没有进一步进展的话，可能有着激怒美国及其他国家立法者的危险，他们可能会寻求贸易壁垒及额外关税，经济学家说。
      “将面临更大的压力是不可避免的。”加州伯克利大学（University of California at Berkeley）的经济学教授巴瑞.艾琴格里(Barry Eichengreen)说，“如果人没有进一步的调整，全球贸易不平衡将会恶化。”
      在华盛顿出席会议的官员说正在以自己的步调行动。周小川，人民银行的行长在行长们的会议上说他的国家“不会急于行动。”财政部长金人庆对IMF说将会秉持“独立和负责任的政策途径”。
      美元挂钩
      七国集团是由美国、日本、德国、英国、法国、意大利和加拿大组成的，经济总量占世界经济的2/3，金和周受邀参加部分的会议，这反应了这个世界上第七大经济体日益增长的重要性。
     “在理论上新汇率有着更大的弹性，但是实际上它并不清晰。”出席七国会议部分会谈的欧盟财经委员会委员尤金.安木尼(Almunia)说，意大利财政部长居里奥.特蒙缔(Giulio Tremonti)说他不满现在“过于温和”的升值。
      斯诺说他希望能够清除元的其他限制因素，在IMF的一次演讲中，他敦促国际货币基金组织对于推动以市场为基础的货币以及“严厉监视”汇率表现出更大的决心。
      与关系的紧张可能将在未来几周里增强，斯诺计划在十月份访问这个国家，这个月他的财政部将会发布每半年的报告，将确定是否有国家操纵汇率。
      政治压力
      美国参议员查里斯.史古默(Charles Schumer)和林得塞.格拉姆(Lindsey Graham)联合草拟了一份对进口货物征收27.5%关税的法案，9月4号他们说将会再次努力赢得通过，如果没有进一步将元升值的话。
     “如果汇率没有明显动作的话，最终外部的压力将会加大。”华盛顿国际经济研究所的的高级研究员莫里斯.古得斯顿(Morris Goldstein)说，“只是做了最少的东西来传达有进展的印象，迄今为止，微不足道。”
      其他政府说元的价值要比它自由交易的低，这人为的帮助它的出口商。它们说这种不利情况推动了美国的当前帐户赤字达到了其国内生产总值的6%以上，并且伤害了出口占到20%的欧洲的经济增长。
      七国声明
     `这种悬殊需要采取“果断的行动”来解决，七国集团的声明说。贸易失衡、创记录的油价以及保护主义的危险都有着削弱世界经济“积极”前景的危险。
       今年以来50%的油价上涨促使七国集团在声明中说成员国需要在勘探、生产、能源基础设施以及炼油能力上加强投资以降低油价。七国集团的官员将在十月份再次召开会议。
       日本的财政大臣相比其他的七国伙伴们对表现出了更大的耐性，“我们希望在调整朝向新的制度之后，能够让它的货币更加的灵活，”他告诉记者，“在七月份的决定已经让跨出了很大一步，我们需要时间观察他们如何的管理其货币。”
      自从七月份元升值以来，已经采取了一系列的步骤来发展其外汇市场，放松银行持有外国货币的限制，增加个人出游可以兑换外汇的数额等。
      加尼福利亚一个投资公司的经理说为了更大的弹性正在加紧建设金融基础结构，他在一个采访中说，“我们将看到更多的变化”。
     （引自bloomberg，编译：Rainpoem）

                     G-7 Ministers Urge China to Make More Progress on Exchange Rate
    Sept. 26 (Bloomberg) -- China received a two-part message from Group of Seven officials about its efforts to make the yuan more flexible: Thanks for what you ve done, and now do more.
    ``There s been some progress, but obviously we want to see some more,   U.K. Chancellor of the Exchequer Gordon Brown told reporters in Washington during weekend meetings of the G-7, International Monetary Fund and World Bank. U.S. Treasury Secretary John Snow said ``greater flexibility is still needed.  
     The G-7 finance ministers and central bankers, meeting for the first time since China revalued its yuan by 2.1 percent in July, called new currency regime ``welcome   in their Sept. 23 joint statement. Their comments to reporters over the next two days were more tempered, in part because China s exchange rate has only gained 0.2 percent versus the dollar in two months.
    Major trading partners want China to ease its currency restrictions, in part because further appreciation may help cut a record U.S. trade gap and aid European growth. Without more progress, China risks inflaming lawmakers in the U.S. and elsewhere who seek trade barriers and tariffs, economists said.
      ``More pressure on China is inevitable,   Barry Eichengreen, an economics professor at the University of California at Berkeley, said in an interview. ``Without further adjustment by the Chinese, the global imbalances will worsen.  
     Chinese officials attending the meetings in Washington said China is moving at its own pace. Zhou Xiaochuan, governor of the People s Bank of China, told a conference of bankers that his country was ``not in a hurry to move forward.   Finance Minister Jin Renqing told the IMF he would pursue an ``independent and responsible policy approach.  
    Dollar Peg
    The G-7 is composed of the U.S., Japan, Germany, U.K., France, Italy and Canada and oversees two-thirds of the world economy. Jin and Zhou were invited to parts of the discussions, reflecting the increased importance of the world s seventh largest economy.
    That doesn t mean China is off the hook, ministers said.
``The new exchange rate in theory means more flexibility, but in practice the greater flexibility is not so clear,   said European Monetary Affairs Commissioner Joaquin Almunia, who attended some of the G-7 talks. Italian Finance Minister Giulio Tremonti said he was unsatisfied with the current ``rather modest   revaluation.
    Snow said he is counting on China to remove other restraints on the yuan. In a speech to the IMF, he urged the fund to show ``greater ambition   in promoting market-based currencies and conducting ``firm surveillance over exchange rates.  
    Frustration with China may intensify in coming weeks. Snow plans to visit the country in October, the same month his department is scheduled to issue its semi-annual study of whether any nation is manipulating its exchange rate.
    Political Pressure
    U.S. Senators Charles Schumer and Senator Lindsey Graham, co- sponsors of legislation to impose a 27.5 percent tariff on Chinese imports, said Sept. 4 they will renew efforts to win passage unless China does more to bolster the yuan s value.
    ``Eventually outside pressure will pick up if there has been no significant movement in the rate,   said Morris Goldstein, a senior fellow at the Institute for International Economics in Washington. ``The Chinese are only doing the minimum to convey the impression that progress is being made. It s been small potatoes so far.  
    Governments outside China say the yuan s value is lower than it would be if freely traded, artificially helping its exporters. They say the disadvantage helped pushed the U.S. current account deficit above 6 percent of gross domestic product and hurt growth in Europe, where exports are 20 percent of the economy.
    G-7 Statement
    Such disparities need to be confronted with ``vigorous action,   the G-7 statement said. The imbalances, record oil prices and the risk of protectionism all risk undermining an otherwise ``positive   outlook for the world economy, it said.
    A 50 percent increase in oil prices this year prompted the G- 7 say in its statement that members would seek ``significant investment   in exploration, production, energy infrastructure and refinery capacity to help lower energy costs. The G-7 officials will convene again in London in December.
     Japanese Finance Minister Sadakazu Tanigaki expressed more patience toward China than his G-7 colleagues. ```We should expect China to make its currency more flexible after it gets adjusted to the new system,   he told reporters. ``China has overcome a big hurdle with its July decision, and we need to watch for a while how they will manage the currency.  
      Since revaluing the yuan in July, China has taken a series of steps to develop its foreign-exchange market, easing limits on how much overseas currency banks can hold, increasing the amount of yuan individuals can sell when traveling and letting banks trade yuan forward contracts.
      Mohamed El-Erian, who manages $27 billion of assets for Newport Beach, California-based Pacific Investment Co., also predicted more flexibility. ``What they are doing over time is putting in place the infrastructure for more flexibility,   he said in an interview. ``We re going to see some more changes.