There is no reason for the devaluation of the yuan


photo taken from open sources

Despite the slowdown in economic growth, and China’s exports, there is no reason for the devaluation of the yuan, says senior researcher at the Peterson Institute for International Economics Nicholas Lardy. The common opinion that the yuan is «significantly overvalued» and need a devaluation to stimulate export and economic growth — unfounded, he said. The course of the Chinese currency is now quite balanced and there is no significant revaluation, Lardy said. In recent years, China’s exchange rate of the national currency, as noted by the expert, does not harm the overall competitiveness of the country of export. The expert assured that during this period China’s share in global exports has increased. For example, in 2015, the country recorded a current account surplus of around $ 300 billion, China was in first place in the world. All these facts can be regarded as evidence that China does not need to rely on currency devaluation to stimulate export and economic growth. Lardy dismissed the notion that the decline in China’s currency reserves, will inevitably lead to a significant devaluation of the yuan. The expert said that last year, the reserves declined by about 513 billion dollars, but about a third of the reduction relates to the changing in the evaluation of non-dollar assets, and not to an outflow of capital. Even more significant part — the result of repayment of dollar-denominated debt of Chinese enterprises. Chinese currency reserves are filled, and the country’s leadership has sufficient policy instruments to control the outflow of capital, assured Lardy. According to the People’s Bank of China, at the end of March, the volume of currency reserves amounted to 3.21 trillion dollars, an increase over the last month to 10.26 billion dollars.

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