Mundell calls IMF's not putting RMB in SDRs a big mistake
HONG KONG, Jan. 18 (Xinhua) -- It was a big mistake for the International Monetary 1 Fund (IMF)(国际货币基金) not to include the Chinese currency, renminbi (RMB), in the international reserve basket in its recent reevaluation of the content of SDRs, said Nobel Prize- winning economist 2 Robert Mundell on Tuesday at the 4th Asian Financial Forum 3 in Hong Kong.
IMF should take the opportunity to put RMB in the basket for China is now the biggest exporter in the world and the No. 2 economy, said Mundell, describing IMF as missing the forest for the trees.
Mundell said arguments that RMB is not convertible 4 were only good technically 5 because IMF once did put unconvertible currency(货币) in the basket when it was made in 1974.
RMB was the only inconvertible currency that I knew of in history that was expected to appreciate, he added.
Speaking of RMB, Mundell also noted 6 that very substantial appreciation 7 of the currency was a no-no for China, which will be devastating 8 and the worst possible thing to the country.
It certainly will do no great harm at the rate of 2 percent to 3 percent, which may do some good on tempering inflation pressures in the country, he said.
In his speech, Mundell also suggested that China should raise the proportion of consumption in its economy from the current level, which is shockingly low compared to other countries, to 45 percent to 50 percent so as to realize a more balanced trade.(本文由在线英语听力室整理编辑)
- The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
- Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
- He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
- He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
- They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
- The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
- The convertible sofa means that the apartment can sleep four.有了这张折叠沙发，公寓里可以睡下4个人。
- That new white convertible is totally awesome.那辆新的白色折篷汽车简直棒极了。
- Technically it is the most advanced equipment ever.从技术上说，这是最先进的设备。
- The tomato is technically a fruit,although it is eaten as a vegetable.严格地说，西红柿是一种水果，尽管它是当作蔬菜吃的。
- The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
- Jim is noted for arriving late for work.吉姆上班迟到出了名。
- I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
- I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
- It is the most devastating storm in 20 years.这是20年来破坏性最大的风暴。
- Affairs do have a devastating effect on marriages.婚外情确实会对婚姻造成毁灭性的影响。