China to Trade its Currency in US
China has established a clearing center for its money in the United States.
The Bank of China's office in New York City is the first U.S. clearing center for the renminbi, or RMB.
Chinese officials made the announcement last week. Premier Li Keqiang spoke at a dinner with the Economic Club of New York. He invited other banks to work with buyers and sellers of the RMB.
"We also welcome banks in New York that meet the requirements to become a clearing bank for renminbi," Li said. The South China Morning Post reported his comments.
Some people see China's move as an attempt to show that the RMB, also known as the yuan, is competitive with the U.S. dollar as a major currency. They say there is no reason for China to have U.S. banks serving as clearing centers for its money.
Currently, there are clearing banks in a number of financial centers, including Hong Kong, London, Singapore and Toronto.
On October 1, the RMB is to become the fifth currency in the International Monetary Fund's group of Special Drawing Rights. The four others are the U.S. dollar, the British pound, the Japanese yen and the euro.
Christopher Balding teaches at Peking University. He says China is buying up available RMB on international markets in an effort to increase its value. He told VOA that the value of Chinese money would drop sharply if it were freely traded.
China's recent policy has been to keep the money stable -- to avoid sharp increases or decreases in value against other currencies. The exchange rate is currently between six and seven RMB to the dollar.
For many years, China has sought to make its money one of the important currencies of international trade.
Cornell University professor Eswar Prasad says this presents Chinese officials with difficult choices. He said, "China's government faces a conundrum that other reserve currency economies have faced in the past - how to promote the currency's role in global finance without losing control over the currency's value."
Prasad said China's actions suggest that a stable currency is more important than the RMB's role in international finance.
Some experts say Chinese efforts to control its currency are not meant to make the country's exports less costly and, therefore, more competitive.
Scot Kennedy is deputy director of the Freeman Chair in China Studies at the Center for Strategic and International Studies. He says a stable exchange rate has been most important to China in recent months.
"China is most interested in maintaining basic stability of its currency and limiting volatility," he said.
Kennedy added, "The recent modest depreciation is not geared to support exports."
I'm Mario Ritter.
1.clearing center 清算中心
Futures market, including at least two parts: First, the trading market, and the other is a clearing center.
2.work with 与...共事
I largely work with people who already are motivated
3.in an effort to 企图；想要
I spent much of my time bundled up in sweaters in an effort to keep warm.
4.exchange rate 汇率
This deferral would obviate pressure on the rouble exchange rate.
1.They say there is no reason for China to have U.S. banks serving as clearing centers for its money.
there is no reason 毫无道理；没有理由
There is no reason why they cannot see off the Republican challenge.
There is no reason why you should not continue with any sport or activity you already enjoy.
2."We also welcome banks in New York that meet the requirements to become a clearing bank for renminbi," Li said. The South China Morning Post reported his comments.
meet the requirements 符合要求；满足条件
In the design process of formulating a reasonable programme to meet the requirements of mass production.
In order to meet the requirements in these respects, facsimile transceivers have been devised.
上周中国方面宣布了该消息 。李克强总理在纽约经济俱乐部的晚宴上致辞，他诚邀各银行加强与人民币买卖双方的合作 。
李克强总理称，“我们也欢迎其他符合要求的纽约银行成为人民币清算行 。”《南华早报》刊登了总理的演讲 。
有人认为中国此举意在展示人民币（也被称为元）作为一种主要货币，已经可以与美元一较高下 。他们表示，中国没有理由让美国银行作为其货币清算行 。
10月1日起，人民币将成为国际货币基金组织特别提款权中的第五大货币 。其余四大货币分别是美元、英镑、日元和欧元 。
克里斯托弗·鲍尔丁（Christopher Balding）在北京大学任教 。他表示，中国正买入国际市场中流通的人民币以提高人民币汇率 。他对美国之音表示，如果人民币可以自由买卖，那么其汇率会暴跌 。
近期，中国一直推向货币稳定政策，避免因人民币汇率导致其它货币出现大幅度涨跌 。目前人民币兑美元的汇率在6至7基点间浮动 。
康奈尔大学教授埃斯瓦·普拉萨德（Eswar Prasad）表示，这意味着中国政府面临艰难抉择 。他说，“如今，中国政府迎来了其它储备货币经济体都曾面临过的问题——如何在提高本国货币在全球金融市场中的作用的同时还能稳控货币汇率 。”
斯科特·肯尼迪（Scot Kennedy）是战略与国际问题研究中心（CSIS）弗里曼（Freeman）中国研究项目的副主任 。他表示，近期，汇率稳定才是中国的重中之重 。