金融英语阅读：US devaluation condemned
The China Chamber of International Commerce denounced the US government for devaluating its currency and warned that it may cause a global double-dip recession."The US government should stop the irresponsible behavior of devaluing the dollar and pressuring for yuan appreciation," said Mao Shunjie, deputy secretary-general of the China Chamber of International Commerce, at a press conference in Beijing Wednesday. "This could bring on a another economic crisis."
By mid-October this year, the yuan rose 24.1 percent to 6.669 against the US dollar, the highest level since 2005 when currency reforms began.
"The renminbi revaluation is an unstoppable trend, but the bottom line is it cannot happen too fast," said Lin.
"Otherwise, it will be a catastrophe for Chinese exporters."
Media reports earlier that if the yuan revalues 1 percent, China's export volume will plunge by 0.86 percent and more than 800,000 people will be unemployed. In addition, textile and apparel industry profits would drop significantly. In addition, if the yuan appreciates 3 percent, there will be four million people without jobs.
Next year, China's foreign trade is not looking optimistic as Chinese companies still facing many external uncertainties including economic and non-economic factors, such as increasing costs and rising operational pressures, the commerce ministry said on its website.
Beijing and many scholars have called on Chinese exporting enterprises to restructure and improve management and operational skills as well as increasing overseas investments amid the cheaper dollar assets.
In 2009, Chinese companies directly invested $56.5 billion abroad, ranking the nation the world's fifth largest investor.
A large number of Chinese companies are on an outbound buying spree, but executives are still in a position of relative weakness in terms of their ability to identify targets or negotiate the right deals, said auditing firm KPMG in a report.
"Many Chinese enterprises were forced to invest overseas under the plunging dollar," said Lin, "These investments will be very risky for them if they were not ready."
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