Fixed exchange rate of RMB should be back to (b)

 Why is the yen failed to become the world's second-largest currency?
Southern Metropolis Daily: This scene seems to China allowed the yuan in 2005, after the repeat of appreciation and floating.
To loose jo: Digital put in this, in 2005 China less than 8 billion foreign exchange reserves, nearly 2 trillion today. This increase in the amount of 1.2 trillion, the conservative estimate that only half of the real trade surplus, at least half of speculative hot money July 21 .2005 We carry out expected appreciation of the syndrome. is not only counterproductive, but  .
to loose Jo: Yes. retrospective Japan-US trade relations, from the 60's trade frictions between Japan and the U.S. is very serious, the United States is the basic national policy of oppression yen . Here is a deeper meaning, the yen hope international, to become a world leading currency. in accordance with the basic economic logic inference, the United States is the world's largest economy, the U.S. dollar as the world's major currencies as it should be. Japan In the 70's has become the world's second largest economy, and why the yen did not become the world's second currency? In fact the Japanese use a lot of ways, but without success. This is a question worth pondering Chinese economists
a currency to become the leading international currency, we should have some basic conditions, I used to have these conditions, summarized as Central government support; the second is the country's economic strength should be strong enough technology that there is sufficient capacity to create enough real wealth, which is the currency of the last support; The third is the financial and monetary market depth and breadth to be large enough; the fourth is the bank system should be enough to improve the billing system; The fifth is the country's monetary policy to ensure the stability of monetary conditions in the country to ensure stability of the currency.
There is no doubt the first two are available in Japan, Japan's capital market and money market, banking system and clearing system can be, the problem of Japan in the last one. Japanese yen willing to maintain stable, but the U.S. does not. a country's currency float, how can the currency stable?
1971 floating exchange rate in the United States decided to engage in system, many economics textbooks, the so-called a long period of study, Congress has created a specialized committee to study the floating exchange rate, the final conclusion is: He drafted the first concrete plan for building the euro. when the Europeans asked him, able to achieve, one of the most important reason is that the Bretton Woods system after the destruction of the United States, the European internal chaos, Mark, francs, lire, pesetas, guilders hh of these currencies in chaos, can not integrate, Japan the same element.
Japan in the 70s early 80s, has a very good condition, at least the yen to become the world's largest currency in Asia. because Asian neighboring countries to buy things in Japan, home appliances, cars imported from Japan Japan also provided loans to them, but the U.S. only to let the yen appreciate, but also secretly made a lot of work to Asian countries such as Philippines, Malaysia, Indonesia these countries do not do business with the Japanese yen clearing, use U.S. dollars. up after the euro, the yen lower proportion of total trade settlement. I just mentioned is one of the most basic explanation, the Japanese have a lot of people in-depth study of this problem, but their data do not give outsiders to see, eat their own loss, but does not want to tell other countries lessons.
Southern Metropolis Daily: those who have done work in Japan?
to loose Jo: Actually, the Japanese did a lot of effort to improve the status of the yen, until today, Japanese are working hard. A few examples may illustrate, the 1997 Asian financial crisis, the Japanese feel that chance. was that the Asian crisis a serious shortage of foreign exchange reserves, the Government has to find the International Monetary Fund to borrow money. But the IMF to borrow money are very harsh to require cutting the fiscal deficit, the various reforms, as well as better political conditions, that is, the IMF and World Bank annual meeting in Hong Kong, Japan formally proposed the establishment of an Asian monetary fund, mainly by Japanese money, you can pay in other countries, Asian countries after the accident can use the fund money, do not have to International Monetary Fund to find out. Japanese is not no money, it is hoped that through the Asian Monetary Fund assistance to further enhance the influence of these countries. Japan proposed the idea of just one to categorically rejected by the United States, said that all foreign economic assistance must be international IMF-led, not to leave the International Monetary Fund.
the early 60s of last century, the Japanese engage in the Asian Development Bank is very visionary. The Japanese have a far-reaching strategic vision, this is very worthy of our study. Japan engage in the Asian Development Bank, also of Japan in the Asian region in order to enhance the financial, economic and political influence. is modeled on the United States has been the practice, the money to where political and economic influence to the where. This is the American basic ideas. The Japanese also want to do this thing, it is planning for the Asian Development Bank, know that the U.S. would oppose, but the Japanese are smart, put the Americans come in to participate. but once invited to the United States come in, some asking for trouble on the meaning of their own controlling power was greatly weakened.
Southern Metropolis Daily: Asian Development Bank and now the impact of the Asian region is still very limited.
to loose jo: the establishment of the Asian Development Bank, Japan is the largest shareholder The United States is the second largest shareholder, the proportion between the two countries is similar to Japan's effort to always be president, vice president of the United States forever. But the lead out of the Development Bank of Japan, stands to reason that the headquarters should be placed on Tokyo ah, United States people do not agree on the final result of a compromise is the Philippines.
year after leaving the subject of the Bretton Woods system, Europe and the United States fight the very powerful, the agency headquarters in the end should be put where? Americans are very arrogant, requiring three large organizations - the United Nations, the World Bank, International Monetary Fund headquarters must be placed m the United States, was even said that also on the United Nations Headquarters in Washington, that the United States to become the outright ruler of the world. Europeans certainly do not agree, Finally discussion going on at United Nations Headquarters in New York, World Bank, International Monetary Fund on Washington, but the president must be American, European nations compete, the result is the chairman of the IMF is always the Europeans, although there is no written In clear, but has become a practice. This is a contest of big powers.