问题描述:
英语翻译
CURRENCY UNDERVALUATION:
WHAT IT DOES,HOW IT VIOLATES NAM PRINCIPLES,
AND WHY H.R.1498 IS THE BEST SOLUTION
As with other commodities,the value of a currency is a function of supply and
demand.When market forces are free to determine the value,currencies move up and
down as conditions change.However,when a govemment intervenes in currency
markets to maintain an undervalued currency,it generates powerful and systematic
advantages in its international trade.
With regard to its exports,an undervalued currency conveys a subsidy if and
when a good is shipped across the border.As shown in the attachment,the government
by its intervention decides how much extra domestic currency an exporter of goods or
services (such as tourism) will receive for each dollar it earns.That bonus is a subsidy
provided by the foreign government.Under WTO rules,a subsidy benefit that is received
contingent on export is prohibited.The prohibition rests on the longstanding legal
judgment that export subsidies are inherently distortive and destructive of free and fair
competition.
With regard to the country's imports,an undervalued currency serves as a hidden
tax on all imported goods and services.The attachment shows clearly that
undervaluation creates the need for importers,or would-be importers,to pay extra in
domestic currency to purchase each dollar of foreign goods.Whether viewed as a hidden
tariff or a hidden tax,the undervalued currency undermines the level playing field for
imported products and distorts free and fair competition
The bottom line is that persistent
govemment intervention is incompatible with
the spirit ofthe WTO agreements.
currency undervaluation maintained by
free trade and violates the letter as well as
Currency Undervaluation Violates NAM Principles
In 2005,the Board approved two specific sets of priorities for NAM -- one an
overall trade agenda; the other,a China-specific agenda.The principles and specific
objectives in those documents provide a strong basis for condemning persistent currency
undervaluation.
Specifically,NAM's established policy objectives include:
.Eliminate trade-distorting subsidies & defend,preserve and enhance
the effectiveness of WTO-consistent U.S.trade law.As noted above,
export subsidies are prohibited because they are the most distortive of free
trade.
.Elimination of artificially created and maintained competitive
advantages through WTO-inconsistent subsidization or other means.
CURRENCY UNDERVALUATION:
WHAT IT DOES,HOW IT VIOLATES NAM PRINCIPLES,
AND WHY H.R.1498 IS THE BEST SOLUTION
As with other commodities,the value of a currency is a function of supply and
demand.When market forces are free to determine the value,currencies move up and
down as conditions change.However,when a govemment intervenes in currency
markets to maintain an undervalued currency,it generates powerful and systematic
advantages in its international trade.
With regard to its exports,an undervalued currency conveys a subsidy if and
when a good is shipped across the border.As shown in the attachment,the government
by its intervention decides how much extra domestic currency an exporter of goods or
services (such as tourism) will receive for each dollar it earns.That bonus is a subsidy
provided by the foreign government.Under WTO rules,a subsidy benefit that is received
contingent on export is prohibited.The prohibition rests on the longstanding legal
judgment that export subsidies are inherently distortive and destructive of free and fair
competition.
With regard to the country's imports,an undervalued currency serves as a hidden
tax on all imported goods and services.The attachment shows clearly that
undervaluation creates the need for importers,or would-be importers,to pay extra in
domestic currency to purchase each dollar of foreign goods.Whether viewed as a hidden
tariff or a hidden tax,the undervalued currency undermines the level playing field for
imported products and distorts free and fair competition
The bottom line is that persistent
govemment intervention is incompatible with
the spirit ofthe WTO agreements.
currency undervaluation maintained by
free trade and violates the letter as well as
Currency Undervaluation Violates NAM Principles
In 2005,the Board approved two specific sets of priorities for NAM -- one an
overall trade agenda; the other,a China-specific agenda.The principles and specific
objectives in those documents provide a strong basis for condemning persistent currency
undervaluation.
Specifically,NAM's established policy objectives include:
.Eliminate trade-distorting subsidies & defend,preserve and enhance
the effectiveness of WTO-consistent U.S.trade law.As noted above,
export subsidies are prohibited because they are the most distortive of free
trade.
.Elimination of artificially created and maintained competitive
advantages through WTO-inconsistent subsidization or other means.
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