2016年CRI NDRC Defies Speculation of RMB Exchange Rate Volatility

 

A senior official with the National Development and Reform commission stresses that cross-border capital flow is changing within a reasonable range. 

Zhao Chenxin says the RMB exchange rate against a basket of currencies generally remained stable and has appreciated in some ways. 

The official explains that the authority is capable of keeping the basic stability of the RMB exchange rate.

"First, China still holds the world's largest foreign exchange reserves. Second, we keep a large yearly trade surplus. Third, the internationalization of the yuan is developing at a stable pace. And the two-way fluctuation¹ of the RMB exchange rate has entered a new normal."

The official also says large-scale layoffs² are not an expected byproduct of China's economic restructuring thanks to sound economic fundamentals and new growth engines.

He says even though growth has slowed, China's GDP growth is still comparatively stronger than other major economies in the world. during the period of the twelfth "five-year plan," employment in China increased over 11 percent compared to the previous "five-year plan" period.

China created more than 13 million new jobs for urban residents last year, exceeding the official target.

The government aims to create at least 10 million new jobs and hold unemployment below 4.5 percent in 2015.

The latest official data showed the registered unemployment rate in China's cities was just over 4 percent at the end of 2015, unchanged from three months earlier.

The official points out that China's economy will maintain a medium-to-high growth rate this year, providing a solid basis for a steady job market.

"We have made every effort to make up for shortfalls in the economy. We will continue to foster new growth points by boosting consumption and promoting investment. The economy will grow at a medium to high pace, which will help to boost employment."

Zhao points out that the government has already issued various favorable policies to encourage entrepreneurship and innovation.

And he says he believes that these measures have performed well in creating jobs.

"The growth of market participants has been keeping a strong momentum³ in the past year. Over 4.4 million enterprises were newly registered with a growth rate of 21.6 percent. Around 12,000 new companies are registered daily. We will further promote entrepreneurship and innovation this year and expand employment by encouraging business startups."

The economy recorded its slowest growth in 25 years in 2015, expanding 6.9 percent year on year, fueling concerns over job losses, especially in industries with excessive capacity.

Zhao acknowledged there would be redundancies in some industries but said the government would distribute funds to help workers reestablish themselves should they lose their jobs.

For CRI, this is Guo Yan.

1 fluctuation   

n.(物价的)波动，涨落；周期性变动；脉动

参考例句：

• The erratic fluctuation of market prices are in consequence of unstable economy.经济波动致使市场物价忽起忽落。
• Early and adequate drainage is essential if fluctuation occurs.有波动感时，应及早地充分引流。

2 layoffs   

临时解雇( layoff的名词复数 )； 停工，停止活动

参考例句：

• Textile companies announced 2000 fresh layoffs last week. 各纺织公司上周宣布再次裁员两千人。
• Stock prices broke when the firm suddenly announced layoffs. 当公司突然宣布裁员时，股票价格便大跌

3 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。