Global Sources CEO Says Yuan Shouldn't Be Revalued
International pressure on China to loosen its grip on the yuan exchange rate is mostly politically motivated, and the currency shouldn't be revalued, the top executive of sourcing solutions provider Global Sources Ltd. (GSOL) said Thursday.
When asked if the yuan should be revalued, Merle Hinrichs , chairman and chief executive of Nasdaq-listed Global Sources, said: "No. I think it is more political than anything else."
Hinrichs told reporters during the company's first China Sourcing Fair in Shanghai that an appreciation in the yuan might not be in the interest of U.S. consumers, or the Chinese and U.S. governments.
A stronger yuan would make goods more expensive to produce and increase their selling prices, he said.
International pressure remains high on China to allow its currency, also known as the renminbi, to float against the U.S. dollar. The unit is tightly traded around 8.28 yuan per one U.S. dollar, and convertibility is mostly restricted to trade-related purposes.
Critics in the U.S. complain the de-facto peg keeps the yuan undervalued, undercutting the competitiveness of U.S. manufacturers.
Hinrichs said it was unlikely a 5% increase in the value of the yuan would affect China's trade, but a 10% increase would have a negative impact.
The effect on China's trade would be in direct proportion to how much the yuan strengthened, he said. "There will be a reaction the higher it goes."
Global Sources creates and facilitates trade between buyers and suppliers globally, with a focus on technology products. China remains a low-cost manufacturing base for multinationals and a key supplier of technology parts.
Hong Kong-based Hinrichs also noted corporate and government officials are better prepared now should severe acute respiratory syndrome resurface.
Experts have warned that the potentially fatal flu-like virus could re-emerge as the weather cools in coming months.
SARS didn't have much effect on international trade and exports to the U.S., Hinrichs said, adding the dock workers strike on the U.S. West Coast last year caused more damage.
环球资源CEO称人民币无需重估
信息资源解决方案提供商环球资源(Global Sources Ltd., GSOL)董事长兼首席执行长辛瑞契(Merle Hinrichs)周四表示，国际社会向中国施压，要求放开人民币汇率的做法多处于政治目的，中国无需重估人民币价值。
当被问及是否应当对人民币汇率加以调整时，辛瑞契回答称，这种调整并不必要，他认为舆论要求调整人民币汇率所包含的政治因素多于其他因素。环球资源是一家那斯达克上市公司。
辛瑞契是在公司于上海举办的首届国际电子零件及整机交易会(China Sourcing Fair)上向记者说这番话的。他认为，人民币升值可能对美国消费者、以及中美双方政府都不会带来益处。 他说，人民币升值将会提高产品生产成本，同时也会提高产品销售价格。
当前，国际社会要求中国政府允许人民币兑美元汇率自由浮动的舆论压力依然巨大。美元兑人民币汇率一直以来固定在人民币8.28元上下，且人民币目前仅可在经常项目下自由兑换。
来自美国的批评人士抱怨称，中国目前的汇率体系实际上是固定汇率制，它人为地压低了人民币价值，从而削弱了美国制造商的竞争力。
辛瑞契对此却持不同看法，他认为，人民币升值5%并不会对中国贸易产生巨大影响，但若升值幅度达到10%，则会产生负面影响。
辛瑞契指出，中国贸易所受的冲击于人民币升值的幅度成正比，即升值幅度越大，中国贸易状况受到的影响也越大。
环球资源的宗旨是在全球范围内促成贸易，且业务主要集中于科技产品。而中国目前仍在全球范围内保持著低廉的生产成本优势，而且也是技术产品部件的主要供应国。
辛瑞契还指出，该公司以及公司总部所在地的香港政府目前对可能卷土重来的非典型肺炎(SARS)都做好了充分的准备。
有关专家此前曾警告说，随著天气在未来数月逐渐凉爽，SARS病毒可能再次肆虐。
辛瑞契称，此前SARS疫情的爆发并未对国际贸易以及中国对美出口产生非常巨大的影响。他补充说，去年美国西海岸码头工人的罢工事件倒是造成了更为重大的损失。
