英语翻译一.RMB exchange rate might appreciate by 5% in 2007 BEIJI

英语翻译
一.RMB exchange rate might appreciate by 5% in 2007
BEIJING,Jan.1 (Xinhua) -- The exchange rate of Renminbi,the Chinese currency,is expected to appreciate by some five percent to one U.S.dollar for 7.44 yuan,according to Xinhua Economic Analysis Report released Monday.
The report projected that the pace of RMB appreciation would be faster in the first half of 2007 than in the second half.
Xinhua Economic Analysis Reports are regular products by a team of more than 80 economic analysts under Xinhua Economic Information Department.The latest issue of the reports reviewed the country's 10 key indices in the economic and financial sectors and made projections on possible changes in the coming year.
In 2006,the value of the RMB rose 3.28 percent against the dollar,with an accelerating trend from 0.66 percent in the first quarter to 1.15 percent in the fourth.The central parity price closed at one U.S.dollar for 7.8141 yuan,the lowest of the year.
The report held that the short-term RMB exchange rate will be influenced by the fluctuation between the dollar and other currencies,but in the long run,it depends on the progress of China's exchange rate reforms.Stable appreciation in small steps is generally expected.
Earlier in December,China's State Information Center predicted a 3-4 percent appreciation of the yuan in 2007,while the Bank of America and Deutsche Bank expected a rise of 4-6 percent and 4.5 percent,respectively.
China's foreign exchange policy is in line with the pace of China's economic development and the daily floating band is enough to allow sufficient appreciation of the RMB,according to Chinese economist Fan Gang.
However,some economists argued that the appreciation of the RMB is a double-edged sword,as it will make Chinese exports more expensive and therefore reduce export volume.Some export-driven small and medium companies may not be able to survive and have to lay off employees.
"If China were coerced into really large appreciations of the RMB,it could face the same deflationary fate as Japan in the 1980s and 1990s -- and all this without reducing its trade surplus," said Ronald McKinnon in an article published Wednesday by The Wall Street Journal.
Zhou Xiaochuan,governor of the People's Bank of China,said that there was no timetable for a further widening of the daily floating band between the RMB and the U.S.dollar.
China raised the value of yuan by 2 percent to 8.11 per U.S.dollar and started linking it to a basket of currencies on July 21 of 2005,and allowed it to move 0.3 percent above or below the parity rate against the U.S.dollar.

一.人民币汇率可能升值百分之五,在2007年
新华社北京1月1日电（记者） -人民币汇率,中国的货币,预期升值约五％至1美元为7 .44元,据新华社的经济分析报告中公布的周一.
该报告预计的步伐,人民币升值会以更快的速度在2007年上半年较下半年.
新华社经济分析报告,是定期的产品是由一队的80多名经济分析员根据新华社经济信息部.最新一期的报告中回顾了该国的10个主要指标在经济和金融部门,并作出预测,对可能发生的变化,在未来一年.
在2006年,价值人民币上升3.28 ％ ,对美元的汇率,并且有一个加速的趋势,由0.66 ％ ,在今年第一季度的1.15 ％ ,而在第四位.中央平价收盘价为一美元7.8141元,最低的一年.
报告认为,短期内人民币汇率将受波动与美元和其他货币的,但长远而言,它取决于进度,中国的汇率改革.稳定升值小步普遍预期.
早在12月,中国国家信息中心预测,3-4 ％ ,人民币升值在2007年,而美国银行和德意志银行预期上升了4-6 ％和4.5 ％ .
中国的外汇政策是一致的步伐,中国的经济发展和每日浮动幅度是不够的,以让他们有足够的人民币升值,据中国经济学家樊刚.
然而,一些经济学家认为,人民币升值是一把双刃剑,因为这将是使中国出口产品更加昂贵,并因此减少出口量.一些以出口为主导的中小型公司可能无法生存下去,并要裁员.
"如果中国被胁迫到真正大的升值人民币,它可以面对同样的通货紧缩的命运,因为日本在20世纪80年代和90年代-而所有这一切并没有减少其贸易盈余的情况下,说："罗纳德麦金农发表的一篇文章周三由墙街日报.
周小川总督的人的银行,中国表示,没有时间表,为进一步扩大每日浮动区间人民币和美元.
中国提出了价值人民币2 ％至8.11 ％美元,并开始把它与一篮子货币7月21日的2005年,并允许它提出了0.3 ％ ,高于或低于此平价利率对美元升值.