Giải thích "thao túng tiền tệ" dễ hiểu nhất - Trung Quốc hạ giá nhân dân tệ làm gì?

Summary

In this video, the speaker explains the concept of currency devaluation in the context of the ongoing trade war between the U.S. and China. They focus on China’s tactic of devaluing the Chinese yuan (Renminbi) to make exports cheaper and imports more expensive, giving China an advantage in global trade. The speaker uses simple examples, like the price of Chinese dumplings, to illustrate how currency manipulation works. They also discuss the global systems of currency exchange rates and why China, along with Vietnam, has the ability to manage its exchange rate, a tactic that helps them compete in international trade.

Takeaways

• 😀 The ongoing trade war between the US and China often involves China devaluing its currency, the Chinese Yuan (Renminbi).
• 😀 The devaluation of the Yuan means that China makes its currency cheaper compared to the US Dollar, affecting trade dynamics.
• 😀 When China devalues its currency, it allows more Yuan to be exchanged for one US Dollar, making Chinese exports cheaper for foreign buyers.
• 😀 For example, if the exchange rate is 1 USD = 6.5 CNY, and China devalues the currency to 1 USD = 7 CNY, Chinese goods become cheaper to foreign buyers.
• 😀 This move can be seen as unfair competition by other countries, especially the US, who may label it as an unethical tactic in trade.
• 😀 The devaluation of the Yuan also makes US products more expensive in China, as the exchange rate changes and imports cost more.
• 😀 An example of this is using the price of a Chinese product, like a Baozi (steamed bun), to show how currency devaluation can help China maintain competitive pricing despite tariffs.
• 😀 Small adjustments in the exchange rate can have significant impacts on trade, especially in large-scale transactions where even a 1% change can make a huge difference in profits.
• 😀 China's ability to adjust its currency exchange rate is due to its controlled exchange rate system, allowing them to manage their economy more efficiently than countries with fully floating currencies.
• 😀 Vietnam, like many other countries, follows a managed exchange rate system that allows for similar control over currency devaluation, contrary to the misconception that countries have no control over their currency values.

Q & A

What does the term 'devaluation of the Chinese yuan' refer to?

The devaluation of the Chinese yuan refers to China intentionally lowering the value of its currency, the yuan (renminbi), in relation to other currencies like the US dollar. This makes Chinese goods cheaper for foreign buyers while making foreign goods more expensive for Chinese consumers.

Why does China devalue its currency in the context of the US-China trade war?

China devalues its currency to make its exports cheaper and more competitive in the global market, especially against US goods. This also makes imported goods from the US more expensive for Chinese consumers, discouraging imports and potentially boosting domestic production.

How does devaluing the yuan affect the price of Chinese products in the global market?

When China devalues the yuan, Chinese products become cheaper for foreign buyers. For example, if the yuan is worth less compared to the US dollar, foreign consumers can purchase more Chinese goods for the same amount of money.

Can you explain how the adjustment of the exchange rate works with an example?

For instance, if the exchange rate is 1 USD = 6.5 CNY, and China devalues the yuan to 1 USD = 7 CNY, then for the same 1 USD, a foreign buyer can now purchase more Chinese yuan, making Chinese products cheaper. This change could be small, but in large-scale transactions, it significantly impacts trade.

What is the impact of devaluing the yuan on Chinese imports?

Devaluing the yuan makes foreign products more expensive for Chinese consumers. For instance, if the yuan weakens, Chinese consumers need to spend more yuan to buy the same amount of foreign goods, which can reduce imports.

Why do some countries, especially the US, criticize China's devaluation of its currency?

Countries like the US criticize China's currency devaluation because they view it as an unfair trade practice. The devaluation gives Chinese goods an unfair competitive advantage in international markets, while making it harder for foreign goods to compete in China.

Is China allowed to adjust its exchange rate as it pleases?

Yes, China is allowed to adjust its exchange rate because it follows a managed float system. This allows the government to influence the currency's value within a certain range, unlike countries that let their currencies fluctuate freely according to market forces.

What are the three types of exchange rate systems used globally?

The three types of exchange rate systems are: 1) Fully floating exchange rates, where currency values fluctuate freely based on market forces; 2) Managed float, where governments can intervene to stabilize or adjust the currency value; and 3) Fixed exchange rates, where a country ties its currency to another, like the US dollar.

How does the exchange rate affect trade between China and the US?

The exchange rate directly impacts the competitiveness of goods traded between China and the US. A weaker yuan makes Chinese exports cheaper for US consumers, while making US exports more expensive for Chinese buyers, thereby influencing trade balances.

What would happen if a country like Vietnam tried to devalue its currency?

Vietnam, like other countries, has the right to adjust its currency value. However, such a change could lead to instability and economic challenges if not managed carefully. The country’s central bank would need to ensure the adjustment does not cause excessive inflation or disrupt trade.