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Unfortunately，I have read this passage in the Financial Times Chinese this morning,So I could understand this passage without any difficulty. If anybody would like to read the Translation,here is the URL http://www.ftchinese.com/story/001038651.
同志们加油！这几天感觉提升真的很大，看文章慢慢也不费劲了，也很少用翻译了，失败者走捷径，学英语可以有技巧，不会有捷径，所以坚持！
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A larger role for the renminbi would help resolve the disparity between China’s great economic strength on the global stage and its heavy reliance on foreign currencies
With the booming open policy and the emerging of rich generation, more and more Chinese have the requirement to go abroad, such as pursuing degrees, buying foreign products, investing in foreign countries,etc. The limited circulation of Renminbi surely becomes an obstacle and complicates processes. As China holds a large population, the liquidity of Renminbi is sure to become a necessity. On the other hand, foreign merchants who want to deal with Chinese customers should focus on the needs of this big market. They are willingly to accept Renminbi as a world-wide circulated currency on the basis that China has strong economic background.
The strength of Renminbi will be a win-win solution to China and the rest of the world, in my opinion.
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U.S.doller has built a solitary dominance in global economy since a new monetary system -Bretton woods system-came after the Great depression.Although in face of increasing strain, the system collapsed in 1971 prompted by the American suspention of convertibility from dollars to gold,there comes a new situation whereby the U.S dollar became a "reserve currency" for most of western countries.
However, having been affected by the big financial crisis ,the U.S dollar is loosing its solitary dominance in the near future ,according to a report of World Bank.This report predicts a new monetary system will replace the status of U.S dollar in no more than two decades.In this new system , U.S dollar,the euro and renmibi would each acts a impertant role as full-flege international currencies.
A new “multi-currency” monetary system will be established sooner or later.
Today's article is a bit of easy. I will keep reading "Follow me" every day. Come on!
7&7,Although the US dollar's position in global monetary system have declined evidently in the last financial crisis.But the renminbi plays an important role is still need a long time.
I am glad to see it happen, but it is surely a long and hard way to go. US will not let the other currencies affect its dollar's status, and will do much to prevent this from happening. I love euro, but it encouters much trouble at the moment. China should build more multi-lateral relationships with countries and groups all over the world, but it needs continuity, time and efforts.
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A larger role for the renminbi would help resolve the disparity between China’s great economic strength on the global stage and its heavy reliance on foreign currencies
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The current predominance of the US dollar would be replaced by a monetary system in which the dollar , the euro and the rmb would each serve as full-fledge international currencies .
"A larger role for the renminbi would help resolve the disparity between China’s great economic strength on the global stage and its heavy reliance on foreign currencies."That's the point.
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this essay is the easist to unterstand in the several i have read.
i always do not know the exact benifit of the international money . but i think its benifit must larger than the cost and risk. otherwise, other country would not want to keep it .
and i think a country's currency become an internation money reflect the economic power in the world. just like i have read a article today in AER, it's time for making room for china economy in the world . then may be it's time for making room for renminbi in the world monetary system.
Indeed, the world needs a new Monetary System. I believe, RMB will lead an important role one day within the new system. It is only a matter of time.
Also as the author said, by then, there will be a significant increase in cross-border mergers and acquisitions activity. This will also befinite a lot of Chinese business men to open their international market.
Good luck China!!
Oh, by the way, recently I kept thinking that next "China" in the world will be Brazil. It has too much potential. Definitely need to keep an eye on it.
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