Bank For International Settlements Essay

615 words - 2 pages

The balance of payment is usually associated with the exchange rates since the time the international trade came into action. The exchange rate affects the improvement or the deterioration of the trade balance depending on the currency valuation and adjustments. The Bank for International Settlement (BIS) is responsible for coordination of the global central bank survey to get the information concerning the size and structure of the foreign exchange (FE) and over-the-counter (OTC) progress of the market. This assists in creating the transparency concerning the monetary authorities and the associated marketers in creation of better patterns and making people aware of the global financial system (Bank for International Settlement 2011). The BIS therefore, publishes the undervaluation or overvaluation of the Chinese Yuan over the Euro to determine the exchange rates between different currencies. In the recent years, the value of the Chinese Yuan has not been stable compared to the Euro, the Yuan value showed an up normal trend of changing the value from time to time.
According to Morrison (2008), the Europe-China trade has continued to grow leading to a trade imbalance between the two countries which is challenging the Europe manufacturing firms due to competition from the Chinese people in the foreign market. As such Europe ends up blocking certain Chinese trade policies that seem unfair. The undervaluation of the Chinese Yuan to the Euro creates benefits and costs to the European economy and the cost of the imported goods from China is less as compared to the case of China currency overvaluation. The undervaluation of the Chinese Yuan in the years 2000-2007 affected the economy by 20%-60%, leading to reduction in the China’s account surplus by 6%-12% points of Gross Domestic Product (GDP). The limiting issue is that the Chinese government intentionally keeps its currency low in order to boost the exports therefore the Yuan fails to appreciate although experts argue that the Chinese crisis will lead to their currency floating at a lower value (Isidore 2010).
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