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Sliding Greenback Boosts Economy Essay

584 words - 3 pages

Journal Date: 20 May 2003Title: "Sliding greenback boosts economy", South China Morning PostAuthor: Kelvin ChanSummary:Not only Asian countries cannot recover their economies, but also in US, she is suffering from the economic down turning for a long time, after the worldwide economic deterioration.In recently, US dollar's deepening slide against the euro and other main currencies. Thus, the lower level dollar exchange also occurs in Hong Kong, because of the linked exchange rate with US dollars. However, according to some economists and business leaders said, this phenomenon would cause some positive effects on Hong Kong. For instance, the lower costs and prices, and it will lead Hong Kong to be a more competitive city.Actually, many investors ...view middle of the document...

In addition, some professors point out that, although the slide of US dollars cause out a benefit to Hong Kong, there only has very little effect on it; it will only slightly pick up the export of Hong Kong, because most of Hong Kong's imports are from the same places its exports go to.Analysis:In the past, US mainly concerned on how to apply the policy in order to strong US dollars. And many investors like to hold greenback as their currencies, because of the stability of US dollars.Indeed, the higher US dollar can have several advantages. One of the examples is that it can help to collect money easily, since people like to invest in US stock market. And it helps to convey US dollars to be a main currency in international.On the contrast, the strong US dollar also leads out some problems. As the exchange rate in US increases, the cost of manufacturing product increases, such as labor cost, rent, and therefore, the price of products are also increasing. Due to the increasing in costs, the attraction of its products decrease, so it will affect the exporting in US.Moreover, the problem of economic performance among US in recent years and the global deflation is becoming serious and serious. Thus, US Treasury Secretary started to give up the strong US policy, and changed into lower the greenback exchange rate to boost economic growth. As the lower US exchange rate can help to reduce the production cost and raise the attractive of US, the economy may be growth as well, and the deflation can also be control.However, according the statistic, the central back many underestimate the risks of deflation, so beside the monetary policy, other policies such as fiscal policy and structural measures have to be used in order to control the continuously occurs of deflation.

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