However, the United States will never let the RMB depreciate easily. . This is the same reason that the United States began to suppress the appreciation of the yen in the 1980s. . .
Back to the landlord problem, the economic problems in the past two years are mainly around a series of effects caused by the subprime mortgage crisis in the United States. . . To put it simply, when Clinton was in power, the American economy developed rapidly, the dollar was strong and the unemployment rate was quite low. Then Clinton suggested that every American should have his own house. This is just a slogan, but there was such a trend at that time. First of all, with the help of the strong momentum of the US economy and the low interest rate of the Federal Reserve, the US subprime mortgage market has continuously lowered the loan threshold. . Subprime itself is already lending money to people with low credibility, that is, people with no money or low income. Later, the loan threshold was continuously lowered until it became a down payment of 0. The American real estate market was hot, and more than N people borrowed money to buy a house. Later, due to the war and the global economic slowdown, the Federal Reserve suddenly raised interest rates, which made many borrowers unable to repay. Sub-prime lenders can't get money by repossessing their houses. This is about the beginning of 2004. Later, because the American economy became increasingly depressed, the unemployment rate rose and the housing market became cold, these lending institutions could not recover their costs by selling houses, so the second largest subprime lending institution in the United States, 10, declared bankruptcy, which was in early 2007. At this point, the US subprime mortgage crisis officially broke out. Because lending institutions themselves have no money, they all turn subprime loans into bonds and sell them to European and American investment banks (including China, which caused China to lose more than 200 billion). However, the bankruptcy of lending institutions made it impossible for these banks or investors to recover their money, thus becoming dormant account and bad debts. All investment banks in the United States are implicated.
Back to the global scale, because the United States has too much debt, the government wants to reduce its own debt, and at the same time says that the whole world will bear the impact of subprime mortgage, in other words, everyone will suffer. Since then, the weak dollar policy has been implemented for nearly three years. The continuous depreciation of the US dollar has led to the rising prices of commodities denominated in US dollars, first of all, oil. Needless to say, the importance of oil. In short, the importance of oil in the production chain has led to product cost-driven inflation, which is also one of the reasons for the current inflation in China. Affected by the sluggish performance of many banks and subprime mortgages, global stock markets are also falling to the lowest point. . Generally speaking, the American economy is very mature, so although the crisis is serious, it is also a cyclical phenomenon. According to experts' prediction, the global impact of the subprime mortgage crisis will continue to weaken in early 2009.