October 15, the U.S. Treasury Department issued "International Economic and Exchange Rate Policies report to Congress," and said the United States, including China, major trading partners, not manipulating its currency exchange rate. In the report, citing the U.S. Treasury Department Bank for International Settlements, said the statistics, since July 2005 since the yuan against the dollar has appreciated by 21.1%. Therefore, the U.S. Treasury Department that "China did not have in order to obtain an unfair trade advantage to manipulate the exchange rate policy."
America still believe the yuan is undervalued
The United States, "International Economic and Exchange Rate Policies report to Congress," also revealed that the United States still believe the yuan is undervalued, and suggested that the Chinese Government to liberalize the RMB exchange rate. Chinese Ministry of Commerce responded by saying that the renminbi exchange rate, China will adhere to the initiative, controllability and gradual reform of the principle of exchange continue to advance.
16-day regular press conference, Foreign Ministry spokeswoman Jiang Yu said China has noticed that the United States released a report confirmed that the Chinese government is not manipulating the RMB exchange rate, she said China would continue to push forward the reform of the RMB exchange rate formation mechanism. In response to a question, she said: "Our goal is to at a reasonable and balanced level, keeping the Chinese currency basically stable, which is not only beneficial to China, but also conducive to world economy."
According to the U.S. in 1998, a legislation required a semi-annual U.S. Treasury Department submitted to Congress the report's major trading partners, the exchange rate, giving names to criticize those it considers the United States by manipulating the exchange rate to increase exports or to U.S. products in overseas markets become more expensive country. Once a country is classified as a currency manipulator, the two sides will start talks.
Disappointed that the U.S. labor and manufacturing groups
The report concluded that the RMB exchange rate remains undervalued, there are four reasons: Over the past year, the yuan against the U.S. dollar exchange rate is very stable; yuan against the U.S. dollar real effective exchange rate of 1 to June this year, devaluation; China's economy continued to increase productivity; this year China's foreign exchange reserves acceleration of growth.
This is the second Obama administration launched the exchange rate assessment report. Prior to the U.S. labor and manufacturing organizations October 6 Obama appeal to the President, asking him to realize campaign promises, would formally label China a currency manipulator. When Obama served as a senator, he had supported a similar bill. , The largest U.S. manufacturing industry group - National Association of Manufacturers also hope that Obama be able to designate China as a currency manipulator, to the International Monetary Fund (IMF) under the framework of the Chinese government to exert greater pressure.
In the last year, during the campaign, Obama criticized then-President George W. Bush has not been able to China as a currency manipulator, but in April the exchange rate Obama the Government launched the first evaluation report, Obama also made and the George W. Bush the same decision. This makes the labor and manufacturing groups are disappointed, they believe that China deliberately lowered its rate from 20% to 40%, so that Chinese enterprises in international trade enjoys a large price advantage.
China has five times been classified as "controlled country"
According to the United States in 1988, "Omnibus Trade and Competitiveness Act", Ministry of Finance shall submit to Congress every six months, "International Economic and Exchange Rate Policies report to Congress", the date is usually in May and November, respectively, a semi-annual assessment on a major trading partner countries exchange rate policy, to determine whether there is "exchange rate manipulation." Generally speaking, the artificial control of their exchange rate to deliberately deviate from the normal behavior of the national economy can be classified as "exchange rate manipulation."
In the case of currency manipulation, its exports more competitive, that is, their own disguised government subsidies for domestic enterprises, in violation of international trade rules. Once the existence of a country a currency manipulator, the United States not only through the IMF to the Government to exert pressure to adjust its exchange rate policy, are more likely to taxation by the country's exports and other trade measures in retaliation.
From 1992 to 1994, China has five times the United States as a "currency manipulator", South Korea and other countries have also repeatedly chart. However, after 1994, the U.S. Treasury Department did not then any one of our major trading partners as a "currency manipulator." After 2002, the U.S. dollar continued to weaken on a global scale, the corresponding devaluation of the yuan pegged to the dollar, for reasons of trade protectionism, the United States continue to revalue its currency.
Since 2003, the U.S. Congress that since the last century since the mid-90s, China has artificially low yuan exchange rate, resulting in Chinese goods cheaper in the U.S. market, while U.S. goods become too expensive in China, leading to large numbers of Americans unemployed. Congress also raised a number of motion against China, one of which even called on all Chinese goods impose 27.5% tariffs to offset the China price advantage.
IMF temporarily on hold the yuan exchange rate issue
In January of this year, he became U.S. Treasury Secretary Geithner before the congressional hearing expressed the attitude of tough, Obama believes that China is manipulating its currency, the new U.S. government will take active measures to this end. His remark that the U.S. bond market caused by severe shocks, and cause the U.S. public unease. Because if the United States China as a currency manipulator, according to the relevant provisions of the United States is likely to start the China trade sanctions. The Associated Press quoted some experts as saying that a downturn in the world economy, provoke a trade war with China is a "dangerous" behavior. U.S. economist布雷特斯旺森in the "Wall Street Journal" published comments criticizing Geithner accused China of "manipulating exchange rates" over-reaction to the remarks, reflecting the United States against China all kinds of misunderstandings.
The IMF as the national currency exchange rate of the primary oversight body, after the outbreak of the financial crisis, temporarily shelved the yuan exchange rate issue and issued a statement: "Although the value of the yuan is undervalued, but now we have a crisis, this problem is not our prime consideration. "But as the crisis is easing, IMF fine-tuning of the RMB exchange rate issue. October 6, IMF annual meeting in Istanbul, president of Kahn pointed out that "the yuan is undervalued, but we should put it in a balanced framework of the global economy down and considered." |
Article Details
