www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Avoids 'currency manipulator' tag

US concludes China isn't a currency manipulator

By Zhang Yuwei in New York (chinadaily.com.cn) Updated: 2012-05-27 00:15

The United States on Friday declined to name China a currency manipulator but said it would "press for policy changes that yield greater exchange rate flexibility" in the yuan.

The Chinese currency remains "significantly undervalued" and "further appreciation of the RMB (renminbi) against the dollar and other major currencies is warranted," the US Treasury Department said in its latest semiannual report to Congress on international exchange-rate policies.

Based on yuan appreciation against the dollar since June 2010, the decline in China's current account surplus and Chinese commitments to strengthen the currency, Beijing didn't meet the threshold of being labeled a "currency manipulator".

"The extent of misalignment appears to have narrowed" over the past two years, the report said.

John Frisbie, president of the US-China Business Council (USCBC) said Treasury made "the right call" in its policy decision.

"Branding China a currency 'manipulator' triggers nothing to help reach the goal of a fully convertible currency and market-driven exchange rate for China," Frisbie said in a statement. "In addition, the 'manipulator' label would likely lead China to react negatively and slow down progress on this issue."

The Treasury Department noted that China has pledged to move rapidly to a "more market-determined exchange rate system" in recent forums such as the Group of 20 and the US-China Strategic and Economic Dialogue.

The yuan has risen in value by 40 percent, after adjusting for inflation, against the dollar since 2005, when China began implementing currency reforms. But so far in 2012, Treasury said, "RMB has been virtually flat against the dollar."

China’s global current account surplus — meaning the country exports more than it imports — has dropped substantially, from 9.1 percent of gross domestic product in 2008 to 2.8 percent of GDP at the end of 2011, according to Friday's report.

During that four-year period, the US trade deficit with China has widened by a comparatively modest $22 billion, to $295 billion from $273 billion, according to the USCBC.

"The facts show that China's exchange rate is not the significant factor in the US trade deficit or US employment that many make it out to be," Frisbie said.

In a recent USCBC survey, the exchange rate ranked 26th as a factor affecting US sales to China, five places lower than in the previous year.

Declaring China a currency manipulator for the first time since 1994 would require President Barack Obama's administration to take formal steps to press for the yuan's revaluation. Treasury and other administration officials have argued that such pressure could be counterproductive given that the Chinese government owns more than $1 trillion in US sovereign debt.

Frisbie said the US and China should continue to focus on issues that matter and ensure effective solutions to the most pressing problems.

US political leaders, including Republican presidential candidate Mitt Romney, have accused China of manipulating its currency, a move they say makes American exports less competitive. Romney said that if he is elected he will identify China as a currency manipulator on his first day in office.

Opposition to the Treasury decision came from at least two of Obama's fellow Democrats.

Senator Charles Schumer of New York, who has sponsored legislation that would punish Chinese imports over the yuan's valuation, said: "The administration continues to let China get away with flouting trade rules just for the sake of diplomacy. Calling out China as a manipulator may be awkward, but it is time to take off the kid gloves."

Ohio Democrat Sherrod Brown, a frequent proponent in the Senate of workers' rights, said: "Once again, the US Treasury Department has given China a free pass when it comes to its currency manipulation. While we’re seeing American manufacturing rebound, China is stepping up its efforts in a number of critical sectors, including clean and solar energy, advanced manufacturing, and auto parts."

Some experts say the US has focused too much on the currency issue while neglecting opportunities that could benefit both economic powers.

Li Ruogu, chairman and president of the Export-Import Bank of China, said at a recent event hosted by the pro-growth New York Forum that the global economy depends on a close economic relationship between China and the US. The world can’t afford a trade war between the two nations, he said.

Stephen Roach, former non-executive chairman of Morgan Stanley in Asia, said at the same event that Congress has "allowed the US-China relationship to be hijacked by this fixation on the renminbi" and said US policy-makers are following "bad advice" by emphasizing the issue.

The US, said Roach, should "get off the renminbi story" and shift focus away from problems and toward "opportunities" with China, such as having US exporters sell into China’s growing consumer market.

"It's a huge opportunity for us. Shame on us if we don't take advantage of this opportunity," said Roach.

Contact the writer at yuweizhang@chinadailyusa.com.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 在线免费观看亚洲视频 | 国产一区影视 | 老司机毛片| 日韩欧美中文字幕一区二区三区 | 婷婷久久久五月综合色 | 亚洲精品一区二区三区福利 | 成人a毛片免费全部播放 | 久久久精品国产免费观看同学 | 国产精品外围在线观看 | 成人做爰视频www网站 | 欧美一级毛片免费看高清 | 99成人精品| 在线免费观看精品 | 欧美在线观看a | 精品久久久久久久久免费影院 | 成人午夜久久精品 | 中日韩一级片 | 久久久久久久久久免观看 | 欧美成人精品一区二区 | 综合 91在线精品 | 9191久久久久视频 | 在线91精品亚洲网站精品成人 | 免费国产综合视频在线看 | 成人国产视频在线观看 | 94欧美setu | 久久性生大片免费观看性 | 精品三级国产一区二区三区四区 | 亚洲欧洲久久久精品 | 欧美一区二区三区精品 | 国产欧美va欧美va香蕉在线 | 嫩草一区二区三区四区乱码 | 国产区香蕉精品系列在线观看不卡 | 日韩一区二区不卡中文字幕 | 欧美日本综合一区二区三区 | 国产中文字幕视频 | 国产美女在线一区二区三区 | 国产精品爱久久久久久久三级 | 久久一本色系列综合色 | 精品国产品香蕉在线观看 | 国产精品青草久久福利不卡 | 日本免费毛片在线高清看 |