Obama's visit to China late last year, the exchange rate issue is not mentioned in table, but the beginning of this year, its hard-line attitude towards RMB makes this sensitive topic into focus again.|
Local time on February 3, Obama to the U.S. Senate Democratic Policy Committee members gave a speech. Although the exchange rate does not appear in the speech text, but in response to Senator Specter (ArlenSpecter) question, said that China and Asia will continue to be a large U.S. export market, but the exchange rate issue must be addressed to ensure American products will not face a "huge competitive disadvantage."
Obama says China will take tougher measures to ensure that the other party to comply with trade rules; But he also stressed that the suspension of the two sides have signed a commercial agreement, the United States will suffer.
The comments once released, immediately attracted wide attention. Industry believe that Obama's statements will exacerbate Sino-US trade friction, and thus makes the detonation of the three Sino-US relations issues (including arms sales to Taiwan and met with the Dalai Lama and the trade friction) all surface.
Late Thursday against the dollar slightly lower, from the China Foreign Exchange Trade Center's latest figures, the same day the central parity of RMB against the U.S. dollar reported 6.8270, only slightly higher than the previous trading day down 1 basis point, basically the same. Some analysts believe that it reflects the Chinese government is now the policy of maintaining exchange rate stability.
China: a rational and balanced RMB exchange rate
Yesterday, Chinese Foreign Ministry quickly respond. Foreign Ministry Spokesperson Jiang Yu at a regular press conference, pointed out explicitly: "The current international balance of payments, foreign exchange market supply and demand side, the RMB exchange rate close to a reasonable and balanced level."
that the RMB exchange rate is not the main reason the U.S. trade deficit with China, China never purposely pursues trade surplus. Hope that the U.S. objective and rational view of the China-US trade Cooperation The problems persist properly handled through equal consultation. Accusations and pressure obviously can not solve the problem.
In fact, since July 2005 the RMB exchange rate formation mechanism reform, China has been in accordance with the initiative, controllability and gradual nature of the principle of steady implementation of a managed floating exchange rate system, the yuan against the U.S. dollar has appreciated more than 20% .
"During the crisis, China maintained a stable exchange rate for global economic recovery has contributed to." Commerce ministry spokesman Yao Jian said earlier that "the issue of RMB exchange rate and trade balance is irrelevant to the so-called world economy imbalance, summed up the East Asia and China's exports, the U.S. consumer, does not make sense. In the current context, China must maintain stable macroeconomic policies, including the stability of the RMB exchange rate policy. "
However, foreign trade, said Ding Zhijie, Dean of the University of Finance, the United States to make such a statement is also understandable.
"Revitalize the manufacturing sector, whether or Obama vigorously advocated by the new energy technologies, find new sources of economic growth is not achieved overnight success, by setting up trade barriers, reducing domestic employment pressure, it becomes the choice of the U.S. government. but for the maintenance of economic and financial hegemony, the current situation the United States wants to make strategic adjustments. "Ding Zhijie said.
Hard just a gesture? However, Obama's tough stance is merely a gesture, is still uncertain.
U.S. Treasury Department October 15, 2009, submitted to Congress semi-annual report but did not include China a currency manipulator list. In accordance with the practice of twice a year, a report will be updated in April this year, baked. Analysts believe that could be concerned about the U.S. practice.
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