Ben Bernanke: Chinese export commodities prices are United States artificially low to 30%

United States Federal Reserve Board Chairman Ben Bernanke on 21 July in the Senate Banking Committee hearing, said the appreciation of the RMB underestimated should.

Ben Bernanke at the hearing on economic questions answered his question, asked the RMB exchange rate, he said the appreciation of the renminbi in accord with China's own interests, "we would like to see them take further action (let the RMB value increase more), whether it's creating an environment of fair competition or for China's own interests should be the case, so that their domestic economy will be more balanced, and at the same time, their monetary policy will become more independent. ”

However, Ben Bernanke also makes it clear that legislative action in Congress to force the appreciation of the Renminbi to China is not the best way to solve the problem, "I hope that Congress take tough action must seriously consider. "He said.

Last month, China announced exchange rate reform again, the rate of the RMB two-way volatility, but overall appreciation of the magnitude and not be obvious, it makes a lot of disappointment at the United States Congress, they are actively promoting legislation, hope that China will accelerate the pace of renminbi appreciation.

When being asked China's exchange rate policy is now on exports constitute subsidies, Ben Bernanke said sure. As for the Renminbi exchange rate underestimated the extent of, there are many, from 10% to 40%, Ben Bernanke gives his opinion: "you see in Figure 10% to 30%. Broad terms, this means that the Chinese exports to the United States of commodity prices are artificially low a to 30%. ”

For many members of the United States domestic high unemployment attributable to the trade with China, especially since the United States has a huge trade deficit, Ben Bernanke caution "in the long term, the overall employment situation and the current account deficit and there is no contact between. "He said. Ben Bernanke's this stance may have many congressmen disappointed because many Members just want to put the blame on China for voter support in the November elections.