Global network of journalists report Tang Hao, according to the United States from the Wall Street Journal News 11 October, the International Monetary Fund (IMF) failed in weekend international monetary agreement on the dispute, and the United States will exchange rate policy further pressure on China. United States official said that the Obama administration is very happy to let the Chinese RMB policy become the IMF annual meetings in the Centre, and feel China in response to the efforts of the United States. But he also said that the United States will continue to exert pressure to prevent the "backwards" in China.
Reports that the United States and Europe and many emerging market countries complain about China to assist exporters and "deliberately" RMB. In order to be competitive, Japan, Korea, Brazil and other countries have also taken measures to suppress local currency exchange rate, worrying of these practices may portend a trade war. Chinese officials in the International Monetary Fund meetings play a more prominent than usually, their role in press conferences, lectures and public seminars on the present its reason, want to ease the tense atmosphere, but carefully worded, did not cross the Chinese Government to allow the gradual appreciation of the Renminbi, the "policies".
United States in IMF meeting two proposals did not win much support. European countries expressed concern about the RMB exchange rate, but not on the Chinese Government to take too much confrontation. Some countries said that the United States to address the root causes of exchange rate disputes. Austria's Central Bank Governor Nowotny interview said that the United States need to reduce the fiscal and trade deficits, and China, the most important thing is to increase domestic consumption, the appreciation of the renminbi is achieved. European Commission-economic and Monetary Affairs Commissioner Rehn said that he believes is "seriously underestimated the Renminbi," and called on the IMF in the settlement of the RMB exchange rate disputes "played a bigger role."
United States therefore have more choice of unilateral and multilateral actions. Unilateral action because the domestic political and difficult to implement. Geithner and the White House tried to use Congress anger to convey the United States fears, chips is the last month of the House of representatives passed a Bill which would make the United States domestic enterprises more easily win case against China's sanctions. But the Ministry of Finance also worry about the Bills may cause trade war, counterproductive, and therefore has not expressed its support for the Bill, nor the Treasury Department would like to see what kind of Act provisions to make recommendations to the members.
Reports indicated that the United States will focus on November Seoul group of 20 (G20) Summit. Exchange rate issues as a group of 20 in an alleged "economic rebalancing" topic has been on the agenda. Trade surplus countries, especially China, has agreed to lead the economic growth was primarily driven by exports into domestic consumption, on China's terms, this means that the appreciation of the Renminbi. While the trade deficit countries, particularly in the United States, has agreed to increase savings, reduction of import. The overall goal is to reduce global economic growth in the United States consumer spending.
The Wall Street Journal on the RMB exchange rate would have caused a trade war online survey, results showed that about half of those surveyed are concerned about the situation. As of this dispatch date, 775 votes that United States and other countries might risk a trade war with China, accounting for the number of 50.8%; believes that no trade war of basic, 750 people, constituting 49.2%.
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