RMB "innovation is no longer a high" seems to be the best flicks market sensitive nerves. (Pictures)
United States House of representatives ways and means Committee local time 24 vote adopted the exchange rate reforms promote fair trading act.
The Bill attempts to amend United States trade laws to give the United States Department of Commerce, greater rights to under certain conditions the underestimation of the so-called "currency" as export subsidies, and thus to the associated countries to the United States trade levy countervailing duties.
Recently, the United States Congressmen and business organizations to China in June this year, announced the implementation of the new round of reform since the appreciation of the Renminbi exchange rate range is too small, the collection of 133 members of Parliament, ask Congress to vote on this Bill. In this context, the House ways and means Committee hearing on the Bill to a vote.
It is expected that this Bill as early as next week in the House of representatives voted for the whole Institute. According to the United States in the legislative procedure, if the House of representatives voted, the Bills will enter Senate legislative procedures.
During the third round of the "Government" RMB
This is not the United States for the first time on exchange rate issues friction.
Since the global financial crisis, the United States on China's exchange rate increasingly frequent accusations. Especially since this year, to United States President Barack Obama as one of the core leadership of China's exchange rate regime.
On 11 March this year, Obama in export-import Bank Annual Conference on trade policy speech, the Renminbi to "market-oriented exchange rate mechanism" transition. He also said that the United States Government will be April 15, publication of the half-year report, the Minister of finance, to decide whether to bring China to "exchange rate manipulation".
March 13, the President of United States steel workers Federation called for the Obama administration will LeoGerard China as exchange rate manipulation powers, and to take action to address China's unfair for monetary policy.
15 March, by United States 130 bipartisan groups sent a letter to the United States Treasury Secretary Geithner and Commerce Secretary Locke, urges the United States Department of Commerce's use of the anti-subsidy law deal with the so-called Chinese exchange rate control, and requires the United States Treasury in April 15th report will manipulate the State of China as the exchange rate, and then with the International Monetary Fund (IMF) and other countries, in consultation with the exchange rate regime in China.
However, this is a series of positions and initiatives did not let the Chinese really put on the "exchange rate manipulation" hat.
Followed by early June, United States Senator Charles Schumer and · Treasury Geithner accused separately on different occasions, the Renminbi exchange rate of RMB to further investigation. United States Treasury Secretary Geithner on June 10, at the hearing of the Senate Finance Committee, promised to continue to put pressure on China exchange rate reform.
Recently, Geithner and President Obama has once again put pressure on Yuan in succession.
First 16 September Geithner congressional hearing clearly pointed out that "the RMB value increase is too slow, insufficient. We will continue to study in United States on China pressured the possibility of accelerating the appreciation of the renminbi and the possible options. "In the outside world, this speech was Geithner since assumed office on the RMB exchange rate most strongly in a statement.
After Obama in accepting CNBC television interview, said that the RMB exchange rate is underestimated, China enjoys the advantages of "unfair trade", and the Chinese Government on the issue of the RMB is not to make the greatest efforts. United States trade representative, Kirk says will continue in the exchange rate policy issues for pressure on China.
The House ways and means Committee, through the exchange rate reforms promote fair trade Act, the United States in the exchange rate on the friction to the climax of a year.
Special tariff Bill will make us lose
In fact, the Obama administration on the Renminbi exchange rate the latest round of pressure and the upcoming United States midterm elections.
The Obama administration took office, anxious to reverse the economic downturn, particularly anxious to solve domestic high unemployment. However, the effect has been unsatisfactory. Domestic public discontent. Near midterm election Obama administration took the Renminbi exchange rate for its pad on the back, spearhead again strongly at the RMB exchange rate.
In fact, in 2005, after the appreciation of the Renminbi has since 20% more, since the last restart of the reform has been revalued 1.5%, so fast appreciation on Chinese exporters have enormous pressure. The current Chinese export commodities remains labour-intensive products, coupled with China's labor costs are escalating, exporting enterprises profit is very low, excessive appreciation of RMB against the enterprise a big blow. China is changing the way of economic development, economic restructuring, but China's economic dependence on the export situation has not fundamentally changed, if the appreciation of the renminbi is too fast, too much on the export of combat, and ultimately will make China's economic growth has been hampered, or may make the transition once.
Beauty special tariff act forced the RMB value increase may result in the end. On China's export enterprises tremendous impact is an indisputable fact, however, must be seen in many export enterprises in China are United States enterprises in China, these enterprises equally serious blow to the extent that this loss will pass to the United States domestic economic impact on the United States. At the same time, if the United States to impose special tariffs to China, China will inevitably take countermeasures, Sino-US trade war inevitable. This will probably make a deterioration of Sino-US trade.
Industry experts generally agreed that the RMB return small step in the gradual appreciation of the track is relatively well. Currently, the only possible broad consensus is that the Chinese should stick to their own exchange rate reform should not be subject to outside influences.
As the Premier Wen Jiabao meets with Obama in 23, said, "the Chinese RMB exchange rate regime reform was determined to be firm, including the United States, foreign enterprises in China are to enjoy national treatment, welcoming their active involvement in China
Economic development. "At the same time, he participated in the month of March of this year's news is also stressed that" we oppose the mutual accusations between countries, or even use the force option to force a country's exchange rate appreciation, because it is not conducive to the reform of the Renminbi exchange rate. ”Circumstances indicate that the exchange rate of the game in the United States will continue.
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