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Look At The Issue Of RMB Exchange Rate Correctly: &Nbsp; &Nbsp; Do Not Act Arbitrarily.

2010/9/21 23:38:00 99

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In September 21st, the China Foreign Exchange Trading Center announced that the central parity of RMB against the US dollar was 6.6997 to 1.

This is more than the last one

Trading day

We should go up 113 basis points and earn a new high since the exchange rate was changed.

At this point, the central parity of RMB against the US dollar has risen for 9 consecutive trading days.

In the past two weeks, the external pressure of RMB exchange rate has increased sharply.

In September 20th, President Obama and trade representative Kirk made their statements.

Obama told American Broadcasting Company Financial Times (CNBC) that China did not take enough measures to allow the renminbi to appreciate.

China's exchange rate policy is a "real problem". The United States has urged China to let the renminbi appreciate.

The special political ecology before the mid-term elections in the US Congress is warming up protectionism.

From 15 to 16, the relevant committee of the house of representatives of the United States and the United States held 3 hearings in succession, and put pressure on the RMB exchange rate. Some members clamored for punitive tariffs on Chinese goods.

However, this seemingly powerful political voice can not hide the voice of reason.

At the hearing, some members of Parliament stressed that the adoption of legislative means forced.

RMB appreciation

It will only destroy the Sino US economic and trade relations and further damage the other important economic interests of the United States in China.

No matter what interests it represents, such a voice represents a rational concern at least for the negative impact that the US will exert on the US China Economic and trade relations.

In this voice dominated by politicians, the United States

Business community

There is no lack of rational knowledge.

Fu Qiangen, chairman of the National Committee of the US China trade, believes that there is no objective basis for the view that the appreciation of the renminbi can alleviate the US trade deficit with China.

He cited evidence that from 2005 to 2008, the renminbi appreciated by about 20% against the US dollar, but the US trade deficit with China was increasing, and the legislation on the RMB exchange rate also violated the WTO rules.

In the view of many economists, it is a lack of economic rationality that some people in the United States are putting pressure on the RMB exchange rate.

Shi Jiandao, an expert on China's economic issues of the traditional foundation, points out that a country's trade surplus or deficit is a reflection of its national consumption and savings structure, that is, the US trade deficit is due to excessive consumption of Americans and insufficient savings.

Geithner's speech, which was questioned by Congress, was quite contradictory. On the one hand, he accused the RMB appreciation rate too slowly and its appreciation was very limited.

On the other hand, he admits that the appreciation of the renminbi will not erase the US Global trade deficit and the US China trade deficit.

But fundamentally speaking, Geithner acknowledged that the United States should take more actions to strengthen its economy.

These contradictory statements reflect the swing of the US government's political interests and economic rationality.

The rational voice issued by the American insight helps us to lead a clear and objective understanding of the RMB exchange rate issue in the US public.

There should be more rational voices.