The US Dollar Will Soon Be Hard To Achieve.

The US House of representatives will vote on the all trade vote on the fair trade monetary reform act in September 29th.

One of the drafters of the bill, Tim Ryan of Ohio Democratic Party, said that the possibility of the bill being passed in the house of Representatives is very great.

The US House of Representatives fundraising committee approved this 24 day.

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Since the resumption of the autumn session of the United States Congress, our reporter has noticed that the mainstream publication, including the Congress and the Congressional Quarterly, is the most important word in the Congressional news related to China, that is, the RMB exchange rate.

On the issue of RMB appreciation, some members suggested that President Obama should exert pressure on China to promote RMB appreciation. Some members also suggested that the government should act cautiously and should not cause any trade retaliation.

On the issue of how to exert pressure on China, some argue that China is regarded as a currency manipulator, and should directly impose punitive actions on China through legislation. Others advocate putting pressure on China through multilateral dialogues and multilateral organizations such as international organizations.

Bade, director of the East Asian Affairs Office of the White House, said that President Obama and Chinese Premier Wen Jiabao held talks on the occasion of the United Nations General Assembly in New York. The economic problems occupied most of the talks between the two people, Jeff Bader.

Bade described the talks between the two sides as Frank. He said Obama talked about the importance of trade issues, especially the currency issue.

However, the Obama administration's attitude towards the exchange rate bill strongly promoted by Congress has been very cautious. On the one hand, it has never publicly welcomed it, nor has it declared obstruction.

A spokesman for the US Treasury Department said the Treasury would know the contents of the bill carefully, but had no specific position on whether the bill could be passed.

It was also learned that EU foreign minister Ashton (Catherine Ashton) will visit Washington in recent days. On behalf of the European Union, urging the United States to increase cooperation with China on the RMB exchange rate instead of "confrontation", it will be an important mission for Ashton to visit the United States.

Soon, legislation is unlikely.

At present, the US Congress only has a week's office time before the mid-term elections. Economists generally believe that in time, there is little possibility of practical operation on the issue of RMB exchange rate legislation.

Claude Barfield, a researcher at the US entrepreneur research institute and a former US trade representative office, pointed out that the Senate will not discuss this bill until this week's adjournment, so the bill can not become legislation soon.

Barfield said that if the Republican Party wins more seats in the house of Representatives after the mid-term elections, it will be less likely to pass the bill in the next Congress.

In addition, Barfield pointed out that even if the bill becomes legislation, it is not in conformity with the WTO principles and can not be arbitrated by WTO, because WTO has not defined the link between the underestimation of money and export subsidies.

Bergstan, a director of the Pedersen Institute for international economics, who has always advocated that the Renminbi should appreciate 20%~25% in the next two to three years, said in an interview with our reporter that before the mid-term elections, the purpose of such hearings, including congressional hearings, was not to really complete the legislation. The aim was to put more pressure on the Obama administration, so that the government could exert pressure on China. "Fred Bergsten"

Bergstan pointed out that although Congress is unlikely to pass the legislation on the RMB exchange rate by the end of this year, the current Congress's action against the RMB exchange rate is a "starting point" for the next Congress to act on the exchange rate issue. The reason is that the US Congress generally believes that since June this year, China's "down payment" dropped on the exchange rate floating is far from the US's "visible results".

The bill has a huge negative effect.

In the hearing held by the Congress on the RMB exchange rate, Fu Qiangen, chairman of the US China Trade Commission (John Frisbie) questioned the US's various circles about the underestimation of the value of the renminbi, and suggested that the market should be used to decide the value of the renminbi.

Fu Qiangen pointed out that the US business community is very worried about this exchange rate bill because it will produce a great negative effect.

Kevin Burke, President and chief executive officer of the American clothing and Footwear Association, recently issued a statement saying that the bill passed by the house of representatives will not create any employment opportunities in the United States, nor will it do anything to force China to appreciate the renminbi.

"If we continue to push this bill, the only thing that will happen is a trade war between the United States and China. The price is the loss of more jobs in the United States, including the work of the American clothing and footwear industry.

As the largest export market of US manufacturers, US agriculture and American brands, the trade war with China will make it impossible for us to achieve the goal of doubling exports in 5 years, and let us develop in the opposite direction.

Burke pointed out.