IMF Meeting No Fruit &Nbsp; The United States Further Pressure RMB.

The International Monetary Fund (IMF) failed to reach an agreement on International Monetary disputes at the end of the week.

An American official said Obama (Obama) government was pleased to make China's RMB policy the central issue of the annual meeting of the International Monetary Fund and felt that China was responding to the efforts of the United States, which has accelerated the appreciation of the renminbi over the past month.

But the official said he should continue to put pressure on China to regress.

The United States, European countries and many emerging market countries complain that China has deliberately lowered the RMB exchange rate to help its export enterprises.

In order to compete, Japan, South Korea, Brazil and other countries have taken measures to keep down.

Chinese officials played a more prominent role than usual in the International Monetary Fund meeting. They presented their reasons at press conferences, speeches and public seminars.

They want to ease the tension, but they are careful not to get across the policy line that the Chinese government has allowed the renminbi to "gradually" appreciate.

Zhou Xiaochuan, governor of the people's Bank of China, said on Sunday that if China can keep inflation low and maintain steady economic growth, the RMB exchange rate will rise.

But he cautioned that it was not expected to change very quickly. He likened this policy to 10 kinds of herbal medicine for treating a disease.

He laughs at the Institute of International Finance meeting, saying that the problem will not be solved overnight, and it will take one or two months.

The international finance association is a trade association of bankers.

The United States will focus its attention on the G20 summit in Seoul in November.

The Obama administration is forecasting that China will further appreciate the Renminbi before that, so that the RMB exchange rate policy will not become the focus of the conference. South Korean negotiators are also trying to persuade the Chinese government to do so.

Before the last summit of the group of 20 in Toronto in June this year, the Chinese government decided to show its currency policy.

But the RMB exchange rate rose slightly, which led to another pressure on the US, including the visit of Lawrence Summers, the White House economic adviser, to China in September 6th.

Since then, the yuan has risen by about 2% against the US dollar. Schumer said the pace is encouraging, but the US hopes for a further appreciation of the renminbi.

Geithner, the US Treasury Secretary, told the International Monetary Fund Conference on Saturday that it is important for the major emerging economies to make more progress to make the exchange rate management mechanism more flexible and more market-oriented. Timothy Geithner

His speech clearly refers to China.

There are other ways in the United States, but we are cautious about using some methods.

The most obvious is the US Treasury's semi annual report released on Friday, which tests whether the exchange rate, including the renminbi, is manipulated.

Geithner once stated in parliament that China's manipulation of the RMB exchange rate might be counterproductive.

Such a recognition, based on the trade act of 1988, simply requires the United States to consult with the Chinese government. The United States has already done so, which may lead to the Chinese government's retaliation against American enterprises.

The US Treasury postponed the report in April, giving China more time to adjust its policies. After China said it would allow the yuan to be more flexible, the United States did not classify China as a currency manipulator.

However, in a forthcoming report, putting China on the map may bring political problems to the US government, because China has become a significant political topic in the mid autumn election.

This explains why the Treasury wants to postpone the release of the report, which has been done by democratic and Republican governments in the United States.

Geithner told lawmakers that he would publish the report in a timely fashion, but did not make a more specific commitment.

The two proposals put forward at the IMF meeting did not win much support.

In a speech before the meeting, Geithner said that if some regional agreement could be reached to allow other Asian countries to allow their currencies to appreciate, then China might be willing to let the renminbi appreciate.

As a result, no country can gain competitive advantage from its currency exchange rate.

But at a seminar held by IMF, Yi Gang, vice president of the people's Bank of China, said that the possibility of such an agreement is very small.

Geithner also said that China's power and role in IMF should be linked to China's willingness to initiate exchange rate reform.

This has been supported by Dominique Strauss-Kahn, President of IMF, but most people do not agree with Strauss Strauss-Kahn.

Youssef Boutros-Ghali, Egypt's finance minister, said no one wanted to link the two.

Gary is chairman of IMF's decision Committee. He is responsible for leading the IMF's voting reform.

European countries expressed concern about the RMB exchange rate, but they did not take too many confrontations with the Chinese government.

Some countries say that China and the United States can solve the root cause of the exchange rate dispute.

Austria central bank governor Novotny (Ewald Nowotny) said in an interview that the United States needs to reduce its fiscal and trade deficit, and for China, the most important thing is to increase domestic consumption. The appreciation of the renminbi is a means to achieve this goal.

Olli Rehn, Commissioner of economic and monetary affairs of the European Commission, said he thought the renminbi was "seriously undervalued" and called on IMF to play a "bigger role" in resolving the RMB exchange rate dispute.

Last Friday, Strauss Kahn put forward an initiative that IMF should coordinate in various fields to ease the tension of currency war.

But at the end of last Saturday's IMF meeting, the area of action he had designated for IMF had narrowed. He only asked IMF to pay more attention to the issue of exchange rate when assessing the economic policies of Member States.

The United States therefore has multiple unilateral and multilateral options of action.

Unilateral actions are difficult to implement because of domestic politics.

Geithner and the White House tried to use the anger of Congress to convey China's concerns to China.

The chip is a bill passed by the house last month, which will make it easier for us domestic enterprises to win sanctions against China. They believe that China's suppression of the RMB exchange rate has subsidized Chinese exports.

But the Treasury is also worried that the bill may lead to a trade war and produce the opposite effect. Therefore, it has not yet expressed support for the bill, nor has it made recommendations to members of the Ministry of Finance on what kind of bill provisions it wants to see.

Senate leaders said they thought there would be no time to pass a similar bill and make it a law during the lame duck session after the mid-term elections in November.

But if the Anti China sentiment in Congress continues to rise, it will be another matter.

The US Treasury believes that the summit of the group of 20 held in South Korea is more promising.

The issue of exchange rate has been put on the agenda as a "economic rebalancing" issue by the group of 20.

The trade surplus countries, especially China, have agreed to pform the main driving force of economic growth from exports to domestic consumption, which means the appreciation of the Renminbi for China.

The trade deficit countries, especially the US, have agreed to increase savings and reduce imports.

The overall goal is to reduce the dependence of global economic growth on US consumer spending.

The organizers of South Korea's preparations for the group of 20 summit are having a dialogue with the Chinese government, pointing out that it is very important for China to reach a political agreement with the United States on the exchange rate issue before the summit.

At the group of 20 summit, US President Obama (Barack Obama) will put pressure on Chinese President Hu Jintao.

Zhou Xiaochuan, governor of the people's Bank of China, said China agreed to the agenda of the G20 summit.

Spencer (Michael Spence), the Nobel Laureate in economics at New York University (New York University), said Sunday that China's interests are in line with the interests of the world, rather than conflict with each other.

He said, the problem we are facing now is speed. In my view, Chinese officials are too slow in action.

Many officials do not understand this.