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The Chinese Side Is Heavily Opposed To The US Exchange Rate Bill &Nbsp, Or The Central Bank'S Trade War.

2011/10/5 9:38:00 40

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Exchange Rate Bill Central Bank Trade War

Foreign Ministry spokeswoman Ma Zhaoxu said yesterday that in October 3rd, the US Senate rejected China's resolute opposition and passed the "2011" procedure.

Currency exchange rate

The supervision reform bill is proposed.

Under the pretext of "monetary imbalance", the case further escalated the exchange rate issue and adopted protectionist measures, which seriously violated the WTO rules and seriously interfered with Sino US economic and trade relations. China firmly opposes this.

Ma Zhaoxu said that Sino US economic and trade cooperation has

Mutual benefit and win-win situation

The distinctive characteristics of the two countries have brought tangible benefits to the two peoples and become an important foundation and driving force for Sino US relations.

China and the US are already the second largest trading partners, and China is the fastest growing export market in the United States.

As we all know, the RMB exchange rate is not the cause of Sino US trade imbalance.

Since China's decision to further promote the reform of the RMB exchange rate formation mechanism in June 2010, the RMB has appreciated by 7% against the US dollar.

The Chinese side will continue to improve the managed floating exchange rate system in accordance with the principle of initiative, controllability and gradualism, enhance the flexibility of RMB exchange rate and maintain its basic stability at a reasonable and balanced level.

The spokesman said that the Chinese side urged the US members concerned to start from the overall situation of Sino US economic and trade cooperation and the interests of the United States, correctly and rationally understand the essence of Sino US economic and trade cooperation and win win win, and stop pressing domestic legislation to create problems to China.

China appeals to the United States to abandon protectionism and politicize economic and trade issues, so as to create a favorable environment for the development of bilateral economic and trade relations.

Reaction

Central bank: this may lead to Sino US trade war.

In accordance with the procedural vote of the US Senate, the currency exchange rate supervision reform bill 2011 was approved.

Reserve plan

The person in charge of the people's Bank of China expressed regret.

There are many reasons for the global imbalance. The main reason for the trade imbalance between China and the United States is not the RMB exchange rate, the structure of Sino US investment and trade is different, the savings rate and consumption rate between China and the US are different, the division of labor in different industrial chains formed by economic globalization, and the unreasonable international monetary system may be more important than exchange rate.

It should be pointed out that in the current global economic downturn and market confidence need to be improved, an external environment of solidarity, cooperation and common difficulties is vital to all countries in the world.

The US Senate passed this time.

exchange rate

The bill will not only solve the problems of insufficient savings, trade deficit and high unemployment rate in the United States, but also seriously affect China's ongoing exchange rate reform process, and may lead to a trade war we do not want to see.

From the practical lessons of the United States, the politicization of economic problems will not only help solve the problems, but also lead to the complexity of the problems, which will have a negative impact on economic recovery and market confidence.

Ministry of Commerce: forcing appreciation to solve Sino US trade imbalance

According to Xinhua News Agency's acupuncture to the US Senate, the procedural vote adopted the plan for the monetary exchange rate supervision reform bill 2011. Shen Danyang, a spokesman for the Ministry of Commerce, pointed out that some members of the us want to borrow the RMB exchange rate bill and pfer their domestic contradictions to other countries, which is unfair and contrary to international common rules. China is deeply concerned about this.

Shen Danyang stressed that forcing the appreciation of the renminbi can not solve the problem of Sino US trade imbalance, nor solve the employment problem of the United States, but weaken the efforts of China and the United States to jointly promote the global economic recovery.

In a time of complex, sensitive and changeable global economy, a stable international monetary environment is needed.

China and the United States should abide by the WTO rules and avoid politicizing economic and trade issues.