RMB Exchange Rate Bill Facing Opposition In The US

　　 U.S.A The Senate passed a bill on the so-called China exchange rate policy, and the three major government departments in China were again resolutely fighting back. In the United States, the motion was criticized by many people.

John Bona, the speaker of the house of Representatives, has made it clear that he has not put a vote on the bill in the house of representatives for the time being. Boehner said it is wrong or even dangerous for US Congress to force China to do something through a bill. He thought that if the house passed the bill, it would open trade war with China, which would bring more losses to the United States.

President Obama has clearly expressed his objection to the bill. Obama said that despite the huge trade surplus between China and the United States, the Senate passed the resolution. RMB The bill may still violate international trade standards. Obama said he believed that whatever measures were taken to enhance competitiveness and enhance employment must be consistent with international laws and obligations. He did not want to get the support of WTO only through a symbolic act.

US Treasury Secretary Geithner has also said that the United States needs to find a more effective way to deal with the measures that make us enterprises at a disadvantage. It can be said that the bill passed by the Senate lacks enough markets in the White House and the house of Representatives, so the possibility of breaking through these two passes is very small.

The American business community also disagrees. The more than 50 US trade associations, including the US import and Export Chamber of Commerce, recently opposed the bill to speed up the appreciation of the renminbi by the Senate. The unilateral legislative action would bring the opposite effect to the US enterprises.

In addition, American experts and scholars also believe that the case is not beneficial to the United States.

Karl Weinberg, chief economist of the US high frequency economic information society, believes that if the United States sticks to China's sanctions against the RMB exchange rate, it will trigger a trade war, thereby undermining the economic development of the two countries. If the United States imposed tariff sanctions on China's exports, it violated the basic principles of the world trade organization that the United States itself participated in.

Robert Roche, vice president of American Chamber of Commerce in Shanghai, said that although the RMB exchange rate is one of Washington's continuing concerns, there are more issues that deserve attention from the two trade partners. Market access is more important than that. National treatment is more important than that. Intellectual property is also more important than that. To some extent, this is a kind of FALSE This act will not produce any effect.

Galston, a senior fellow of the Brookings Institution, believes that although many members support this bill, if Boehner and other top Republicans do not change their position, it will be difficult to get through the house of Representatives, or even get the chance to vote in the house of Representatives. Most mainstream media in the United States share the same view.