Home >
Statement Of The People's Bank Of China On The US Treasury's Listing China As A Currency Manipulator
In August 6th, the United States Treasury Department listed China as a "currency manipulator" in the Beijing time. China deeply regrets this. This label does not conform to the quantitative standard of the so-called "currency manipulation state" formulated by the US Treasury itself. It is a willful unilateralism and protectionism, which seriously undermines international rules and will have a significant impact on global economic and financial affairs.
China has implemented a regulated floating exchange rate system based on market supply and demand and reference to a basket of currencies. In terms of mechanism, the RMB exchange rate is determined by market supply and demand, and there is no "exchange rate manipulation" problem. Since August this year, the depreciation of the RMB exchange rate has been mainly driven by the changes in the global economic situation and the intensification of trade frictions. The people's Bank of China has always been committed to maintaining a basically stable RMB exchange rate at a reasonable and balanced level. This effort is well known in the international community. According to the data released by the bank for International Settlements, from the beginning of 2005 to June 2019, the nominal effective exchange rate of RMB appreciated by 38%, and the real effective exchange rate appreciated by 47%. It is the most powerful currency in the twenty group economy, and it is also one of the currencies with the largest appreciation in the world. In the consultations on the fourth terms of the IMF just concluded, the IMF pointed out that the RMB exchange rate basically met the fundamentals. In the 1997 Asian financial crisis and the 2008 global financial crisis, China has been committed to maintaining a stable RMB exchange rate and strongly supporting the stability of the international financial market and the global economic recovery. Since 2018, the United States has been upgrading trade disputes. China has always insisted on not doing competitive devaluation. China has not and will not use the exchange rate as a tool to deal with trade disputes.
The Chinese side firmly opposes the fact that the United States ignores the fact that it is unreasonable to label China as a currency manipulator country. This will not only seriously disrupt the international financial order, cause financial market turbulence, but also will greatly impede international trade and global economic recovery, and will eventually bear fruit. The unilateralism of the United States has also destroyed the global consensus on the exchange rate issue and will have a serious negative impact on the stable operation of the international monetary system. The Chinese side advised the US side to rein in the precipice and return to the correct and objective track.
China will continue to adhere to a regulated and managed floating exchange rate system based on market supply and demand and reference to a basket of currencies, so as to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
China has implemented a regulated floating exchange rate system based on market supply and demand and reference to a basket of currencies. In terms of mechanism, the RMB exchange rate is determined by market supply and demand, and there is no "exchange rate manipulation" problem. Since August this year, the depreciation of the RMB exchange rate has been mainly driven by the changes in the global economic situation and the intensification of trade frictions. The people's Bank of China has always been committed to maintaining a basically stable RMB exchange rate at a reasonable and balanced level. This effort is well known in the international community. According to the data released by the bank for International Settlements, from the beginning of 2005 to June 2019, the nominal effective exchange rate of RMB appreciated by 38%, and the real effective exchange rate appreciated by 47%. It is the most powerful currency in the twenty group economy, and it is also one of the currencies with the largest appreciation in the world. In the consultations on the fourth terms of the IMF just concluded, the IMF pointed out that the RMB exchange rate basically met the fundamentals. In the 1997 Asian financial crisis and the 2008 global financial crisis, China has been committed to maintaining a stable RMB exchange rate and strongly supporting the stability of the international financial market and the global economic recovery. Since 2018, the United States has been upgrading trade disputes. China has always insisted on not doing competitive devaluation. China has not and will not use the exchange rate as a tool to deal with trade disputes.
The Chinese side firmly opposes the fact that the United States ignores the fact that it is unreasonable to label China as a currency manipulator country. This will not only seriously disrupt the international financial order, cause financial market turbulence, but also will greatly impede international trade and global economic recovery, and will eventually bear fruit. The unilateralism of the United States has also destroyed the global consensus on the exchange rate issue and will have a serious negative impact on the stable operation of the international monetary system. The Chinese side advised the US side to rein in the precipice and return to the correct and objective track.
China will continue to adhere to a regulated and managed floating exchange rate system based on market supply and demand and reference to a basket of currencies, so as to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
- Related reading

Fake: Jihua, Shan Yu Dye Issued "False Statement", To Textile Boss's Pit Guide!
|
2019/8/8 12:01:00
0

"Kim Gu" Countdown For 1 Months: These Good Omens Show That The Textile Season Is A Show!
|
2019/8/8 12:01:00
0
- Bullshit | 1017 ALYX 9SM Function Bracelet Buckle Chainlink Bracelet Release Of New Black Soul Version
- Bullshit | PORTER X Elf Treasure Dream 2019 Joint Bag Series Debut
- College students'Entrepreneurship | Star Paris Shop
- Successful case | Shang Dale Underwear Store Sales Skills
- Help you make money | How To Find The Source Of Clothing In Autumn? Frequently Asked Questions About Clothing Purchase
- Entrepreneurial path | When Does Autumn Come In? When Will Autumn Come On Sale?
- Fashion posters | Di As Sweet Tanabata, Beautiful Dress Skirt Match
- Fashion posters | Jiao Xue Fang Fei, Elegant And Advanced Skirt, Hold Lives In Romance.
- DIY life | Looking For Love Tanabata Copywriter, Let Your Tanabata Become Nostalgia!
- DIY life | He Dressed In These Colors And Relaxed.
- Sino US Trade War Again Upgraded Cotton City A New Round Of Decline Opened
- Fake: Jihua, Shan Yu Dye Issued "False Statement", To Textile Boss's Pit Guide!
- "Kim Gu" Countdown For 1 Months: These Good Omens Show That The Textile Season Is A Show!
- 35 Printing And Dyeing Enterprises Were Integrated Into 5 Printing And Dyeing Groups And Gathered In Keqiao Binhai Park.
- Burn! Working Overtime On High Temperature Is The Most Gorgeous Five-Star Red Flag For The 70 Birthday.
- Build A Harmonious City. Constructing Linkage Pattern And Heading Towards International Textile Capital
- 30 Million, Win The Right To Operate The Designer Brand "Self-Portrait" In China.
- Nike Air Vapormax 3 Dark Red Woven Upper!
- Fan X Lizzie Armanto New Joint Series On Sale, Strawberry Upper Body
- Appreciation Of NUMBER (N) INE 2019 Autumn Winter Series Lookbook