The United States Accuses China Of "Manipulating The Exchange Rate" &Nbsp, Which Has Been Questioned By Many People In The Industry.

At that time, on November 17th, the annual report submitted to the US Congress issued by the US China Economic and Security Commission under the US Congress said that China underestimated the 2010 annual report.

The report said that since China's accession to the WTO, China's trade surplus with the United States has totaled 1 trillion and 760 billion US dollars. What is more alarming is that in the first 8 months of this year, the US trade deficit with China amounted to US $173 billion 400 million, an increase of 21% over the same period last year, and China's deficit continued to account for 40% of the total deficit.

The report points out that the undervaluation of the RMB from 20% to 40% is one of the important factors contributing to the unsustainable trade imbalance between China and the United States. The trade imbalance between China and the United States and the undervaluation of the RMB exchange rate have hurt the employment of the United States.

The report calls for the Ministry of finance to formally list China as a "currency manipulator" and proposes 45 policy recommendations.

The Associated Press reported that the Committee recommended that US legislators should urge the Obama administration to take stronger action against this.

"China's manipulation of the renminbi is still hurting American manufacturing and employment," Shen Danning, chairman of the US China Economic and Security Assessment Commission and Dan Slane of Ohio, said in a prepared comment.

It seems that there is no real impetus for the renminbi to fluctuate according to market forces.

China's position has been clear about the exchange rate issue.

In October 10th, Zhou Xiaochuan, President of the people's Bank of China, said in Washington that China would further push forward the reform of the RMB exchange rate formation mechanism, but the sharp appreciation of the renminbi in the short term would have a huge impact on the Chinese economy.

In response to questions raised by reporters in September, Chinese Foreign Ministry spokesman Jiang Yu pointed out that some of the measures proposed by the United States to promote the appreciation of the renminbi are unwise and short-sighted.

Since 2002, the US China Economic and Security Assessment Commission has submitted annual reports on Sino US relations to the US Congress. This year's report, apart from accusing China of "