Many Ministries And Commissions In China Clearly Oppose The US Senate's Adoption Of The RMB Exchange Rate Act.

Focus on us exchange rate oversight reform bill

Although the exchange rate has changed for six years, the central parity of RMB against the US dollar has accumulated. appreciation More than 30%, but with the slowdown in US economic growth, high unemployment and domestic political pressure, the RMB exchange rate was once again pushed to the cusp.

In October 11th, the United States Senate rejected China's resolute opposition and passed the preplan of the 2011 currency exchange rate supervision reform bill. In response, the Ministry of foreign affairs, the Ministry of Commerce and the central bank said 12 days that the move was taken. protect These Measures seriously violate WTO rules and seriously interfere with Sino US economic and trade relations. China firmly opposes this.

Ministry of Foreign Affairs: US move seriously interferes with Sino US economy and trade relationship

The Ministry of foreign affairs pointed out that the case further escalated the exchange rate issue under the pretext of the so-called "monetary imbalance" and seriously interfered with Sino US economic and trade relations. China urges the relevant members of the United States to proceed 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.

Shen Danyang, a spokesman for the Ministry of Commerce, also pointed out that, at the critical moment facing the severe test of the global economic recovery, the United States Senate pushed forward the currency appreciation of trade partners in a legislative way, sending out the wrong signal of the escalation of protectionism. "This is a serious violation of international rules. It not only threatens the stable development of Sino US economic and trade relations, but also runs counter to the efforts of all countries to tackle challenges and trade protectionism, and China firmly opposes this."

"The Chinese side has always advocated that China and the United States strengthen communication and take positive and positive measures to develop Sino US economic and trade cooperation. Once the relevant bill of the United States is established, it will inevitably lead to serious damage to Sino US economic and trade relations. This is what China does not want to see. It is hoped that the US side will ponder and distinguish objectively and rationally the exchange rate issue and make the right choice. Shen Danyang emphasized.

Central bank: RMB exchange rate is gradually becoming reasonable and balanced.

In response to the bill proposed by the US Senate, the central bank official said that in recent years, China has accelerated the reform of the RMB exchange rate formation mechanism, and has achieved remarkable results. The RMB exchange rate is gradually becoming a reasonable and balanced level, and has made an important contribution to international economic and financial stability. The US Senate has repeatedly ignored the facts, entangled the issue of RMB exchange rate, sought external excuses for its own chronic diseases, and politicized economic issues. This will not only solve the domestic economic problems of the United States, seriously jeopardize Sino US economic and trade relations, but also damage the global economic recovery and steady growth.

The Central Bank Financial Research Institute released the review and outlook of the reform process of RMB exchange rate formation mechanism. The report pointed out that the current round of external imbalance in the US is a continuation of past imbalances, and the fact that the United States is actually facing the problem of importing from China is importing from other countries. If we do not make macro policy and structural adjustment, it is not feasible to regulate the balance of payments only by exchange rate.

The US export restriction is one of the important reasons for the imbalance between China and the US. The report points out that the United States, as a leading technology country in the world, is significantly competitive in China in terms of high-tech products, which can give full play to this comparative advantage. However, the United States has always pursued the Cold War mentality and adopted various restrictive measures on China's 7.44,0.05,0.68% export trade on the basis of so-called security.

The central bank pointed out that the principle of adhering to initiative, controllability and gradualism in the reform of RMB exchange rate is to make good use of the advantages and avoid disadvantages, and strive to minimize the possible internal and external negative effects, so as to gain time for a package of structural adjustment and supporting reforms. In addition, under the background of economic globalization, the evolution of the economic structure of various countries has internal regularity, which requires various efforts and is a gradual process.

NGO: the US Senate has missed the focus.

In fact, in addition to the voice of the government firmly opposed, many non-governmental organizations also issued a voice of opposition. The American Chamber of Commerce in October 12th said that the terms of the bill were not conducive to protecting US employment, or even backfired. The letter from the Chinese Chamber of Commerce in September 21, 2011 to the leaders of the two parties in the Senate has enumerated the detailed reasons why the chamber of Commerce and many other trade associations opposed the bill. The chamber urged the house of representatives not to take any further action on the bill.

Di Anhua, chairman of the China Chamber of Commerce in the United States, said, "we call on members of Congress to step up efforts to improve the most important issues for members of the chamber of Commerce." These problems include urging China to expand the market access of us enterprises in industries that still restrict foreign investment, increase the protection of intellectual property rights, and eliminate those preferential policies that benefit Chinese enterprises at the expense of foreign enterprises and damage real competition.

It is understood that China and the US have become the second largest trading partners in the world, and China is the fastest growing export market in the US. 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.