US: Yuan was not manipulated
Source: Xinhua |
February 6, 2011, Sunday
|
Print Edition
Print Edition
MAJOR trading partners of the United States, including China, did not manipulate their currencies to gain an unfair advantage in international trade in 2010, according to a report released by the US Treasury Department on Friday.
"Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semi-annual report to the Congress on International Economic and Exchange Rate Policies.
With respect to exchange rate policies, 10 economies were reviewed in this report, accounting for nearly 75 percent of US trade.
Many of the economies have fully flexible exchange rates.
A few have more tightly managed exchange rates, with varying degrees of management.
"No major trading partners of the United States" met the standards identified by the Congress as currency manipulator, concluded the report.
Since the June 19 announcement by China's central bank of greater exchange rate flexibility, the yuan has appreciated 3.7 percent against the US dollar. The currency has appreciated 26 percent against the US dollar since 2005.
The Treasury said because inflation in China is significantly higher than it is in the US, the yuan has been appreciating more rapidly against the dollar on a real, inflation-adjusted basis, at a rate which if sustained would amount to more than 10 percent per year.
Some US politicians have accused Beijing of keeping its currency undervalued, flooding America with cheap exports that leads to higher unemployment there.
But many economists believe the yuan's appreciation will not solve America's jobless problem.
"Treasury today again made the right call on China's currency policy in its latest exchange rate report," John Frisbie, President of the US-China Business Council said in a statement.
"Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semi-annual report to the Congress on International Economic and Exchange Rate Policies.
With respect to exchange rate policies, 10 economies were reviewed in this report, accounting for nearly 75 percent of US trade.
Many of the economies have fully flexible exchange rates.
A few have more tightly managed exchange rates, with varying degrees of management.
"No major trading partners of the United States" met the standards identified by the Congress as currency manipulator, concluded the report.
Since the June 19 announcement by China's central bank of greater exchange rate flexibility, the yuan has appreciated 3.7 percent against the US dollar. The currency has appreciated 26 percent against the US dollar since 2005.
The Treasury said because inflation in China is significantly higher than it is in the US, the yuan has been appreciating more rapidly against the dollar on a real, inflation-adjusted basis, at a rate which if sustained would amount to more than 10 percent per year.
Some US politicians have accused Beijing of keeping its currency undervalued, flooding America with cheap exports that leads to higher unemployment there.
But many economists believe the yuan's appreciation will not solve America's jobless problem.
"Treasury today again made the right call on China's currency policy in its latest exchange rate report," John Frisbie, President of the US-China Business Council said in a statement.
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