US declines to say China manipulates yuan
Print Edition
The US Treasury Department has declined to name China as a currency manipulator, saying it would closely monitor the pace of yuan appreciation.
Meanwhile, it had sharp criticism for Germany, a traditional ally, saying that country needs to do more to rebalance growth in Europe and the global economy.
The administration said on Wednesday that the yuan, or renminbi, remains “significantly undervalued.” Officials said, however, that China’s actions do not meet the legal requirements for the country to be designated a currency manipulator. That designation would trigger intensive negotiations and could ultimately lead to trade sanctions.
The report did say the administration planned to closely monitor Japan’s currency policies and those of South Korea.
“The RMB is appreciating but not as fast or by as much as needed. Treasury will carefully monitor the pace of RMB appreciation and press for further policy changes consistent with market determination of the exchange rate,” the Obama administration said.
According to the report, through mid-October, the yuan has risen by a total of 12 percent against the US dollar and 16 percent on a real, inflation-adjusted basis from June 2010.
In the first nine months of this year, the yuan has appreciated 6.3 percent on a nominal effective basis, and 6.6 percent on a real effective basis, taking into account differences in inflation. On real effective basis, the yuan has appreciated the most in this period among the currencies covered in the report, the US Treasury said.
The report said the yuan’s relative stability over recent months stands in sharp contrast to the depreciation of many other emerging market currencies this year.
The Obama administration has now declined to brand China as a manipulator for 10 straight reports. It has argued that the US is more likely to make progress on economic issues through negotiation than confrontation. America’s trade deficit with China has for years been the largest with any country.
The last time the United States named any country as a currency manipulator was in 1994 when the Clinton administration made that accusation against China.
The report also criticized Germany for maintaining a large trade surplus throughout the euro-area debt crisis. It said Germany’s surplus was larger than China’s in 2012 and this is causing trouble for its European neighbors.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
