A new round of pressure on RMB appreciation struck again. 29, prompted the Ministry of Commerce website warning that the United States Council is seeking the support of Senate leaders hope that the Thanksgiving holiday (November 25 to 28) after the two chambers during the lame duck session that would have the House vote adopted to promote fair trade in the currency reform bill to the Senate vote.
Industry experts said the recent appreciation of the dollar s ongoing re made the United States swung stick rate , once again put pressure on the RMB exchange rate, given that the U.S. has not yet rid of the sluggish economic recovery and employment difficulties, the United States this year is likely there will be The action, while the U.S. pressure on China s pressure will extend into next year and China US Joint Commission on Strategic and Economic Dialogue.
This year in October, the U.S. mid term elections, U.S. House of Representatives voted to the so called undervalued currencies of countries to impose special tariffs to promote fair trade in the currency reform bill, urge the Senate passed the bill voice once reached a climax. However, after a period of time, the world to refocus on the U.S. policy of quantitative easing, the pressure of RMB appreciation of the topic seems to gradually fade from view.
However, the last two weeks, the United States, said the currency issue was to get things. In addition to the Ministry of Commerce warning of the two senators of lobbying action, according to media reports, November 15, which is resumed after the election the first day of the Congress by the U.S. industry, trade unions and 46 agricultural and industrial composition of guilds Fair Currency Alliance, had planned to visit each and every senator to promote the end of December this year the Senate before the end of this Parliament, through the RMB exchange rate against the bill. US China Economic Security Review Commission (U. S . C hinaE conom icandSecurityR eview Com m ission) 11 & #26376; 17 & #26085; also in the annual report to Congress that the U.S. will put pressure on the Ministry of Finance should make it officially listed in China into a currency manipulator in the list, and at the international level the yuan currency undervalued to respond.
Institute of International Relations in the World Economy Research Institute Chen Fengying accept the Economic Information Daily, an interview that the United States put pressure on RMB exchange rate to restart the main background is not out of the U.S. economic recovery and the plight of the employment downturn. Her analysis, although the midterm Congressional elections, the political momentum factor diminished, but the U.S. economic problems still exist. The second round of quantitative easing (Q E2) led to a lot of money by way of hot money flows to international markets, but its economic recovery is still weak, employment is still not recovered. The recent summit of the Group of Twenty meeting on the United States since the introduction of QE 2 and become the target, prompting the United States emotional re brewing.
China Foreign Economic and Trade University, the International Monetary Research Center Sun Huayu also on the Economic Information Daily the reporter said, continuing U.S. trade deficit in the case of exports to the U.S. government to promote long term policy objectives, and to expand U.S. exports to China is crucial. Therefore, the RMB is renewed controversy thing makes sense, and the term of office in the Obama administration, the pressure of RMB appreciation will be the usual means.
The recent appreciation of the dollar s ongoing pressure of the yuan is also important to the United States and then one of the reasons. Sun Huayu said. Dollar began to rebound from early November, by the Irish crisis and chaos of the Korean Peninsula, the dollar index has risen 80 points this round over. The Irish crisis, the dollar appreciated against the euro has been in the U.S. view, the appreciation of the RMB against the U.S. dollar into a devaluation from the original, lower than previous expectations of RMB appreciation. Want to have not achieved, the United States also has the power to push the yuan exchange rate pressure. In fact, this power of the United States is currently very strong. reporter noted that on November 10 after the dollar against the yuan central parity is basically out of a rising curve. 29, the central parity of RMB against the U.S. dollar sharply higher again than the previous session 147 basis points.
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