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Why US always focuses on RMB appreciation? (2)

By Liang Jie (People's Daily Overseas Edition)

17:06, May 02, 2012


What is the purpose of the United States?

Jiang Xianling, professor of the School of International Trade and Economics under the University of International Business and Economics, said that the fourth round of China-US Strategic and Economic Dialogue will be held and the issue of RMB exchange rate certainly will be mentioned. More importantly, the U.S. economy rebounded slowly; the employment pressure increased and the U.S. Government worried about stagflation. Of course, there also are many political reasons including the U.S. presidential election. It is suspected that the United States will transfer its domestic crisis to other countries.

Jing said through the “U.S. dollar tripartite rights,” we can see clearly the purpose of the United States. The United States drives down the prices of labor and resource intensive products in the world to enjoy the rich products provided by the developing countries. Meanwhile, it pushes the price of high-tech and capital intensive products up by the pricing power and dilutes the money earned by developing countries by depreciation of U.S. dollar. In the political field, the United States sets the so-called “enemy” to interrupt its clearing chain in the international trade and freeze its dollar-denominated assets. If all of these do not hinder the rapid development of the “enemy,” it will accuse it of the high carbon discharge and the damage of global village.

Some experts said that the declining economy and rising unemployment have caused strong dissatisfaction of the American people. Therefore, it hopes to politicize the issue of RMB exchange rate to distract their attention. This will not only affect the interests of China and the United States but also have negative impact on the world economy.

The United States made a mistake to force the appreciation of RMB.

Some insiders pointed out that the United States and China are the world’s largest and second largest economies and they are each other’s second largest trading partner. Their economic and trade cooperation has great influence to the world economy and the nature of their economic and trade cooperation is mutually beneficial and win-win. The current situation of China-US trade is the result of global division of labor and structural adjustment. A considerable reason of the U.S.-to-China trade deficit is the trade diversion of the East Asian countries and regions. Its restriction on high-tech products exporting to China is also an important reason.

Therefore, in terms of the imbalanced China-U.S. trade, the United States made a mistake to force the appreciation of RMB, experts concluded.

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