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US, not China manipulates exchange rate

By Ye Xiaonan (People's Daily Overseas Edition)

15:04, October 20, 2011

Edited and Translated by People's Daily Online

Recently, the United States has repeatedly pressured China about its RMB exchange rate, and some U.S. politicians and businessmen have levied accusations of a "currency imbalance" in order to force the RMB to appreciate at an accelerated pace.

Industry insiders said in interviews with People's Daily that China has never manipulated the RMB exchange rate, while the United States is virtually an exchange rate manipulator. China should not deal the U.S. a "political card" through the marketization of the RMB exchange rate. Otherwise, the healthy development of China's economy will be hurt.

China has not manipulated exchange rates

The U.S. Treasury Department announced on Oct. 14 that it would delay the publication of the latest semi-annual report titled "International Economic and Exchange Rate Policies." The United States will not release the report, which determines whether China has "manipulated the RMB exchange rate," until late 2011.

Earlier, the U.S. Senate passed the Currency Exchange Rate Oversight Reform Act of 2011, which, if signed into law, would require the U.S. government to impose punitive tariffs on goods imported from its major trading partners with "undervalued exchange rates."

Relevant persons in the United States said, "The 'exchange rate manipulation' by China has directly affected U.S. employment. Effectively solving this issue will help promote the U.S. job market at low cost." Some U.S. senators assert that the RMB exchange rate is undervalued by 25 percent to 40 percent, which has enabled Chinese enterprises to gain an "unfair competitive advantage" in international trade.

In response, Lei Da, a professor at the International Economics Department of Renmin University of China, said, "China has certainly not manipulated the RMB exchange rate, while the United States has a record of manipulating the U.S. dollar exchange rate."

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Leave your comment16 comments

  1. Name

Sasi at 2011-10-25122.178.182.*
The borrower is always the man laughing while the lender has always to watch the borrower to see that the borrower is alive.Too bad China cant insure its USA investments.If tommorow USA were to devalue the Dollar [its has indirectly if the gold price is the standard]China will be the biggest loser.Better China takes it money back and give to the Chinese people to spend,so that the Chinese factories can survive.
PD User at 2011-10-2280.94.16.*
2011-10-21.China to use money how pression to West to be capably of doing destory West.This chinese weapon a form sanction.West should to start normal cooperation with China without dream"s to fall chinese tell China be our partner.Another way need to put a they on in lead and to hold short by leg.
PD User at 2011-10-2181.173.159.*
That is very true.i agree with this post completely.America and the west are trying to bully china.Can someone help answer this quastion for me,why is the west so worked up about china? why are they afraid of china? what is the main reason behind it? why do they keep accusing china of human right abuses when they themselves have ruined Africa ? what did they do and is stil doing to the black people in africa? Did black people deserve what the west did and is still doing to them? Africans were captured as slaves and then later colonised against their own wills.Was that not human right abuses? Who is delivering weapons most conflict zones in the world? I think the west should not keep pointing fingers at china when they( the west) are worst when it comes to human right violations.
PD User at 2011-10-2181.173.159.*
The west is so jelous of china because china is developing very fast and will overtake them.The west have dominated the world for almost 1000 years and they dont want anyone else to take that position.Well,now it is china,s time.The chinese have arrived.There will be no more dominance of the world by one political bloc anymore. Huraaa China.go go go china
PD User at 2011-10-2181.173.159.*
My advice to the chinese people is,WATCH OUT;because the west has only one AIM,to destroy your country,the same way they did to the USSR.Dont let them confuse you with baseless human rights violations,when they themselves are the biggest human right violators especially in Africa and Latin America,where the blacks and the american indians live.The fist big quastion is,what have EUROPEANS do to the poor africans and indians during the last 700 or so years? Think of slavery and colonisation.Africans were beaten up and forced to work for whites for free.Red indians were slaughtered to pave way for the european settlement in America.What morals do they have to keep lecturing China of human rights violations? Humans beings like Africans and Red indians who were considered subhuman have really suffered under white domination.So let them stop lecturing the world today of human rights abuses.They need to pay reparations to africans and black americans for enslavement and colonization.Why cannt they do that then?

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