The United States Denies That China Manipulates The Exchange Rate And Urges Japan Not To Push The Yen Down.

< p > Beijing time April 13th morning news, < a href= "http://sjfzxm.com/news/index_q.asp" > US Treasury < /a > issued a half yearly monetary report on Friday, pointed out that the Ministry of finance will ask Japan not to compete for currency depreciation, and does not think China is the so-called currency manipulation country. < /p >
< p > the US Treasury needs to submit the report on exchange rate issues to the Congress two times a year. Since 1994, the Ministry of finance has never identified China as "a href=" http://sjfzxm.com/news/index_cj.as "/a". In the report, the Ministry of Finance pointed out that as China lifted the value of the RMB against the US dollar in June 2010, the exchange rate of RMB yuan has risen by 10%. As of February 2013, if the inflation rate is adjusted, the actual value of the currency has risen by more than 16%. The report also points out that the proportion of China's current account surplus to GDP has shrunk from 10.1% in 2007 to 2.3% in 2012. < /p >
In the conclusion of the P, the Ministry of Finance pointed out that "China has taken serious measures to liberate the restrictions on capital movements, which is also part of a broader plan to move towards a more flexible exchange rate mechanism." Although the report considers that China is not a currency manipulation country, it also believes that, "nevertheless, the existing evidence shows that the value of the renminbi is still seriously undervalued, and the intervention seems to have recovered. The further appreciation of the RMB against the US dollar must be necessary." < /p >
The US Treasury Department emphasized that the accumulation of foreign exchange reserves in China accelerated in the late 2012, increasing from an average of US $21 billion 300 million in the previous three quarters to US $34 billion 700 million in the last quarter of 2012, the US Treasury stressed. P By the end of 2012, China had a total foreign exchange reserve of US $3 trillion and 300 billion, equivalent to 40% of GDP. < /p >
P pointed out that the timing of the announcement of the report by the Ministry of Finance on Friday was somewhat unusual, and it seemed to be hoped that the conclusion would be reached before the annual meeting of the International Monetary Fund and the world bank next week. In the past, the United States usually postponed the publication of the report, hoping to get concessions from China in this period. < /p >
The P's Treasury report on Friday also highlighted Japan's problems. The report points out that the Ministry of finance will pay close attention to Japan's policy and the Japanese government's support for the growth of domestic demand. The report said, "we will continue to ask Japan to abide by the commitments made by the group of G7 and the group of G20 states. The policy will be limited to the use of domestic tools to achieve their domestic goals, not to promote competitive devaluation or to set their own exchange rate targets for competitive purposes." < /p >
< p > analysis also holds that the Ministry of Finance used the term "domestic demand" in the report, which means that the United States will pay attention to the performance of < a href= "http://sjfzxm.com/news/index_c.asp" > export < /a >, and determine whether Japanese companies will take advantage of exchange rate advantage to seize market share from American enterprises. < /p >