在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

Opinion

No legal basis for labelling China as currency manipulator

(Xinhua)
Updated: 2010-10-22 11:05
Large Medium Small

NEW YORK - With mid-term elections looming, and a meeting of G-20 members scheduled for next month, the US government has halted calls for an immediate revaluation of China's currency yuan, or Renminbi.

US Secretary of Treasury Timothy Geithner postponed the release of its semiannual international economic and exchange rate policies report to the Congress, which could have paved the way for passing legislation that might label China a currency manipulator.

Analysts say there is no legal basis for labelling China as a currency manipulator and that the delay also allows Washington to attend the G-20 meeting without damaging chances for striking good trade deals there.

G-20 is a group of the world's 20 leading economies. China, as a member of the group, is America's No 1 trade partner.

No manipulation

The US Treasury decided to delay the publication of the report until G-20 leaders meet on Nov 11-12 in Seoul, South Korea. In a statement on Oct 15, it said that Geithner "recognized China's actions since early September to accelerate the pace of currency appreciation, while noting it is important to sustain this course."

"I find it very hard to be able to come to the conclusion that China is a currency manipulator," said Robert Howse, an expert on international trade law and professor of international law at New York University.

Speaking to reporters at New York University last week, he said, "We do not have objective, legally agreed standards, internationally agreed standards for what constitutes a manipulation."

The US administration says China pegs the yuan to US dollar at an artificially low rate, making it cheaper for the United States to import Chinese goods, and relatively more expensive to export its own goods.

As the mid-term election is drawing near, and unemployment rate stands at nearly 10 percent, US lawmakers want President Barack Obama's administration to take a tough line with China, including penalties for what it believes China's undervaluing of yuan.

They want to see a stronger yuan and relatively weaker dollar, which would benefit US manufacturers and exports, analysts say.

China's yuan has in fact been allowed to appreciate 3 percent to the value of dollar since June this year, and strengthened by 1 percent per month since September. As the US Treasury report says, "If sustained over time, this would help correct what the IMF (International Monetary Fund) has concluded is a significantly undervalued currency."

But Howse, who spoke to Xinhua the day before the Treasury's decision to delay the release of the report, noted that an undervalued currency does not necessarily point to a "manipulation."

He said both the General Agreement on Trade and Tariffs, which is the basis for multilateral trade, and the IMF, disallow currency manipulation to gain competitive advantage in trade. "But in neither is currency manipulation defined," he said.

Conciliatory moves

"I also think that there are legitimate reasons that haven't much to do necessarily with trade, but to do with the stability of financial markets in China, and its overall strategy of how to develop its financial markets in a way that does not pose dramatic, systemic risks, for China to control its currency in the way that it is doing," Howse said.

Related readings:
No legal basis for labelling China as currency manipulator Brazil urges G20 to solve currency war
No legal basis for labelling China as currency manipulator US envoy addresses currency issue
No legal basis for labelling China as currency manipulator How to prevent a currency war
No legal basis for labelling China as currency manipulator China trying to avoid currency war

"It is a huge leap to basically say that we are now going to let the currency traders and their judgments determine the destiny of our financial system," he added.

"I think that the (US) administration is playing a very sophisticated game," Howse said.

"On the one hand, they know they have to appease, in a way, the people in Congress who say that there is a big problem. On the other hand, the experts in the Treasury know full well that the Chinese have reasons, unrelated to trade, why they do not want to simply float the Renminbi," the expert said.

The upcoming G-20 summit will likely provide a way of highlighting these issues. As the US Treasury statement says, "The Treasury will delay the publication of the report on international economic and exchange rate policies in order to take advantage of the opportunity provided by these important meetings."

After all, a souring of US-China relations before an important trade summit is in neither country's best interest, experts say.

主站蜘蛛池模板: 国产精品自产av一区二区三区 | 色婷婷综合久久久久中文一区二 | 综合久久久久久久 | av中文字幕在线观看 | 国产99在线播放 | 国产精品人人做人人爽人人添 | 91一区二区三区久久国产乱 | 理论片一区 | 91人人插| 国产乱精品一区二区三区视频了 | 精品欧美国产 | 欧美日韩国产一区 | 久久久久久久久久久久99 | 国产高清久久久 | 日韩中文字幕av | 国产高清在线 | 99色影院| 午夜性电影| 亚州中文字幕蜜桃视频 | 亚洲三区在线观看 | 成人精品一二三区 | 成人a视频在线观看 | 欧美日韩视频在线 | 日本在线一二 | 国产日韩欧美一区 | 亚洲乱码国产乱码精品精98午夜 | 天天色天天色 | 精品国产色 | 欧美精品一区二区免费 | 久久久久99精品国产片 | 精品欧美一区二区精品久久久 | 国产区免费观看 | 欧美日韩91| 欧美国产视频一区 | 在线观看亚洲精品视频 | 日本免费网 | 午夜精品网站 | 亚洲精品123区 | 福利视频网站 | 黄色片免费在线 | 99精品99|