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U.S. Treasury Secretary Timothy Geithner will be submitted to the U.S. Congress in 2010 in the second half of the “international economic and exchange rate policies report.” As the dispute continues to heat up the global currency, analysts generally believe that the U.S. Treasury is likely to be “undervalued” exchange rate re-write their reports, or even directly to China a “currency manipulator.”
Geithner 13, the wording of the RMB exchange rate has forced the U.S. Treasury to postpone reporting the possibility of release time increased sharply.
Loudly accused, low-key warning or further extension of the RMB exchange rate do not only want to take weak economic recovery, “shield” and also bear serious consequences of this U.S. Treasury, here and now is living in the “three difficult” predicament.
To use the currency issue for the U.S. economy modesty
By convention, the U.S. Treasury Department every 6 months must be submitted to Congress a report on the international economic and exchange rate policies report, in the report were classified as “currency manipulation” of the country or trade sanctions by the United States. According to the U.S. trade law, the United States shall be a “currency manipulator” in negotiations to persuade it to change its policy, if the void could eventually impose trade sanctions on the country.
As for “currency manipulation” what sanctions should be imposed, there is no law in the United States; However, the U.S. House of Representatives on September 29 passed the “Bill of exchange rate reform to promote fair trade” to the so-called “undervalued currency exchange rate” countries impose special tariffs. In other words, once the U.S. Treasury currency report to China a “currency manipulator”, China will immediately become the target of this new bill to combat.
Analysts pointed out that the new bill is expected to released in time, the exchange rate published by the U.S. Treasury Department report accused China a “currency manipulator” more likely; more importantly, the U.S. economic growth in the second quarter, a marked decline in the third quarter also is expected to continue to deteriorate the situation facing the pressure of the U.S. congressional mid-term elections the Democratic Party government the urgent need for the weak economic recovery looking for “scapegoats” and had been in the United States to serve as propaganda for the role of the RMB exchange rate issue, no doubt will be its the choice of the most smoothly.
Of course, given China and the U.S. may be due to “currency manipulator” allegations of serious consequences of the formation of trade war, the U.S. Treasury will also make a “loud accusations” think twice before choosing. But after public opinion, Geithner at least make “the yuan is undervalued,” the word again in the exchange rate report, regardless of whether the timing of reporting further delayed.
The report does not rule out the delayed exchange rate
Lead to the outside world “delayed” conjecture is 13 Geithner’s remarks on RMB exchange rate issue. He said that China let the yuan in recent weeks to “considerable speed” up to now only about six weeks, up about 2.5%, “it will be gradual process, it is important that China may be a longer period in the future allow the yuan to appreciate further to reflect market forces. “
Geithner is the above statement is that the exchange rate for the semi-annual reports may not foreshadowing the possibility of released time. Earlier this year in April, the U.S. Treasury has postponed release of its report on the first half of the exchange rate; and Geithner I have testified before Congress recently, stressed that “China’s manipulation of its currency may be found counterproductive.”
U.S. media believes that Obama did not want back in the mid-term Congressional elections, “toward the” China’s “crime”, but also unwilling to bear the consequences caused by the long-term Sino-US trade war; take into account members of Congress, voters and all political forces divergence on this issue, the report will be published until the exchange rate or after the mid-term elections will be the most sensible choice.
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