日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

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: 操她视频在线观看 | 中文在线а√在线8 | 久久九九免费视频 | 五月婷婷爱 | 永久免费网站视频在线观看 | 男女涩涩 | 91黄色片| 日韩国产在线观看 | 天堂综合网久久 | 国产 夫妻 视频 绿帽 3p | 国产在线一 | 色福利视频 | 亚洲精品欧美精品 | av网站有哪些 | 欧美国产片 | 国产中文字幕第一页 | 国产成人精品一区二区三区福利 | 你懂的在线视频网站 | 成人一区二区在线观看 | 亚洲情热 | www麻豆 | 国产日韩综合 | 综合av在线 | 免费看毛片的网站 | 国内自拍真实伦在线观看 | 色吧综合 | 69国产视频 | 中文字幕亚洲成人 | 日本一道高清 | 深夜久久| 亚洲国产成人在线视频 | 国产又黄又猛又粗又爽 | 五月婷在线视频 | 亚洲色图3p | 一本岛在线 | 欧美日韩国产在线 | 日韩在线观看免费网站 | 一区二区高清在线 | 亚洲激情区 | av中文网站 | 四虎免费av |