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发帖数: 6 | 1 https://home.treasury.gov/news/press-releases/sm751
Treasury Designates China as a Currency Manipulator
August 5, 2019
Washington – The Omnibus Trade and Competitiveness Act of 1988 requires the
Secretary of the Treasury to analyze the exchange rate policies of other
countries. Under Section 3004 of the Act, the Secretary must "consider
whether countries manipulate the rate of exchange between their currency and
the United States dollar for purposes of preventing effective balance of
payments adjustments or gaining unfair competitive advantage in
international trade.” Secretary Mnuchin, under the auspices of President
Trump, has today determined that China is a Currency Manipulator.
As a result of this determination, Secretary Mnuchin will engage with the
International Monetary Fund to eliminate the unfair competitive advantage
created by China’s latest actions.
As noted in the most recent Report to Congress on the Macroeconomic and
Foreign Exchange Policies of Major Trading Partners of the United States (“
FX Report”), China has a long history of facilitating an undervalued
currency through protracted, large-scale intervention in the foreign
exchange market. In recent days, China has taken concrete steps to devalue
its currency, while maintaining substantial foreign exchange reserves
despite active use of such tools in the past. The context of these actions
and the implausibility of China’s market stability rationale confirm that
the purpose of China’s currency devaluation is to gain an unfair
competitive advantage in international trade.
The Chinese authorities have acknowledged that they have ample control over
the RMB exchange rate. In a statement today, the People’s Bank of China (
PBOC) noted that it “has accumulated rich experience and policy tools, and
will continue to innovate and enrich the control toolbox, and take necessary
and targeted measures against the positive feedback behavior that may occur
in the foreign exchange market.” This is an open acknowledgement by the
PBOC that it has extensive experience manipulating its currency and remains
prepared to do so on an ongoing basis.
This pattern of actions is also a violation of China’s G20 commitments to
refrain from competitive devaluation. As highlighted in the FX Report,
Treasury places significant importance on China adhering to its G-20
commitments to refrain from engaging in competitive devaluation and to not
target China’s exchange rate for competitive purposes. Treasury continues
to urge China to enhance the transparency of China’s exchange rate and
reserve management operations and goals. |
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