11 despite Senate opposition parties, adopted the ?Reform Act of 2011 currency exchange rate surveillance,? Chinese Foreign Ministry, the Ministry of Commerce, People?s Bank of China have immediately expressed their opposition. Analysts believe that the U.S. would not only not conducive to the restoration of bilateral trade balance, and may in the United States the two most important current global economy set off a trade war between the storm and to hinder the pace of global economic recovery.
?The bill can not make up the U.S. trade imbalance and high unemployment and other issues, on the contrary, it can only harm the economic interests of both countries, is the practice of dog in the manger.? Zhang Yansheng, the NDRC said researcher at the Institute of Foreign .
Central bank spokesman also said the recent China to accelerate the reform of RMB exchange rate formation mechanism, and has achieved significant results, and the U.S. Senate has repeatedly ignored the fact that entangled the RMB exchange rate issue, look for an external excuse for their own ills, political and economic issues technology, which not only solve the economic problems the United States, will seriously harm Sino-US economic and trade relations, damage to the global economic recovery and steady growth.
Data show that since the reform, the central parity of RMB against the U.S. dollar has appreciated more than 30%, while since last reboot since the exchange rate formation mechanism reform, the RMB against the U.S. dollar has appreciated more than 7.5%. RMB exchange rate is becoming more and more reasonable and balanced level, international economic and financial stability have made important contributions.
Experts pointed out that the current global imbalances for many reasons, mainly due to Sino-US trade imbalance is not the RMB exchange rate, U.S. investment and trade structure is different, and U.S. saving rates and consumption rates of different countries in the economic globalization and the formation of the industrial chain division of labor, the international monetary system and so may be irrational is more important than the exchange rate factor.
?China there is a surplus of U.S. trade in goods and services trade deficit, but this is the restructuring of global division of labor and results, and the exchange rate is not necessarily linked.? China International Trade Society in the United States and Europe He Weiwen, Director of the Centre that At present, China?s foreign trade, processing trade still accounted for half of U.S. goods trade deficit with China a significant portion came from other East Asian countries and regions trade diversion.
Relevant information, the U.S. unemployment rate, trade balance and exchange rate itself does not significantly associated. Data show that since 2005 China Open RMB exchange rate formation mechanism reform, the RMB against the U.S. dollar appreciated by 30%, while the U.S. unemployment rate rose from 7% 9% or more. In addition, in 2007-2009, the U.S. contracted by 12 per cent of international trade, trade deficit of $ 655 billion from 2007 to 2009 decreased $ 363 billion over the same period the U.S. has increased more than 600 million unemployed people.
Institute of Finance, China?s central bank report also pointed out that Sino-US trade imbalance in the exchange rate is not the reason, it is the policy of the U.S. export restrictions caused by the Sino-US trade imbalance is a major reason. ?As a global technology leader in the United States national, high-tech products than China has a clear competitive edge, this can give full play to the comparative advantage, but the United States will always pursue the Cold War mentality, the so-called security reasons, the China Hi-Tech (600730) technology export restrictions to take measures to expand exports to China, rather than to restrict imports from China, the United States the best way to solve the deficit problem.? report.
?The sluggish domestic economy, high unemployment blamed the trade imbalance, then the trade deficit and RMB exchange rate linked hoping to ease the domestic mood, change the domestic economic environment, which is repeated a number of U.S. politicians to launch an attack RMB the internal logic of the exchange rate. ?He Weiwen said.
Experts say that if the U.S. unilaterally force the yuan to appreciate and enhance the practice of tariff wars and trade wars set off the exchange rate could lead to China?s exports in the short term difficulties, but in the long run, will affect China?s economic growth, thereby affecting the global economic recovery process.
?The current weakness of economic recovery in Europe and America, in particular, need to rely on emerging economies like China?s external demand for its creation to ride out the storm, while the United States are each other?s second largest trading partner, if China?s economic problems will no doubt involve to the United States and Europe and other economies recover, the global economic recession will have gained into even greater. ?said Zhang Yansheng.
?Slow recovery of the global economy is in a critical period, the parties need to work together to jointly safeguard the stability of international currency trading environment, the kind of neighbor or even attacked each other and hinder the development of policy, will only make the world economy Depression history again repeat itself. ?World Economics and Politics Chinese Academy of Social Sciences Research Center of International Finance said Zhang Ming, deputy director.
30 in the last century on behalf of the Great Depression, U.S. President Hoover ignored the strong opposition of political and economic circles, in the 19306 passed by Congress, signed by a substantial increase in tariffs, ?Smoot ? Hawley Act.? Economists believe the bill is to be knocking the ?1929-1933 Global Great Depression? and ?trigger? bill immediately after the signing of a worldwide trade war triggered, following the 1929 stock market plunge after the severe recession in the U.S. and world trade, a large Depression goes hand in hand.
?The global financial crisis, China?s economy to achieve a steady rise of the first, are more than 9% GDP growth for the global economic recovery has played an important role in driving, if the United States at this time to set off a rate war and trade war with China , will eventually revive the global economy has begun once again dragged into the abyss. ?Zhang said.
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