The US government has been actively pressured over the past years to allow China to allow the renminbi to trade at a higher exchange rate. The weaker renminbi makes Chinese exports cheaper for US consumers, and this is caused by US suppliers. Damage to the interests of. The weak renminbi also makes Chinese consumers less able to afford foreign goods.
The United States is not completely convinced
US Treasury Secretary Jacob Lew welcomed the decision to expand China's yen-dollar daily floating range earlier in March.
However, a senior US Treasury official said on Monday that "the United States has not been fully convinced", which implies that China's intention is indeed to reduce the government's intervention in the foreign exchange market. "If the recent devaluation of the renminbi implies that China will deviate from the policy direction of the transition to the market exchange rate mechanism, it will cause serious concern,"
The official’s statement may represent the position of the United States on many issues before the International Monetary Fund and the G20 group meeting to be held later this week. He said that the larger RMB exchange rate trading range is a decision made after the decline in the value of the renminbi. At the timing and in the report, the Chinese authorities have implemented “a considerable amount of intervention†in the foreign exchange market. It is the kind of practice that the US side hopes the Chinese government will not take.
The United States may also put pressure on Europe at the G20 meeting, demanding that Europe take more decisive action to rectify the problematic banking industry.
The Treasury official said that recent economic data in Europe showed that the region experienced "long-term low inflation and weak demand." This seems to make the market increasingly worried that the European economy is so weak that it may fall into the dangerous vortex of falling prices and wages.
The official pointed out: "More actions are needed to support economic growth."
The decline of the renminbi during the year
Affected by the renminbi widening against the US dollar daily trading range, and the authorities' guidance on the two-way volatility of the renminbi, the long-term appreciation of the renminbi against the US dollar in 2014 showed a "retaliatory" fall in the market, in just three months, the renminbi The record high against the US dollar after the exchange rate changed from 6.0406 to 1 US dollar to 6.2331 nearly one year low, with a cumulative decline of nearly 2,000 points.
He is also "outspoken" to other countries.
The official is also outspoken to other economic powers, alleging that Japan should avoid excessive fiscal measures. He said that the US sanctions against Russian officials have had an impact on the country's economy. He also blamed the emerging markets for being too slow in adopting free exchange rate fluctuations.
The official pointed out: "Many emerging markets are resisting the exchange rate mechanism that is moving faster to market decisions and is hindering the rebalancing needed to ensure a sustained and robust global economic recovery."
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