Congress To Punish China’s Manipulation of Exchange Rate

Published in Zaobao
(China) on 30 September 2011
by Anonymous (link to originallink to original)
Translated from by Liangzi He. Edited by Alyssa Goulding.
Next week, the U.S. Senate will consider a proposal involving the RMB exchange rate. If it is passed, the motion will authorize the U.S. to take legal and trade countermeasures against China’s RMB exchange rate policy.

However, China’s Foreign Ministry spokesperson Hong Lei announced yesterday that China hopes that the U.S. will effectively maintain the overall steady development of U.S.-China trade relations, that they will not politicize the issue and not push the motion forward.

The threat of a global economic recession as well as America’s unemployment rate being as high as 9 percent, plus the growing heat of the upcoming election in November 2012 all combine to contribute to the nervousness surrounding the exchange rate issue.

The Senate majority leader, democratic Sen. Harry Reid, claimed this week that the probability of passing the motion was pretty high. The bill would require the U.S. government to use estimates which underestimate the magnitude of the exchange rate when calculating countervailing import tariffs.

According to the Financial Times, trade policy experts stated that this motion would probably pass.

The U.S. House of Representatives supported similar legislation last year in a non-binding vote. The White House has so far refused to comment on the current version of the bill.

In the meantime, business groups representing multinational companies have already taken actions to oppose this motion.

Representatives have expressed that China’s violation of intellectual property and manipulation of the government procurement market were much more important issues, but these groups admitted privately that the possibility of the motion passing is very real.


美国会拟立法惩罚中国操纵汇率

(2011-09-30)

(北京综合讯)美国会参议院拟于下周审议涉人民币汇率议案。如获通过,该议案将授权美国对中国人民币汇率政策采取法律和贸易反制措施。

  但中国外交部发言人洪磊昨日说,中国希望美方切实维护中美经贸关系稳定发展大局,不将有关问题政治化,不推动相关议案。

  全球经济衰退威胁的重现,美国失业率高达9%之多,加上美国2012年11月选举日渐升温,加剧了汇率问题上的紧张情绪。

  参议院多数党领袖、民主党参议员哈里·里德(Harry Reid)本周表示,有关方案通过的概率很大。该法案将要求美国政府在计算反补贴进口关税时,采用估算的汇率低估幅度。

  据《金融时报》报道,贸易政策专家们表示,该法案获得通过的概率很大。

  美国众议院去年在一次不具约束力的投票中支持类似立法。白宫迄今拒绝就目前版本的法案公开置评。

  至于代表跨国公司的商业团体已采取行动,反对这一法案。

  它们表示,中国侵犯知识产权和操纵政府采购市场,是更重要的议题,但这些团体私下承认,该法案获得通过的概率很大。

《联合早报》
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