-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> World -> 
Trump contradicts Treasury on RMB
    2018-04-18  08:53    Shenzhen Daily

U.S. President Donald Trump’s Monday tweet accusing China of “playing the currency devaluation game” contradicts the recent conclusion of the U.S. Treasury Department.

“Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable,” Trump tweeted Monday, which is in odds with the latest report by the U.S. Treasury Department, and inaccurately describes the economic situation.

Just last Friday, the Treasury Department said that no major trading partners, including China, manipulated their currencies.

“No trading partner was found to have met the legislative standards for currency manipulation during the current reporting period,” the department said in its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies.

According to the report, “the Monitoring List comprises China, Japan, (South) Korea, Germany, Switzerland, and India.”

“China is the most successful example of external rebalancing in the post-crisis period among the major surplus economies,” said the report.

China’s current account surplus was only 1.4 percent of GDP in the second half of 2017, sharply down from the peak of over 10 percent of GDP in 2007.

The appreciation of the Chinese currency, Renminbi (RMB) in 2017, helped reduce China’s trade surplus with the United States, according to the report.

In addition, the Treasury Department said it places “significant importance” on China adhering to its G20 commitments to refraining from engaging in competitive devaluation and not to target China’s exchange rate for competitive purposes.

As China pushed forward market-oriented reforms on its foreign exchange rate mechanism, the RMB has been broadly in line with fundamentals in recent years, many economists and institutions pointed out.  (Xinhua)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn