Correctly Treat The Issue Of RMB Exchange Rate&Nbsp; &Nbsp; Don'T Go Your Own Way

　 On September 21, China Foreign Exchange Trading Center announced that the central parity rate of the RMB against the US dollar was 6.6997 to 1. This is better than the previous one Trading day It rose 113 basis points, a new high since the reform of foreign exchange earning. So far, the central parity rate of the RMB against the US dollar has risen for nine consecutive trading days.

In recent two weeks, the external pressure on the RMB exchange rate has suddenly increased. On September 20, President Obama of the United States and Trade Representative Kirk both made statements on this issue. In an interview with CNBC, Obama said that China has not taken enough measures to let the yuan appreciate. China's exchange rate policy is a "real problem", and the United States has urged China to let the yuan appreciate.

The special political ecology before the mid-term elections of the US Congress is warming up protectionism. From the 15th to the 16th, the relevant committees of the United States Senate and House of Representatives held three hearings in succession to put pressure on the RMB exchange rate issue, and some lawmakers advocated the imposition of punitive tariffs on Chinese goods. However, this seemingly powerful political noise failed to cover up the voice of reason.

At the hearing, some members of Congress stressed that legislative measures should be taken to force RMB appreciation It will only damage the US China economic and trade relations, and thus damage other important economic interests of the United States in China. This voice represents a rational concern, no matter what interests it represents, at least in terms of the possible negative impact of the US pressure on RMB appreciation on the US China economic and trade relations.

In this wave dominated by politicians, the United States business community There is no lack of rational knowledge. Fu Qiangen, chairman of the US China Trade National Committee, believes that the view that "holding down the appreciation of the RMB can alleviate the US trade deficit with China" lacks objective basis. He cited evidence to point out that from 2005 to 2008, the RMB appreciated about 20% against the US dollar, but the US trade deficit with China was increasing, and the legislation on the RMB exchange rate also violated WTO rules.

In the view of many economists, it is a lack of economic rationality for some people in the United States to put pressure on the RMB exchange rate. Shi Jiandao, an expert on China's economy at the Heritage Foundation, pointed out that a country's trade surplus or deficit is a reflection of its national consumption and savings structure, which means that the U.S. trade deficit is due to Americans' excessive consumption and insufficient savings.

Geithner, who was questioned by the Congress, made contradictory remarks. On the one hand, he accused the appreciation of the RMB was too slow and the appreciation rate was very limited. On the other hand, he also acknowledged that the appreciation of the RMB would not erase the US global trade deficit and the US China trade deficit. But fundamentally, Geithner acknowledged that the United States should take more action to strengthen its economy. These contradictory words reflect the vacillation of the US government between political interests and economic rationality. The rational voice of the American people of insight will help guide the American public to form a clear and objective understanding of the RMB exchange rate issue. Such rational voice should be more.