The US Treasury Secretary Put Pressure On The RMB Exchange Rate &Nbsp, Saying China Was Not Doing Enough.
Geithner, the US Treasury Secretary, said China is allowing the yuan.
exchange rate
Up front is not enough.
"In June, China said it would let the exchange rate begin to reflect," Geithner said in an interview.
market
This is a very important step.
But they did very little, during which the renminbi was almost unmoved. "
At the beginning of the year, Geithner chose not to include China as a manipulator of exchange rate, but through a diplomatic channel to allow China to adopt a more flexible exchange rate.
The renminbi has gone up a bit, but it can not meet the demands of Geithner and many other members.
Geithner said: "this is very important for us and for China. They realize this, that is, we need to let it go.
RMB
Keep up for a period of time.
Geithner's comments may lead Congress to take more punishments on China's RMB issue. Since China announced that it would increase flexibility in June 19th, the RMB exchange rate has barely moved.
Last week (6 weeks), shortly after the meeting of Lawrence Summers and other senior White House officials and Chinese leaders, the RMB exchange rate rose sharply in Summers.
As the Ways and Means Committee will hold a hearing related to RMB (when Geithner will attend the testimony), the rise of the renminbi shows that China hopes to avoid the political pressure from the United States during the election season.
American officials have largely avoided the public preaching of China on exchange rate issues, which they fear is counterproductive.
But under the background of the election, Congress is eager to take action against China.
Members say China is pushing the renminbi down to make itself an edge in Global trade.
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