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If the US had labeled China a currency manipulator, we would likely to have seen a chill in the relations between the world’s biggest and second biggest economies. Now the last time, the US named China, a manipulator was back in 1994 but since then both Republican as well as Democratic administration in the US had believed that it’s better to use a character rather than stick to get Beijing to lift value of its currency, the RMB. Now Beijing first losing controls on its currency paid back in 2005, back then it was just under 8.3 of a dollar you can see here. But since then, China’s currency has appreciated nearly this much, nearly 25% against the dollars. Still, it widely believed that the RMB should be stronger than its current value. And in a statement on Tuesday, the US Treasury said as much, said this: China’s currency “remains significantly undervalued, and further appreciation against the dollar and other major currencies is warranted.” Now the criticism of course is that a weaker RMB gives Chinese goods in unfair price advantage on the global market but with China’s leadership transitions still ongoing through earlier next year. It’s likely we want to see any more appreciation until that is all over.
如果美國(guó)將匯率操作國(guó)的標(biāo)簽貼在中國(guó)身上，我們很可能將看到在世界上第一大和第二大經(jīng)濟(jì)體之間嗖嗖升騰起的寒意。截止目前，上一次美國(guó)將中國(guó)定義為匯率操作國(guó)的時(shí)間是在1994。但是，自從那時(shí)起，美國(guó)共和國(guó)和民主黨政府都深信，最好是use a character，而不是堅(jiān)持北京升值人民幣。北京于2005年首度放棄對(duì)人民幣匯率的控制，當(dāng)時(shí)人民幣與美元的兌換比值為1:8.3。自從那時(shí)起，人們幣比照美元開(kāi)始升值，升了近1/4。然而，人們普遍認(rèn)為人民幣應(yīng)該比現(xiàn)在的價(jià)值更為強(qiáng)勁。美國(guó)財(cái)務(wù)部周三發(fā)表的申明就此做了很多評(píng)論，“中國(guó)的貨幣‘仍然被明顯低估，人民幣對(duì)美元及其他主要貨幣的進(jìn)一步升值是有根據(jù)的。”當(dāng)然現(xiàn)在的批評(píng)理?yè)?jù)主要是：一個(gè)弱勢(shì)的RMB使中國(guó)商品在全球市場(chǎng)上獲得不公正的價(jià)格優(yōu)勢(shì)，但是由于中國(guó)的領(lǐng)導(dǎo)人過(guò)渡一直要進(jìn)行到明年初，到那時(shí)我們將有可能看到人民幣再次升值。
