[China Glass Network] The RMB exchange rate does not exist. The US believes that underestimation and manipulation of the Minister of Commerce Chen Deming said in Beijing on March 21 that it is expected that there will be a trade deficit in China in March. He pointed out that the RMB exchange rate does not exist as underestimated and manipulated by the United States.
At the 2010 China Development Forum, Chen Deming pointed out that the argument that the renminbi exchange rate has appreciated substantially to achieve global economic rebalancing ignores two basic facts. In the past, both theory and practice have shown that the appreciation of a country's local currency has a very limited effect on regulating trade. Second, China has always cooperated with countries and shared interests. China has promoted the development of relevant countries through the import of primary raw materials. Through the import of a large number of intermediate products, it has created a trade surplus for neighboring countries and regions. Through the import of capital goods, luxury goods and service trade, it has created a large number of employment opportunities for developed countries. Sharing development and cooperation space with countries in the areas of processing trade and cross-border investment.
Chen Deming said that the exchange rate issue is a problem within a country's sovereignty and should not be a discussion between the two countries. The United States should not politicize economic issues. The trade between China and the United States accounts for only a dozen of China's total foreign trade, and the exchange rate issue must take into account the interests of many other countries. As far as Sino-US trade is concerned, some economists in the United States now accuse China of a huge surplus in US trade, not the truth.
The official institutions of the United States have seriously overestimated the trade between China and the United States, and China’s trade surplus with the United States has been declining year after year.
Chen Deming believes that at present, there are still many uncertainties in the world economy. The foundation for China's economic recovery is not solid. To suppress a country's currency is an irrational choice that is not good for each other. If trade protectionism is rampant, it may lead to the risk of a double dip in the world economy.
Chen Deming pointed out that in the coming period, countries should promote the liberalization and facilitation of trade and resolutely oppose any form of trade protectionism. Accelerate the promotion of the Doha Round negotiations. Both developed and developing economies should focus on the long-term and promote the realization of commodities. Capital flows freely and regularly in the international arena, fundamentally improving the international competitiveness of countries and the ability of the global economy to resist risks; countries share opportunities to transform their development patterns.
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