Despite its best efforts, the US has not any success in convincing
China to further appreciate the Yuan, since the monumental revaluation
in July. Meanwhile, American politicians are toying with the idea of
legislating a tariff on all Chinese imports, and trade groups are
lobbying for the Treasury Department to officially label China a ‘serial
currency manipulator.’ Lately, however, those in favor of Yuan
revaluation have embarked on a new strategy, by attempting to enlist the
help of the IMF (International Monetary Fund) in applying
economic and
diplomatic pressure to China. They are suggesting the IMF use its clout
to hold a special economic consultation with Chinese officials, and
demonstrate that it is in the best interest of everyone that China
further loosens the Yuan. The Wall Street Journal reports:
“Movement to a market based exchange rate would be in
[China’s] interests,” Deputy Treasury Secretary Robert Kimmit said in an
interview. “It would also serve our-and global- interests.”
Read More:
Bush Team Urges IMF to Press China for Strengthening of Yuan
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