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Central Bank: US Exchange Rate Bill Politicization Of Economic Issues

2011/10/13 10:17:00 19

Central BankUS Dollar Exchange RatePoliticization Of Economy

In October 11th, the US Senate passed the currency exchange rate supervision reform act 2011.

Yesterday (October 12th), the Chinese government, including the people's Bank of China, issued a collective opposition on the same day.


A spokesman for the people's Bank of China said, "in recent years, China has accelerated the reform of the RMB exchange rate formation mechanism, and has achieved remarkable results. The RMB exchange rate is gradually becoming a reasonable and balanced level, and it is also international.

Economics

Financial stability has made important contributions. "


A spokesman for the central bank also said that the US Senate has repeatedly ignored the facts and entangled the issue of RMB exchange rate, seeking external excuses for its own chronic diseases and politicizing economic issues. This will not only solve the domestic economic problems of the United States, but also seriously harm Sino US economic and trade relations and damage the recovery and steady growth of the global economy.


Foreign Ministry spokesman Ma Zhaoxu also issued a statement saying that "the bill is protected by the so-called" exchange rate imbalance "in the name of protectionism.

A spokesman for the Ministry of Commerce pointed out that the US Senate promoted legislation to force trade partners to appreciate currencies, which seriously violated international rules, not only threatened the stable development of Sino US economic and trade relations, but also faced challenges and objections with other countries.

Trade

The Chinese side is firmly opposed to the efforts of protectionism.


At the same time, the central bank also released a report on the review and outlook of the reform process of the RMB exchange rate formation mechanism, which refutes the argument that "the renminbi is seriously undervalued".


The central bank said, "adhering to the principle of initiative, controllability and gradualness in the reform of the RMB exchange rate means that we should take advantage of the situation, seek advantages and avoid disadvantages, and strive to minimize the possible internal and external negative effects as a package structure.

adjustment

And matching reforms for time. "


 

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