Home>News Center>China
       
 

US takes patient tack on yuan policies
By Neil King Jr (Wall Street Journal)
Updated: 2005-10-10 10:43

Despite signs of mounting impatience, Treasury officials argue in public that China is still getting acquainted with the complexities of its new system, and can't be expected to take leaps right away. "They are going through a period of self-education about how the system works," Mr. Adams said. To emphasize that point, Mr. Snow plans to make one of his first stops at China's interbank foreign-exchange market in Shanghai.

US takes patient tack on yuan policies
US Treasury Secretary John Snow, pictured September 2005, will arrive in China October 11 for his first visit in two years, the tussle over the yuan is again taking center stage. [AFP file] 
Beijing bent to years of international pressure in July when in one day it nudged the yuan up by 2.1% against the dollar. Mr. Snow applauded the move as a good first step but made clear that the U.S. expected bigger moves in the near future. Under the new system, China lets the yuan -- which uses a basket of currencies as a reference -- move 0.3% a day either way against the dollar. But since the revaluation the yuan's value against the dollar has gone up by only 0.16%.

The yuan strengthened in special weekend trading sessions in Shanghai following a weeklong holiday. The dollar ended at 8.0876 yuan yesterday, down from 8.0920 yuan Sept. 30, its last trading session before the National Day holiday.

China has taken some small steps toward greater flexibility since July, and its central-bank governor said last week that Beijing should re-examine the yuan's value in light of the country's swelling trade surplus. Still, Chinese officials remain adamant that increased currency flexibility must come slowly, and that a fully convertible yuan is at least five years away. Chinese officials point to the havoc of the 1997 Asian financial crisis, when both Korea's and Thailand's currencies plunged amid rampant speculation.

The Bush administration faces a decision in coming weeks over whether to label China a "currency manipulator" in the Treasury's semiannual currency report, due out in early November. That designation, which many in Congress and within US industry have demanded for at least two years, would prompt talks between the US and China and could lead to sanctions.

Mr. Adams said the Treasury was just beginning to write the report, originally due October 15, and that any conclusions would depend in part on what assurances the US delegation receives while in China.

Not labeling China a manipulator could invoke a swift response from Congress, where Sens. Charles Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican, say they are poised to bring to the floor their bill to impose 27.5% tariffs on Chinese imports unless Beijing lets its currency appreciate further.

Many economists say it is only a matter of time before market forces compel the Chinese to alter the value of the yuan. With its own imports now lagging, China this year is on course to accumulate a total current-account surplus with the rest of the world of about 8% of its own annual economic output -- a figure that would normally put enormous upward pressure on any free-floating currency.

   上一頁 1 2 下一頁  



Fire kills 5 in Northeast China
Aerobatics show in Hunan
Final rehearsal
  Today's Top News     Top China News
 

Australia, US, Japan praise China for Asia engagement

 

   
 

Banker: China doing its best on flexible yuan

 

   
 

Hopes high for oil pipeline deal

 

   
 

Possibilities of bird flu outbreaks reduced

 

   
 

Milosevic buried after emotional farewell

 

   
 

China considers trade contracts in India

 

   
  EU likely to impose tax on imports of Chinese shoes
   
  Bankers confident about future growth
   
  Curtain to be raised on Year of Russia
   
  Coal output set to reach record high of 2.5b tons
   
  WTO: China should reconsider currency plan
   
  China: Military buildup 'transparent'
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
China says market to decide yuan's value
   
Yuan to fluctuate, won't need revaluation
   
Many IMF directors want gradual yuan moves
   
China not planning more yuan revaluations
   
China widens yuan trading band
   
China pursue independent approach to currency reforms
   
Central bank considers yuan market makers
   
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 肌肌对肌肤肤30分钟软件大全免费 | 亚洲美女在线观看播放| 范冰冰hd未删减版在线观看| 国产精品免费_区二区三区观看| 丰满少妇被猛烈进入高清播放| 正在播放julia女教师| 午夜国产精品久久久久| 色综合色综合久久综合频道| 国产福利91精品一区二区三区| jizz免费观看| 男人桶女人j的视频在线观看| 国产日韩欧美高清| 6080yy成人午夜电影| 天天躁夜夜躁狂狂躁综合| 中文字幕在线观看91| 日本动态120秒免费| 久久精品视频3| 精品久久久久久亚洲精品| 国产一区二区三区免费在线视频| 探花视频在线看视频| 国内少妇人妻丰满AV| 丰满老熟好大bbb| 日韩免费高清视频网站| 亚洲H在线播放在线观看H| 欧美人与zoxxxx视频| 亚洲成a人无码| 欧美粗大猛烈老熟妇| 亚洲综合国产一区二区三区| 男性玩尿眼玩法| 国产CHINESE男男GAYGAY网站| 欧美在线色视频| 国产精品乱码一区二区三区| 67194av| 国内精品久久久久影院蜜芽| 99精品众筹模特私拍在线| 大佬和我的365天2在线观看 | 欧美xxxx做受欧美| 亚洲国产成AV人天堂无码| 欧美成人性色xxxxx视频大| 亚洲处破女AV日韩精品| 欧美性受xxxx|