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Labeling China ‘currency 上海419pulator’ unreasonable
hina will not revise its foreign exchange policies, as the United States labeling it “a currency manipulator” is unre
上海419品茶微信asonable and unlikely to get support from multilateral mechanisms, according to Chinese officials and analysts.
Based on available facts and evidence, it is unlikely that the International Monetary Fund — the most authoritative organization to arbitrate currency ma
nipulation — will stand by the US in accusing China of being a currency manipulator, they said. Without such suppo 上海419
rt from the multilateral organization, the US accusation will not hold up, they added.
上海419品茶微信An IMF spokesperson told China Daily on Thursday that “discussions
with the US Treasury Department are ongoing on a range of issues”. The “range of issues” is not c
onfined to the currency manipulation accusation, the spokesperson added.
The IMF had not yet sent a message requiring Beijing to start related negotiation 上海419
s regarding the accusation, two Chinese officials familiar with the matter told China Daily. The Chinese govern
上海419品茶微信ment maintains routine coordination and communication with the IMF, said the officials, on condition of anonymity.
The US Treasury Department wrote in a statement on Monday that it will engage with the IMF “to
eliminate the unfair competitive advantage created by China’s latest actions”. Hours before the US annou 上海419
ncement, the renminbi weakened beyond 7 per dollar for the first time since May 2008. Washington threatened earlier to sl
ap 10 percent tariffs on an additional $300 billion worth of Chinese goods beginning on Sept 1.
上海419品茶微信Li Chao, vice-chairman of the China Securities Regulatory Commission, said it is
“irresponsible” for the US administration to label China as “a currency manipulator”, as it not only viol
ates rules and common sense, but also causes damage to the US itself and stock markets of other economies. 上海419
“(The US labeling) triggered drastic fluctuations across g
上海419lobal financial markets,” Li said in an interview with Xinhua News Agency.
Mark Sobe, a former senior IMF official, told Reuters on T
uesday, “It’s ridiculous that they’ve declared China a currency manipulator. T 上海419品茶微信
hey don’t have any meaningful tools to do anything about it, unless they just want to pile more tariffs on.”