Arab Today, arab today us treasury declines to name china as currency manipulator
Last Updated : GMT 05:19:39
Arab Today, arab today
Arab Today, arab today

US Treasury declines to name China as currency manipulator

Arab Today, arab today

Arab Today, arab today US Treasury declines to name China as currency manipulator

US Treasury
Washington - XINHUA

The U.S. Treasury Department said on Thursday that China cannot be ruled as a currency manipulator, but highlighted the need for sustained progress toward a market-driven exchange rate.
China has made real progress in its market-determined exchange rate system, said the Treasury in its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies.
China's current account surplus fell significantly from 10 percent of the GDP in 2007 to 2.1 percent in 2014 and the real effective exchange rate appreciated by more than 10 percent in the past six months, the fastest pace since 2009, the Treasury said.
China's reduced level of intervention in the foreign exchange market, consistent with the commitment of Chinese government at the U.S.-China Strategic and Economic Dialogue (S&ED), the Treasury added.
It noted that, although the Chinese currency faced short-term downward pressures against the dollar, such as the country's central bank's moves to cut interest rates and the capital outflows under the capital account in the end of 2014, the fundamental factors for RMB appreciation remain intact, and the need for China to further strengthen the currency over the medium term still exists.
According to the Treasury, the lower oil prices have benefited China in terms of trade gains, which led to and will continue to contribute to a rising current account surplus.
China continues to see relatively higher productivity growth than its major trading partners and the appreciation of the RMB is in line with China's efforts to rebalance the economy toward household consumption, said the U.S. Treasury.
China will accelerate reform and opening up of its capital market in 2015, aiming to make the Chinese yuan convertible on the capital account, China's central bank governor Zhou Xiaochuan said in late March in Beijing.
The U.S. Treasury also said that it looks forward to progress on China's plan to subscribe to the International Monetary Fund's Special Data Dissemination Standard (SDDS) for economic and financial data, including foreign exchange reserve disclosure.
Chinese President Xi Jinping announced last November that China had decided to switch to the IMF's SDDS, a more transparent data disclosure standard.
The U.S. Omnibus Trade and Competitiveness Act of 1988 requires the Treasury to provide reports on whether its major trading partners manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.
In previous such reports from the Obama administration, the U.S. government did not label China as a "currency manipulator."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us treasury declines to name china as currency manipulator Arab Today, arab today us treasury declines to name china as currency manipulator

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us treasury declines to name china as currency manipulator Arab Today, arab today us treasury declines to name china as currency manipulator

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday