US Treasury Secretary Recognised RMB Appreciation 3%&Nbsp; US Postponed Further Announcement Of Exchange Rate Report
US Treasury Secretary Geithner said in a statement on 15, postponing the main announcement scheduled for October 15th.
Trade
The international economic and exchange rate policy report, and said it will announce the report after next month's mid term elections and the end of the G20 summit.
US Treasury Department
On the 15 day, the report was postponed to make use of the opportunity of the G20 summit to make more progress on this issue.
In the coming weeks, the United States will hold a series of very high-end meetings with the parties concerned, including the meeting of the group of twenty finance ministers and central bank governors to be held in November 11th, and the APEC summit to be held in November 13th.
Geithner said in a statement that these meetings will play an important role in implementing relevant policies and promoting a stronger, sustainable and balanced world economy.
Therefore, the Ministry of finance will postpone the publication of the exchange rate report for the second half of the year.
Among them, the G20 summit to be held in Seoul, South Korea, has become a platform that Geithner attaches great importance to.
He said the G20 summit could provide heads of state with the opportunity to study the best way to restore global economic balance, and stressed that this is not just the responsibility of China and the United States.
He said that the challenge of promoting a stronger, more balanced and sustainable global economic recovery is a multilateral challenge, not just the responsibility of China and the United States.
This requires policy reforms in all major economies.
Geithner also said on 15 th, since June 19th this year, China announced the resumption.
RMB
Since the reform of exchange rate formation mechanism, the RMB exchange rate has appreciated by 3% against the US dollar.
Since September 2nd, the appreciation rate of RMB has accelerated, increasing by more than 1% per month.
On the 15 day, the central parity of RMB against the US dollar was 6.6497 yuan, the highest level since July 2005 in the third consecutive day.
According to the relevant laws and regulations of the United States, the US Treasury must submit a report on the international economic and exchange rate policy to the Congress every 6 months.
In the three reports issued after Obama came to power, the US Treasury Department said no trading partners had manipulated the currency exchange rate to gain unfair trade advantage.
The exchange rate policy, originally scheduled for release in the first half of April 15th, was postponed to July 8th.
WTO director general Pascal Rami said in a speech to the French Senate on 15 July that the appreciation of the renminbi will not help solve the so-called trade imbalance problem, nor will it help to reshape the competitiveness of other countries' products.
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