Underestimate the pressure on appreciation of the RMB currency Bernanke issued t
U.S. local time on April 14, the U.S. Federal Reserve Chairman Ben? Bernanke (Ben Bernanke) in the U.S. Congress Joint Economic Committee (Joint Economic Committe) testimony released by the outside world as their strongest to date for the RMB remarks.
He said that the yuan is undervalued, and the United States should continue to put pressure on China exchange rate issue.
But Bernanke disagreed with New York Senator Charles? Schumer (Charles Schumer) claims, "Congress imposed punitive tariffs on Chinese products motion" solution.
The U.S. Treasury Department found the original 15 arrested in China is manipulating its currency, but the plan with the recent warming of Sino-US relations has been delayed.
"Do not find fault with China, Brazil"
Bernanke said: "The RMB exchange rate is a very important issue, I think we should continue to move towards more flexible exchange rate system direction (to China) pressure. Flexible exchange rate system to solve China faces economic problems of inflation and the bubble . In addition to relaxing exchange controls, they should establish more comprehensive social security system so as to create a domestic demand-based economy. "
Released the same day the International Monetary Fund (IMF) semi-annual World Economic Outlook report also suggested that China and other countries with large trade surpluses through a number of measures to reduce the surplus, including re-valuation of the national currency, expanding domestic demand and building a more mature financial markets. Report, if the make the right analysis and policy deployment, these measures will not impede economic growth.
Goldman Sachs chief economist, "BRIC" (BRIC) the pioneer of the word Jim? O'Neill (JimO'Neill) 14 at the interview also said that improving the RMB exchange rate flexibility in China's own interests. "Held in Brazil this week to discuss the BRIC summit between the four countries to promote trade in the currency question, if the RMB exchange rate is not flexible, four-nation currency trading out of the question."
BRIC summit scheduled to be held from 15 to 16. Brazil on the 9th week joined the camp of RMB appreciation pressure, the finance minister said, China is implementing a more flexible exchange rate policy is very beneficial to the world economy. In addition, the Brazilian central bank governor said this week that China will be in the next 12 months to allow further appreciation of the yuan.
Brazil's practice, O'Neal said, "The Chinese did not find fault on the Brazilians, the Brazilian then what basis do the Chinese."
Personally opposed "Schumer motion"
Asked why China refuses to let the yuan appreciate, 14, said Bernanke, the RMB exchange rate issue in the United States both over-politicized, "just like us, they also have a lot of political considerations. First of all, they are very conservative , worried that any major changes in the impact, especially in their view the global economic situation remains fragile. many political factors, such as insist on maintaining the export-oriented exporters influence can affect their decisions. "
The O'Neal said: "If not the U.S. Congress over the past month to create so much noise, the RMB may have appreciated." He even optimistically predicted the yuan will meet next week to achieve the fastest 2% to 5% increase.
Information available for inspection after the March 15, the U.S. Congress joint 130 members, asked the Obama administration will control the Chinese as the national currency. Then, "pioneering appreciation of the renminbi," Schumer again after 5 years of wielding the "Schumer motion" to start the legislative process, threatening punitive tariffs on China measures.
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