Hinggil sa CRIHinggil sa Serbisyo Filipino
   

CRI Komentaryo: IMF shows U.S. charge of currency manipulation ill founded

(GMT+08:00) 2019-08-11 11:00:23       CRI
The International Monetary Fund (IMF) on Friday issued a report reaffirming its stance that the value of the Chinese currency, the renminbi (RMB), was "broadly in line with the level consistent with medium-term fundamentals and desirable policies" in 2018.

According to the report, China's current account surplus, a major measure of a country's foreign trade, fell by around 1 percentage point to 0.4 percent of its GDP last year. It is projected to remain within half a percent of GDP this year. This provides further evidence that Washington's accusation that China is a currency manipulator is ill founded.

During a teleconference with the media, the IMF's mission chief for China, James Daniel, said China has been making progress in moving toward a more flexible exchange rate and that the IMF is encouraging Beijing to go further along this road. This is consistent with China's overarching policy, and shows that the IMF recognizes China's efforts over the years to promote exchange rate marketization.

Since 2005, China has implemented a managed float system based on market supply and demand, with reference to a basket of currencies. The country has been continuously deepening the reform of its exchange rate mechanism, consistently enhancing its flexibility. China has been abstaining from competitive currency depreciation, in accordance with its commitments made at past G20 summits. It has not used and will never use exchange rates as a tool to tackle trade disputes.

Changing market demand caused the latest depreciation of the RMB. The trade tensions ignited by the United States around the globe have made markets more risk averse. As an article published by The Economist points out, the depreciation of the RMB against the U.S. dollar is a natural response to Washington's threat to impose new tariffs on imports from China.

After the IMF released its report on Friday, several experts in the United States said it provides evidence that China did not manipulate its exchange rate last week, and that it is irresponsible for Washington to abuse its strong position in the international financial system to attack China. The voices in Washington baselessly calling China a currency manipulator should study the IMF report carefully so they can take an objective and rational stance on the issue.

May Kinalamang Babasahin
Comments
Nagbabagang Paksa
Kompetisyon ng Talento at Kakayahan para sa mga Tagasubaybay sa Buong Daigdig
Pinakahuling Balita
Napiling Artikulo
SMS sa CRI sa 09212572397
6391853476XX: Gusto ko lang mag-hello sa paborito kong istasyon sa SW--ang China Radio International at sa lahat ng announcers ng Filipino Service. Nasa tabi niyo ako lagi.
6392199353XX: Salamat sa Gabi ng Musika at Pop China at sa buong Serbisyo Filipino. Solved ako sa mga padala ninyong CD at DVD ng Chinese Artists.
92041552XX: Happy Easter sa buong staff ng Filipino Service!
6392092449XX: Inspirado ako ngayong makinig sa inyong transmission dahil maganda lagi ang quality ng signal. Thank you for communicating with me via SMS.
6391658006XX: Hello CRI! I would like to give a reception report of CRI Serbisyo Filipino on July 29, 1130-1200 UTC at 12.110 MgHz shortwave listening from Clark, Angeles City, Pampanga. Sinpo: 55443. Lagi akong sumasali sa inyong pakontes at laging akong makikinig. Hope my report would be acknowledged by QSL card. Salamat.
More>>