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Chinese Officials Respond Positively To The US Pressure On The RMB Exchange Rate For The First Time.

2010/6/12 15:13:00 38

China's commerce ministry said Saturday (June 10th) that exchange rate issues are not the key to solving the trade deficit.

exchange rate

The inclusion of double opposition is lacking in factual basis.

This is the first positive response from Chinese officials to the recent pressure on the RMB exchange rate in the US.

In a regular press conference Saturday, Yao Jian, a spokesman for the Ministry of Commerce, said that the RMB exchange rate should be included in anti-dumping and countervailing measures, which lacked the rules and factual basis of the World Trade Organization (WTO) rules.

He said China's exports of American honey were small and hoped that the United States would cancel its exports to China.

Export honey

Discriminatory measures.

Yao Jian also pointed out that under the European debt crisis, maintaining stable trade policy is China's "first choice".

However, he also said that the export tax rebate adjustment for environmental protection products should not be excluded, because the task of energy saving and emission reduction needs to be completed this year.

Yao Jian predicted that the trade surplus this year will be substantially lower than last year, and imports are expected to maintain rapid growth throughout the year.

In the next 2-3 months, the Ministry of Commerce will pay close attention to the impact of European markets on China's exports, especially in Germany, Spain, Italy and the United Kingdom.

He said that China's export growth of 48.5% in May this year is a "recovery growth".

Yao Jian's remarks on the RMB exchange rate and honey export products are the first positive response of Chinese officials to the recent pressure from the us to the RMB exchange rate again.

US Treasury Secretary

Geithner (TimothyGeithner) told congressmen this week that China is taking steps to solve the US's worries about China's currency exchange rate and trade policy. He promised to urge China to make more fundamental changes.

He said that the distortion of China's exchange rate policy has exceeded China's borders and will hinder global recovery.

Meanwhile, Senator Shu Mo of New York, USA, said this week that the Senate will move a bill quickly to list punishments for China and other countries, forcing them to implement a market-oriented exchange rate mechanism. CharlesSchumer

Schumer also said that China could avoid the United States' punitive measures against honey produced in China by exporting honey from a third country to the United States.

He said that this "Honey washing" behavior in third countries damaged the interests of honey producers in the United States, and New York was particularly affected.

He called on the federal authorities to crack down on China's honey washes.