10 Aug
Xinhua News Agency published an article accuses the United States is the world's largest currency manipulator
Posted in Business on 10.08.10
"The United States is the world's largest currency manipulator"!
Yesterday (March 18), Xinhua News Agency published the article points out that there is sufficient evidence that other countries accused of manipulating exchange rates frequently and constantly put pressure on forcing other countries to change the value of the United States is the world's biggest "currency manipulator." By manipulating the exchange rate, the United States won the huge economic interests.
For this view, many accept the "Daily Economic News" interview of experts agreed. "Currency war" on Song Hongbing that "the dollar and the RMB exchange rate has entered a combat." Chinese Academy of Social finance director Cao Honghui the financial markets is that the U.S. exchange rate manipulation dog in the manger.
Article criticized
U.S. to use various means of manipulating the exchange rate
Xinhua quoted experts, the article summarized some of the tactics the U.S. currency manipulation: through the investment bank with a fraudulent report, the results of expert studies, the release of guidance information to the market; the recent short selling by hedge funds, the euro, sterling and other foreign currency, in the future may attack the yen; juggle the political, diplomatic and trade instruments, pressure of RMB appreciation of their requirements and standards; in the financial crisis, first through the stabilization fund sold a lot of euros, the euro plunged, the dollar rose, and then print money wantonly and closing the bad debts.
The article points out, the United States through the manipulation of the dollar, making dollar reserves of China and other developing countries, and a drastic shrinkage of dollar assets in order to resolve their huge foreign debt pressure, while using the "valuation effect" to enhance the value of their external assets.
For example, take the initiative to control the Fed, the 1985 "Plaza Accord" was signed, the dollar Kuangbian more than 40%. After 2001, the dollar continued to depreciate major currencies has more than 30%. Accordingly, from 2001 to 2006, the United States despite an increase in the total external liabilities of 3.856 trillion U.S. dollars, net debt was reduced 199 billion U.S. dollars, or net capital gains 4.055 trillion U.S. dollars, of which depreciation of the dollar contribution to the manipulation of 892 billion U.S. dollars, do not oppress currency appreciation, create asset price changes, net 3.163 trillion U.S. dollars.
"The United States manipulated the exchange rate channel is diverse, they never talk about themselves and that others are doing." Cao Honghui also believe that the U.S. did through a series of policies to control the exchange rate, which includes foreign exchange market operations, open market operations, debt policy and the various departments of the cooperative.
Expert Comments
The practice of the United States dog in the manger
"War is the currency exchange rate war, the U.S. dollar and the RMB exchange rate has entered a combat." Song Hongbing told the "Daily Economic News" reporter, "The United States is the world's largest currency manipulator."
Song Hongbing, said the U.S. dollar is the world's reserve currency, the dollar's power to issue entirely in American hands, therefore, how the Fed would like to send U.S. dollars on how fat, India more than India and less entirely to decide. If the exchange rate to criticize other countries then it simply is an international joke.
Song Hongbing that these issues made the United States, the Fed is equivalent to the international central bank, other countries want to maintain exchange rate stability, you want to follow the same dollars, the United States in the accused. This is like someone in the manufacture of flooding, but flood control does not allow people below help themselves.
Finance at Renmin University of China Zhao Xijun, vice president of the view that although the United States to recognize the manipulation of the exchange rate is a more complex issue, from the present situation, the U.S. underestimated by the dollar to stimulate exports, the purpose is more apparent.
Cao Honghui that the U.S. extreme pressure of RMB appreciation, China does not help solve the structural imbalance of the global economy will adversely affect, especially adversely affect the Asian economy, if the RMB to appreciate too, will pull other Asian currencies with with the appreciation of the yuan affect the recovery of Asian economies. Therefore, this not only can not help China, but also may endanger the stability of China.
Yesterday (March 18), Xinhua News Agency published the article points out that there is sufficient evidence that other countries accused of manipulating exchange rates frequently and constantly put pressure on forcing other countries to change the value of the United States is the world's biggest "currency manipulator." By manipulating the exchange rate, the United States won the huge economic interests.
For this view, many accept the "Daily Economic News" interview of experts agreed. "Currency war" of that Song Hongbing, "the dollar and the RMB exchange rate has entered a combat." Chinese Academy of Social Sciences, Director of Finance by the financial market is said Cao Honghui, the U.S. exchange rate manipulation dog in the manger.
Article criticized
U.S. to use various means of manipulating the exchange rate
Xinhua quoted experts, the article summarized some of the tactics the U.S. currency manipulation: through the investment bank with a fraudulent report, the results of expert studies, the release of guidance information to the market; the recent short selling by hedge fund euro, sterling and other foreign currency, in the future may attack the yen; juggle the political, diplomatic and trade instruments, pressure of RMB appreciation of their requirements and standards; in the financial crisis, first through the stabilization fund sold a lot of euros, the euro plunged, the dollar rose, and then print money wantonly and closing the bad debts.
The article points out, the United States through the manipulation of the dollar, making dollar reserves of China and other developing countries, and a drastic shrinkage of dollar assets in order to resolve their huge foreign debt pressure, while using the "valuation effect" to enhance the value of their external assets.
For example, take the initiative to control the Fed, the 1985 "Plaza Accord" was signed, the dollar Kuangbian more than 40%. After 2001, another major currencies, the dollar continued to depreciate more than 30%. Accordingly, from 2001 to 2006, the United States despite an increase in the total external liabilities of 3.856 trillion U.S. dollars, net debt was reduced 199 billion U.S. dollars, the net capital gains 4.055 trillion U.S. dollars, of which manipulate dollar contribution to the 892 billion U.S. dollars, do not oppress currency appreciation, create asset price changes, net 3.163 trillion U.S. dollars.
"The United States manipulated the exchange rate channel is diverse, they never talk about themselves and that others are doing." Cao Honghui also believe that the U.S. did through a series of policies to control the exchange rate, which includes foreign exchange market operations, open market operations, debt policy and the various departments of the cooperative.
Expert Comments
The practice of the United States dog in the manger
"War is the currency exchange rate war, the U.S. dollar and the RMB exchange rate has entered combat the." Song Hongbing told the "Daily Economic News" reporter, "The United States is the world's largest currency manipulator."
Song Hongbing, said the U.S. dollar is the world's reserve currency, the dollar's power to issue fully in the hands of the United States, therefore, how the Fed would like to send U.S. dollars on how fat, printed to print less entirely to decide. If the exchange rate to criticize other countries then it simply is an international joke.
Song Hongbing that these issues made the United States, the Federal Reserve is equivalent to the international central bank, other countries want to maintain exchange rate stability, you want to follow the same dollars, the United States in the accused. This is like someone in the manufacture of flooding, but flood control does not allow people below help themselves.
Finance at Renmin University of China Zhao Xijun, vice president of the view that although the United States to recognize the manipulation of the exchange rate is a more complex issue, but the present situation, the U.S. underestimated by the dollar to stimulate exports, the purpose is more apparent.
Cao Honghui that the U.S. extreme pressure of RMB appreciation, China does not help solve the structural imbalance in the world economy will adversely affect, especially adversely affect the Asian economy, if the RMB to appreciate too, will pull other Asian currencies with with the appreciation of the yuan affect the recovery of Asian economies. Therefore, this not only can not help China, but also may endanger the stability of China.
"Can not allow the United States this emotional catharsis, which may intensify the international trade frictions, strategic conflicts and contradictions of America's own structural imbalances are not any help, will not achieve their desired results." Said Cao Honghui, RMB appreciation , China's export prices, led directly to U.S. prices, benefits decline, the U.S. low-income people at a disadvantage. Can not increase employment opportunities, because many of China's export products do not produce the United States.
Why do the United States put pressure on the yuan? Yesterday, a long-term follow exchange rate of the media who told the "Daily Economic News" reporter, in addition to economic reasons, the United States had other purposes. The United States to do so is to use this to divert attention, to achieve other purposes, such as the U.S. presidential election and so on. There is also a very important political objective, that is, some Americans want to control the pace of development in China.
Yesterday (March 18), Xinhua News Agency published the article points out that there is sufficient evidence that other countries accused of manipulating exchange rates frequently and constantly put pressure on forcing other countries to change the value of the United States is the world's biggest "currency manipulator." By manipulating the exchange rate, the United States won the huge economic interests.
For this view, many accept the "Daily Economic News" interview of experts agreed. "Currency war" on Song Hongbing that "the dollar and the RMB exchange rate has entered a combat." Chinese Academy of Social finance director Cao Honghui the financial markets is that the U.S. exchange rate manipulation dog in the manger.
Article criticized
U.S. to use various means of manipulating the exchange rate
Xinhua quoted experts, the article summarized some of the tactics the U.S. currency manipulation: through the investment bank with a fraudulent report, the results of expert studies, the release of guidance information to the market; the recent short selling by hedge funds, the euro, sterling and other foreign currency, in the future may attack the yen; juggle the political, diplomatic and trade instruments, pressure of RMB appreciation of their requirements and standards; in the financial crisis, first through the stabilization fund sold a lot of euros, the euro plunged, the dollar rose, and then print money wantonly and closing the bad debts.
The article points out, the United States through the manipulation of the dollar, making dollar reserves of China and other developing countries, and a drastic shrinkage of dollar assets in order to resolve their huge foreign debt pressure, while using the "valuation effect" to enhance the value of their external assets.
For example, take the initiative to control the Fed, the 1985 "Plaza Accord" was signed, the dollar Kuangbian more than 40%. After 2001, the dollar continued to depreciate major currencies has more than 30%. Accordingly, from 2001 to 2006, the United States despite an increase in the total external liabilities of 3.856 trillion U.S. dollars, net debt was reduced 199 billion U.S. dollars, or net capital gains 4.055 trillion U.S. dollars, of which depreciation of the dollar contribution to the manipulation of 892 billion U.S. dollars, do not oppress currency appreciation, create asset price changes, net 3.163 trillion U.S. dollars.
"The United States manipulated the exchange rate channel is diverse, they never talk about themselves and that others are doing." Cao Honghui also believe that the U.S. did through a series of policies to control the exchange rate, which includes foreign exchange market operations, open market operations, debt policy and the various departments of the cooperative.
Expert Comments
The practice of the United States dog in the manger
"War is the currency exchange rate war, the U.S. dollar and the RMB exchange rate has entered a combat." Song Hongbing told the "Daily Economic News" reporter, "The United States is the world's largest currency manipulator."
Song Hongbing, said the U.S. dollar is the world's reserve currency, the dollar's power to issue entirely in American hands, therefore, how the Fed would like to send U.S. dollars on how fat, India more than India and less entirely to decide. If the exchange rate to criticize other countries then it simply is an international joke.
Song Hongbing that these issues made the United States, the Fed is equivalent to the international central bank, other countries want to maintain exchange rate stability, you want to follow the same dollars, the United States in the accused. This is like someone in the manufacture of flooding, but flood control does not allow people below help themselves.
Finance at Renmin University of China Zhao Xijun, vice president of the view that although the United States to recognize the manipulation of the exchange rate is a more complex issue, from the present situation, the U.S. underestimated by the dollar to stimulate exports, the purpose is more apparent.
Cao Honghui that the U.S. extreme pressure of RMB appreciation, China does not help solve the structural imbalance of the global economy will adversely affect, especially adversely affect the Asian economy, if the RMB to appreciate too, will pull other Asian currencies with with the appreciation of the yuan affect the recovery of Asian economies. Therefore, this not only can not help China, but also may endanger the stability of China.
Yesterday (March 18), Xinhua News Agency published the article points out that there is sufficient evidence that other countries accused of manipulating exchange rates frequently and constantly put pressure on forcing other countries to change the value of the United States is the world's biggest "currency manipulator." By manipulating the exchange rate, the United States won the huge economic interests.
For this view, many accept the "Daily Economic News" interview of experts agreed. "Currency war" of that Song Hongbing, "the dollar and the RMB exchange rate has entered a combat." Chinese Academy of Social Sciences, Director of Finance by the financial market is said Cao Honghui, the U.S. exchange rate manipulation dog in the manger.
Article criticized
U.S. to use various means of manipulating the exchange rate
Xinhua quoted experts, the article summarized some of the tactics the U.S. currency manipulation: through the investment bank with a fraudulent report, the results of expert studies, the release of guidance information to the market; the recent short selling by hedge fund euro, sterling and other foreign currency, in the future may attack the yen; juggle the political, diplomatic and trade instruments, pressure of RMB appreciation of their requirements and standards; in the financial crisis, first through the stabilization fund sold a lot of euros, the euro plunged, the dollar rose, and then print money wantonly and closing the bad debts.
The article points out, the United States through the manipulation of the dollar, making dollar reserves of China and other developing countries, and a drastic shrinkage of dollar assets in order to resolve their huge foreign debt pressure, while using the "valuation effect" to enhance the value of their external assets.
For example, take the initiative to control the Fed, the 1985 "Plaza Accord" was signed, the dollar Kuangbian more than 40%. After 2001, another major currencies, the dollar continued to depreciate more than 30%. Accordingly, from 2001 to 2006, the United States despite an increase in the total external liabilities of 3.856 trillion U.S. dollars, net debt was reduced 199 billion U.S. dollars, the net capital gains 4.055 trillion U.S. dollars, of which manipulate dollar contribution to the 892 billion U.S. dollars, do not oppress currency appreciation, create asset price changes, net 3.163 trillion U.S. dollars.
"The United States manipulated the exchange rate channel is diverse, they never talk about themselves and that others are doing." Cao Honghui also believe that the U.S. did through a series of policies to control the exchange rate, which includes foreign exchange market operations, open market operations, debt policy and the various departments of the cooperative.
Expert Comments
The practice of the United States dog in the manger
"War is the currency exchange rate war, the U.S. dollar and the RMB exchange rate has entered combat the." Song Hongbing told the "Daily Economic News" reporter, "The United States is the world's largest currency manipulator."
Song Hongbing, said the U.S. dollar is the world's reserve currency, the dollar's power to issue fully in the hands of the United States, therefore, how the Fed would like to send U.S. dollars on how fat, printed to print less entirely to decide. If the exchange rate to criticize other countries then it simply is an international joke.
Song Hongbing that these issues made the United States, the Federal Reserve is equivalent to the international central bank, other countries want to maintain exchange rate stability, you want to follow the same dollars, the United States in the accused. This is like someone in the manufacture of flooding, but flood control does not allow people below help themselves.
Finance at Renmin University of China Zhao Xijun, vice president of the view that although the United States to recognize the manipulation of the exchange rate is a more complex issue, but the present situation, the U.S. underestimated by the dollar to stimulate exports, the purpose is more apparent.
Cao Honghui that the U.S. extreme pressure of RMB appreciation, China does not help solve the structural imbalance in the world economy will adversely affect, especially adversely affect the Asian economy, if the RMB to appreciate too, will pull other Asian currencies with with the appreciation of the yuan affect the recovery of Asian economies. Therefore, this not only can not help China, but also may endanger the stability of China.
"Can not allow the United States this emotional catharsis, which may intensify the international trade frictions, strategic conflicts and contradictions of America's own structural imbalances are not any help, will not achieve their desired results." Said Cao Honghui, RMB appreciation , China's export prices, led directly to U.S. prices, benefits decline, the U.S. low-income people at a disadvantage. Can not increase employment opportunities, because many of China's export products do not produce the United States.
Why do the United States put pressure on the yuan? Yesterday, a long-term follow exchange rate of the media who told the "Daily Economic News" reporter, in addition to economic reasons, the United States had other purposes. The United States to do so is to use this to divert attention, to achieve other purposes, such as the U.S. presidential election and so on. There is also a very important political objective, that is, some Americans want to control the pace of development in China.
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