The IMF tells the world the truth with facts, and the US accuses China of manipulating its exchange rate.

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 The IMF tells the world the truth with facts, and the US accuses China of manipulating its exchange rate.


The report also said IMF directors praised Chinas recent progress in reform, especially in reducing the vulnerability of the financial sector and continuing to open up the economy. The directors welcomed the Chinese governments commitment to a multilateral and rule-oriented trading system and believed that Sino-US trade tensions should be quickly resolved through a comprehensive agreement.

In view of the contents of the report, many world-renowned experts have made a first-time interpretation:

James Daniel, Assistant Director of Asia-Pacific and Chief of China Affairs of the IMF, said that the level of RMB exchange rate in 2018 was basically in line with economic fundamentals, and there was no obvious overvaluation or undervaluation. He pointed out that Chinas current account surplus has been declining in recent years, and the IMF supports China to enhance the flexibility of the RMB exchange rate.

Jeffrey Sachs, a professor at Columbia University, said the IMF report clearly showed that China does not have any exchange rate manipulation and that the U.S. Treasury Departments decision to list China as a currency manipulator was arbitrary, capricious and politicized.

Mark Sobel, a former U.S. Treasury official and senior adviser to the Center for Strategic and International Studies, said the IMF report refuted recent allegations by the U.S. Treasury Department that China was manipulating its exchange rate to gain an unfair competitive advantage in trade. The IMFs forecast for Chinas current account surplus in 2019 showed that China had not intervened in the foreign exchange market.

The International Monetary Fund (IMF) reiterates that the RMB exchange rate is in line with Chinas economic fundamentals (source:)

[Video] IMF reiterates that the RMB exchange rate is in line with Chinas economic fundamentals: CCTV News

In an interview with CCTV reporters, several experts also concluded that the IMF report proved that China did not manipulate the exchange rate.

Li Yong, deputy director of the expert committee of the China International Trade Association, said that the IMF report clarified all the facts and there was no evidence that China manipulated the exchange rate. It told the world the truth with the facts.

Expert: The IMF report confirms that China has not manipulated the exchange rate and that the US accusation is groundless (Source:)

[Video] Expert: The International Monetary Fund report confirms that China has not manipulated the exchange rate and the US accuses baseless video sources: CCTV News

On the evening of the 10th, the news broadcasting and distribution headquarters of the International Monetary Fund (IMF) commented sharply on the report, which made the United States break through its false accusation of manipulating the exchange rate against me.

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International Criticism: The International Monetary Fund report made the United States break through its false accusation of manipulating the exchange rate (Source:)

[Video] International Criticism: The International Monetary Fund report makes the United States accuse me of manipulating the exchange rate falsely and break through the video source: CCTV News

Xinhua News Agency published a long analysis on the 10th issue of IMF Reaffirms that the RMB exchange rate conforms to the fundamentals experts believe that the US side deceives itself and exposes itself to the world, further citing the analysis of several experts, the IMF report denies the USs accusation of Chinas currency manipulator, and the USs practice of labelling and self-deception is exposed to the world.

From the perspective of international law, it is the International Monetary Fund that supervises the exchange rate policies of member countries and avoids manipulating exchange rates to gain unfair trade competitive advantages. Guan Tao, a senior researcher at the China Forty Peoples Forum on Finance, said the IMF report did not support the conclusion that the United States believes China is a currency manipulator and did not change the summary statement after the June consultation. It can be said that the latest IMF report does not agree with the label that the United States has placed on China as a currency manipulator.

In fact, the results of Chinas exchange rate marketization reform are obvious to all. The IMF has issued reports for five consecutive years since 2015 that the exchange rate of the RMB is basically in line with Chinas economic fundamentals. According to the data released by the Bank for International Settlements, from early 2005 to June 2019, the nominal effective exchange rate of RMB appreciated by 38%, while the real effective exchange rate appreciated by 47%. It is the strongest currency in the G-20 economies and one of the largest currencies in the world.

Exchange rate is determined by the fundamentals of Chinas economy. Chinas macroeconomic operation is generally stable, its financial situation and financial risks are generally controllable, and its balance of payments and cross-border capital flows is generally balanced. This is the fundamentals of exchange rate. Exchange rate changes are in line with Chinas economic fundamentals, and the exchange rate of RMB against a basket of currencies is stable. Wen Bin, chief researcher of Minsheng Bank of China, said.

So what is Americas desire to mislabel itself?

Jeffrey Sachs, a professor at Columbia University, told reporters that the IMF report clearly shows that China does not have any manipulation of exchange rates. The U.S. Treasury Departments listing of China as a manipulator of exchange rates is based on President Trumps tweet rather than objective analysis, and is a arbitrary, capricious and politicized decision.

According to the three quantitative provisions of the US law concerning exchange rate manipulators, China only meets the provisions of the US current account surplus of more than 20 billion US dollars, while the other two do not meet its recognition criteria.

China not only does not meet the standards of observer countries as stipulated by its laws, but also does not meet the standards of exchange rate manipulators. It is not only ridiculous for the United States to regard China as an exchange rate manipulator in violation of its own standards, but it is also impossible not to doubt that it is trying to exert extreme pressure on China for political and trade negotiation purposes. Dong Xizhao, deputy dean of Chongyang Institute of Finance, Renmin University of China, said.

In response to the U.S. sides reversal, it seriously violated the consensus of the two heads of state meeting in Osaka, escalated trade frictions, announced that it would impose a 10% tariff on Chinas $300 billion U.S. exports from September 1, and identified China as a currency manipulator. Wang Hejun said that the U.S. sides unilateralism, bullying and protectionist actions. In order to destroy the atmosphere of Sino-US economic and trade consultation and to hinder the settlement of Sino-US economic and trade disputes, China firmly opposes this. China will never accept the pressure and intimidation from other countries. Faced with the unilateralism and extreme pressure from the United States, China will never compromise on the issue of principle. If the United States insists on escalating economic and trade frictions, China will have to take countermeasures.

Wang Hejun said that China has always believed that the trade war can not solve the problem. It is not in the interests of China, the United States and the world to upgrade trade friction.

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MOFCOM: US extreme pressure will not succeed (Source:)

[Video] Ministry of Commerce: US Extreme Pressure Will Not Succeed Video Source: CCTV News