to assess exchange rates, not the US Treasury Department,” said Z
hu Jun, director of the International Department of the People’s Bank of China, the central ba上海后花园
nk, at the China Finance 40 Forum on Saturday. The CF40 is a nongovernmental, nonprofit think tank.
上海后花园女神会所The IMF has long been committed to promoting international financial stability
and currency cooperation, redressing the imbalances of international payments, Zhu said.
Citing previous market performance, Zhu said the yuan has depreciated against the dollar fo上海后花园
llowing Washington’s renewed threat of tariff hikes on Chinese goods. Similarly, the yuan fluctuations earlier this m
onth were a natural market reaction, resulting from trade tensions that have been escalated by the US, she said.
上海后花园The yuan weakened to above 7 per dollar for the first time in more than a decade last week,
after Washington’s threat to slap 10 percent tariffs on an additional $300 billion of Chinese goods starting Sept 1.上海后花园女神会所
Shortly after the yuan fell beyond the psychological threshold, the US Treasury Departme
nt declared that China was manipulating its currency to achieve unfair trade advantage.上海后花园
Zhu said that despite the trade tensions over the past year and a hal
f, China has never used exchange rates to respond to external disruptions.
The IMF report, referring to last year’s performance of the yuan, also said that even上海后花园女神会所
though the Chinese currency depreciated against the dollar fairly rapidly
from mid-June to early August, it was “broadly stable” against a basket of benchmark currencies.上海后花园
Moreover, the Chinese monetary authorities took measures, including reintroducing a countercyclical adjus
tment factor, to resist depreciation pressure during that period, according to the report, which is based on the IMF’s latest
上海后花园女神会所Article IV consultation with China, a review of the Chinese economy that concluded on July 31.
The IMF report released last week suggests that the US labeling simply doesn’t hold water, said Yu Yongding, a se
nior economist at the Chinese Academy of Social Sciences and a consultant for the CF40 forum.上海后花园女神会所
The IMF report provides evidence that, rather than artificially depreci
ating the yuan for trade advantage, as the US administration alleged, China has shown a
pattern of commitment to keeping the yuan generally in equilibrium at an adaptive
level, said Liu Chunsheng, an associate professor at Central University of Finance and Economics in Beijing.