U.S. House of Representatives Ways and Means Committee voted 24 to a so-called undervalued currencies of the countries impose special tariffs bill. Some analysts believe that this bill will not help to solve Sino-US trade imbalance reason.

Senate legislation may be blocked

Last May, U.S. Rep. Tim Ryan, and other so-called “exchange rate reforms to promote Fair Trade Act.” The bill attempts to amend U.S. trade law to give greater authority U.S. Department of Commerce, to enable it under certain conditions, the so-called “currency undervaluation” act as export subsidies, then the relevant countries for imposing countervailing duties on exports to the U.S..

Recently, some U.S. lawmakers and business organizations to China in June this year announced a new round of rate of appreciation of RMB exchange rate reform is too small since the ground, a collection of 133 members of Congress, asking Congress to vote on this bill. In this context, the House Ways and Means Committee hearing on the bill after the vote. The bill is expected early next week in the House of Representatives vote on the hospital. According to the U.S. legislative process, if the House vote, the Senate bill will go into the legislative process. Some analysts believe that, given the still uncertain situation in the Senate election, may be blocked in the Senate bill.

Chinese Premier Wen Jiabao in New York and 22 U.S. companies, financial and academic community discussion, pointed out that the main reason causing the U.S. trade deficit is not Fangdui Hua RMB exchange rate, and in the structure of investment and trade between the two countries. Be considered only as a whole, to take comprehensive measures to gradually solve the problem.

This will affect the U.S. economic recovery

In some U.S. lawmakers trying to sell a currency to the grounds of Chinese products in the Bill of punitive measures, the number of Chinese and foreign experts said that the U.S. attempt to force the yuan to appreciate the RMB exchange rate issue is the politicization of the impulsive move, not only do nothing to solve their own problems, but may slow down the pace of U.S. economic recovery, and dampen the momentum of global economic development.

Chinese Academy of International Trade Research Office, Song said, if the United States insisted on politicizing the issue of RMB exchange rate will result in a lose-lose result, the overall situation of Sino-US relations and hurt global economic growth.

Sharp appreciation of the yuan would bring China’s economy can not withstand the pressure, in exports, employment and other aspects of serious harm, and thus seriously affect the economic stability and healthy development. With China’s contribution to the global economy’s rapid rise, which will also disrupt the global economy, including the U.S., the pace of development. U.S. investors, “China’s three decades,” the author Robert Lawrence Kuhn said: “The slow, gradual reform of RMB exchange rate mechanism the parties would bring better results. Sharp appreciation of the RMB and China’s economy will cause serious damage to social stability, thus seriously affecting the healthy development of the global economy, it is no one wants to see. In addition, the sharp appreciation also threaten many U.S. companies investing in China. ”

Including from the U.S. Nobel laureate Gary Becker and James Stauch, including a number of senior economists said Blackman, causing the U.S. trade deficit, the root cause of over-reliance on the U.S. model of economic development spending. Kuhn said: “The U.S. trade deficit with China holding the root causes of self-evident that the U.S. consumer too much, saving too little and therefore can not discharge debts arising due to make ends meet.”

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