"The U.S. Treasury action declaring China a currency manipulator was blatantly arbitrary, capricious and political, based on Trump's tweets rather than on objective analysis," Sachs said.
Mark Sobel, non-resident senior adviser at the Center for Strategic and International Studies, and U.S. chairman of the Official Monetary and Financial Institutions Forum, told Xinhua that the Article IV report also notes that China's current account surplus is "small," around half of a percent of GDP, and "that estimates suggest China has not been intervening in the foreign exchange market."
"As such, the Article IV clearly rebuffs the recent U.S. assertion that China is 'manipulating' its currency to gain unfair competitive trade advantage or prevent effective balance of payments adjustment," said Sobel, who was the U.S. representative at the IMF, and once served as deputy assistant secretary for international monetary and financial policy at the U.S. Department of the Treasury.
Gary Hufbauer, non-resident senior fellow at the Peterson Institute for International Economics, told Xinhua that "there's no chance" that the IMF will change its assessment (on currency manipulation) unless the United States threatens to withhold support from the European Union's nominee for the managing director, conditioned on a "fresh evaluation" of the IMF's criteria for assessing exchange rates.
The IMF executive board has initiated the selection process for the next managing director, aiming to reach a decision in early October, after Christine Lagarde formally submitted her resignation in July. The position of IMF chief has always been held by Europeans while the head of the World Bank has traditionally been American, an informal arrangement that has stayed in place for over seven decades.
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