国内英语资讯:Commentary: RMB exchange rate reform progress makes U.S. claim just a farce_时事

国内英语资讯:Commentary: RMB exchange rate reform progress makes U.S. claim just a farce

According to the data published by the Bank for International Settlements, from the beginning of 2005 to June 2019, the nominal effective exchange rate of the RMB appreciated by 38 percent and the real effective exchange rate by 47 percent, making it the strongest currency among the G20 economies and one of the currencies with the largest appreciation in the world.

According to international law, it is up to the IMF to monitor the exchange rate policies of member countries to avoid manipulating their exchange rates to gain unfair trade competitive advantages.

As a global multilateral agency seeking facts from investigations, the IMF, not the U.S. government, holds the legitimacy and credibility to make an assessment on China's exchange rate regime.

The IMF released the report after concluding the Article IV consultation to review the Chinese economy. During an Article IV consultation, an IMF team of economists visits a country to assess economic and financial developments and discuss with the government to gain a deep perception of the country's economic and financial policies. The process, in recent years, has been regarded as more transparent and essential to identifying stability and growth risks. Therefore the IMF's conclusion on the RMB is based on investigations and facts.

On the contrary, the U.S. assertion was arbitrary, capricious and a mixture of financial issues and political assessment. The U.S. claim on China is merely a self-conceited farce which deserves no respect.