U.S. Treasurer: U.S. Exports of Automobiles and Components to China Surpass 200%

The US Senate and the House of Representatives held hearings on the RMB issue from September 15 to September 16, 2010 in an attempt to pass legislation to pressure the yuan to appreciate.

When US Treasury Secretary Timothy Geithner testified at the Senate and the House of Representatives on September 16, he accused the renminbi on the appreciation that the pace of the renminbi has been too slow and of too limited a rate. On the one hand, it opposes punitive measures against China. At the same time, Geithner praised China for its important contribution to the recovery of the world economy and emphasized that U.S.-China relations have brought great economic benefits to the United States. China's growth is of vital importance to the United States.

Although Geithner believes that "the value of the renminbi is undervalued" has a negative impact on the United States, it also recognizes that the appreciation of the renminbi does not reduce the U.S. trade deficit with China. China’s major commodities exported to the United States, such as textiles, clothing, electronic components, etc., do not have corresponding US competitors. Therefore, it is not the United States that the appreciation of the renminbi may benefit. Geithner said that China’s monetary policy has a major impact on the U.S. economy, but he also repeatedly stressed that it is more important to increase the competitiveness of U.S. companies and encourage research and investment policies than foreign trade measures.

Geithner used a large number of figures to show that "U.S.-China relations have brought tremendous benefits to the United States." China's economic growth is of vital importance to the United States. "From the beginning of 2010 to the present, the total exports of goods and services from the United States to China exceeded 53 billion U.S. dollars, of which the export value of goods was 36% higher than the same period in 2009 and 16% higher than the same period in 2008. In contrast, the U.S. to the rest of the world The export value of goods in the region is still 8% lower than the same period in 2008.” “In 2010, the imports of US soybeans to China exceeded US$9 billion. China is the largest market for US soybeans. In the manufacturing sector, only in 2010, the United States China exported nearly 3.5 billion U.S. dollars worth of aircraft, while U.S. exports to China rose by more than 200%. The Obama administration’s policy is to ensure that U.S. companies expand their opportunities in the Chinese market as much as possible."

Geithner stressed that "China has been actively formulating a large-scale stimulus plan early on to offset domestic export demand (especially investment in fixed assets) to slow down exports. Through these efforts, China's economic growth in 2009 was about 8%, in line with China's imports. Growth has made a huge contribution to the global economic recovery."

The US Congress’ hearing on the issue of the renminbi coincides with a sensitive moment in American politics. As the mid-term elections for the U.S. Congress in November 2010 approached, the U.S. economic recovery was weak and the unemployment rate remained high. The issue of the RMB exchange rate was once again the focus of some parliamentary speculation attacks. At the Senate’s hearing on September 16, some senators accused China’s trade policy of equating “unfair trade subsidies”, hurting the interests of U.S. companies, hindering the economic recovery of the United States, and accusing the U.S. government of failing to respond effectively. action. The House of Representatives of the House of Representatives more than 130 not long ago sent a letter to the Democratic leaders of the House of Representatives requesting a vote on the "Equity Promotion of Exchange Rate Reform Bill" against the renminbi. The bill advocated authorizing the US Department of Commerce to impose heavy taxes and other punitive measures on imports from countries that manipulate exchange rates. The Senate has similar proposals.

When Geithner testified that criticizing the appreciation of the renminbi, "the pace is too slow, the rate is too limited," he called for a sustained and rapid appreciation of the renminbi. He said that the United States will consider the use of comprehensive tools and international multilateral methods in the next "International Economic and Exchange Rate Policy Report" to encourage China to accelerate the appreciation of the renminbi. However, in refuting the accusations of Senator Schumer of New York State, Geithner said that the United States does not list China as a “currency manipulator” because it “does not help”.

At present, what actions the US Congress will take against China remains unclear, but Christopher Dodd, chairman of the Senate Banking Committee, has admitted that there is not enough time to pass new punitive legislation before the mid-term elections. Public opinion here believes that Geithner's statement on the importance of the economic relations between the United States and China shows that the Obama administration does not support Congressional bills on the yuan, and that such punitive measures will “burn out the bridge of opportunity for American companies to access the Chinese market. ". Geithner also stated that any punitive legislation cannot violate the rules of the WTO and other international economic institutions, and at the same time, the benefits of its implementation should outweigh its risks.

Analysts believe that the fierce rhetoric of the US Congress on the renminbi issue has largely used the sentiment of the Congress to exert pressure on China.

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