US officials have said any trade deal with China will include a provision to prevent manipulation of the exchange rate to help exporters but ...
PARIS: US officials have said any trade deal with China will include a provision to prevent manipulation of the exchange rate to help exporters but Beijing's currency regime reflects a complex reality.
While the RMB strengthened 6.3 per cent in 2017, it depreciated by 5.7 per cent last year, falling to its lowest level in a decade, which was enough to spur speculation Beijing was putting its foot on the currency scale again. Beijing, however, shook the markets in August 2015 with a one-time devaluation that weakened the yuan by about five percent in a week.
But amid renewed optimism on the progress of trade negotiations with Washington, the yuan has rebounded by almost 3 per cent since early January. But economists dispute the Trump administration's claim that Beijing has been keeping the currency artificially weak and in fact say it has been making an effort to keep it from falling too much.
Adam Posen, head of the Washington-based Peterson Institute for International Economics, cautioned the Trump team against using 1950s era strategies to solve modern trade issues, which tariffs and exchange rates are less able to deal with.
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