- CNTV English - CCTV News

Homepage > News > Biz >

US refuses to call China a currency manipulator

12-29-2011 09:25 BJT

BEIJING - Washington's decision not to name China as a currency manipulator is expected to reduce Sino-US trade frictions triggered by the exchange-rate issue, said analysts.

A two-directional value for the currency is likely to replace the previous one-way (rising) traffic in the coming months, indicating an increase in the influence of the market in response to the US chiding China for slowing reform of the exchange rate, they said.

According to a semi-annual report released by the US Treasury released to the Congress on Tuesday, the Obama administration didn't designate China as currency manipulator. However, the report repeated US complaints that the appreciation of the yuan was "insufficient".

Earlier this year, President Barack Obama came under pressure from the Senate to impose levies on imports from China, the second-largest trading partner of the US, if the country refuses to adopt market-based exchange rates.

The Treasury statement was based on the realities of the international economy rather than political rhetoric, and the US may expect more cooperation with the world's second-largest economy next year amid the risk of global recession, said Wang Haifeng, director of the International Cooperation Center affiliated with the National Development and Reform Commission.

"Sino-US trade frictions, sparked by the exchange-rate issue, may not rise in the short term. That will benefit both countries," Wang said.

John Ross, who used to work as director of economic and business policy for Ken Livingstone, the former mayor of London, said on Tuesday that "if the Obama administration does not cooperate with China, the negative economic consequences will be felt in the US itself".


Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program