Forex Blog: Currency Trading News & Analysis.

November 21st 2005

US to pressure China via IMF

Despite its best efforts, the US has not any success in convincing China to further appreciate the Yuan, since the monumental revaluation in July. Meanwhile, American politicians are toying with the idea of legislating a tariff on all Chinese imports, and trade groups are lobbying for the Treasury Department to officially label China a ‘serial currency manipulator.’ Lately, however, those in favor of Yuan revaluation have embarked on a new strategy, by attempting to enlist the help of the IMF (International Monetary Fund) in applying economic and diplomatic pressure to China. They are suggesting the IMF use its clout to hold a special economic consultation with Chinese officials, and demonstrate that it is in the best interest of everyone that China further loosens the Yuan. The Wall Street Journal reports:

“Movement to a market based exchange rate would be in [China’s] interests,” Deputy Treasury Secretary Robert Kimmit said in an interview. “It would also serve our-and global- interests.”

Read More: Bush Team Urges IMF to Press China for Strengthening of Yuan

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Posted by Adam Kritzer | in Chinese Yuan (RMB), Politics & Policy | No Comments »

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