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Since the June 19, 2010 announcement by China's central bank of greater exchange rate flexibility,louboutin, its currency, also known as renminbi (RMB) has appreciated 3.7 percent against the dollar,abercrombie, or about 6 percent annualized. The renminbi has appreciated 26 percent in total against the dollar since 2005.
WASHINGTON,coach outlet, Feb. 4 (Xinhua) -- Major trading partners of the United States, including China,doudoune moncler, did not manipulate their currencies to gain an unfair advantage in international trade in 2010,abercrombie paris, according to a report released by the U.S Treasury Department on Friday.
"No major trading partners of the United States" met the standards identified by the Congress as currency manipulator, concluded the report.
"Treasury today again made the right call on China's currency policy in its latest exchange rate report,coach handbags," John Frisbie, President of the U.S.-China Business Council (USCBC) said in a statement after the U.S. Treasury Department'report.
With respect to exchange rate policies, ten economies were reviewed in this report, accounting for nearly three-fourths of U. S. trade. Many of the economies have fully flexible exchange rates. A few have more tightly managed exchanges rates,louboutin pas cher, with varying degrees of management.
"While USCBC believes that China should allow its exchange rate to better reflect market forces,moncler, designating China as a ' manipulator' would achieve nothing. USCBC continues to support the Obama administration's approach of combined multilateral and bilateral engagement with China as the most effective way to make progress on the exchange rate issue."
The U.S. accuses Beijing of keeping its currency undervalued, flooding the country with cheap exports and costing U.S. jobs. But many economists believe that the appreciation of RMB will help little to the U.S. employment.
The Treasury said that because inflation in China is significantly higher than it is in the U.S., the RMB has been appreciating more rapidly against the dollar on a real,abercrombie and fitch paris, inflation- adjusted basis, at a rate which if sustained would amount to more than 10 percent per year.
"Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months,moncler," China's behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semiannual report to the Congress on International Economic and Exchange Rate Policies.
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