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<  Non-Yao stuff  ~  China Once Again Accused of Currency Manipulation !!!

PostPosted: Thu Oct 06, 2011 5:58 pm
User avatarPosts: 59329Location: Hong Kong/ChinaJoined: Tue Feb 25, 2003 5:13 am
WTF !!!! :twisted: :x :evil:

WHEN is ENOUGH is ENOUGH???

The exhange rate of Renminbi vs US$ had ALWAYS been pegged at 1 USD = 8.27 Renminbi before 2005.

Since China decided to depeg from USD and start to manage a floating exchange rate based on market supply and demand with reference to a basket of foreign currencies (which included United States dollar, Euro, Japanese yen and South Korean won, British pound, Thai baht, Russian ruble, Australian dollar, Canadian dollar and Singapore dollar) from July 21, 2005, the Renminbi had been appreciated
almost 4 ~ 5% per year. The latest rate is ALREADY 1 USD = 6.35 Renminbi, representing a 23% appreciation over the past 6 years.

WHY CAN'T UNCLE SAM LOOK INTO THE FVCKING MIRROR???
:twisted:

When they decided to print money out of the thin air in previous rounds of Quantitative Easing, over-flooding the global market with extra liquidity, weakening the dollar, IT IS ALSO A FORM OF CURRENCY MANIPULATION !!!! :twisted: :x :evil: .


Quote:

http://news.xinhuanet.com/english2010/w ... 177102.htm

Obama says currency bill on China
could fall foul of WTO rules


English.news.cn
2011-10-07


WASHINGTON, Oct. 6 (Xinhua) -- U.S. President Barack Obama on Thursday expressed "concerns" about a controversial Senate bill on the so-called "currency manipulation" by China, saying it should be consistent with the U.S. international trade obligation.

The Senate move could fall foul of World Trade Organization rules, Obama said at a White House press conference.


The U.S. Senate on Thursday cleared a procedural vote to advance the bill, known as the Currency Exchange Rate Oversight Reform Act of 2011, which sets in motion a process for imposing punitive tariffs on a country with allegedly misaligned currencies, noticeably the Chinese renminbi or yuan.

Obama said that the renminbi has appreciated to some extent over the last year, though it has not met the expectation of the U. S. side.

The Chinese government has repeatedly expressed its strong opposition to the U.S. Senate move, warning that it "seriously violates rules of the World Trade Organization and obstructs China- U.S. trade ties."

Even if the measure passed a floor vote in the Senate, it needs to get approval from the House before it could reach the president for being signed into law.

Chances of the bill moving forward in the House of Representatives appeared doubtful as Republican House Speaker John Boehner came out against the bill on Tuesday.

"It's pretty dangerous to be moving legislation through the United States Congress forcing someone to deal with the value of their currency," Boehner said. "This is well beyond what Congress ought to be doing, and while I've got concerns about how the Chinese have dealt with their currency, I'm not sure this is the way to fix it."

Republican House Majority Leader Eric Cantor earlier warned an "escalation" in trade tensions could have painful "unintended consequences." He also said President Obama should use existing powers to deal with U.S.-China currency issues.

Many U.S. economists believe that Senate legislation is not an appropriate measure to address the currency issue.

"At a time when China is one of the few sources of global growth, ratcheting up protectionist sentiments only makes it harder to secure the necessary multilateral cooperation," Yukon Huang, senior associate at the Washington-based think tank Carnegie Endowment, said on Thursday.

Leading U.S. media, including The Washington Post in an editorial, said that the Senate bill is "counterproductive" and will do more harm than good to the United States.


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PostPosted: Thu Oct 06, 2011 6:12 pm
Posts: 8230Location: GuangxiJoined: Wed Nov 10, 2004 10:14 pm
it only shows the competency of congress :lol:


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PostPosted: Thu Oct 06, 2011 6:58 pm
User avatarPosts: 59329Location: Hong Kong/ChinaJoined: Tue Feb 25, 2003 5:13 am
shokenchi wrote:
it only shows the competency of congress :lol:


YEAH....... instead of trying to find the scapegoat and shifting the blame onto China being manipulating currency, WHY CAN'T the Congressmen WORK HARDER to resolve some of their internal issues regarding their current economic woes???

I mean of
ALL the ideas that President Obama proposed in his America Jobs Bill, IT'S RIDICULOUS that the Congress/House is only prepared to pass ONE ELEMENT of Obama's ENTIRE jobs package this month: a provision that allows government contractors to collect all the money that is due to them, rather than having 3 percent automatically withheld for taxes.A mere $14 billion over 10 years -- just a very TINY fraction of the entire jobs bill, JUST A DROP OF WATER IN AN OCEAN. :roll:

WHY CAN'T
they look further into the proposed America Jobs Bill and dig out MORE ECONOMICALLY FEASIBLE ways of creating aggregate demand and jobs to revive their FVCKING economy??? For instance, WHAT'S FVCKING WRONG for President Obama's proposed idea of putting workers back on the job while rebuilding and modernizing America by refurbishing public schools, libraries, building highways, railways, airports, bridges or other infrastructure projects??? :twisted:

THAT SHOULD BE a feasible mean of increasing INTERNAL AGGREGATE DEMAND to create jobs and help reduce the unemployment situation.


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PostPosted: Thu Oct 06, 2011 7:41 pm
Posts: 314Location: CaliforniaJoined: Sun Aug 03, 2008 7:20 pm
Why work harder when it's so easy to blame China? US government has the best interest of the US in their mind.


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PostPosted: Thu Oct 06, 2011 8:36 pm
User avatarPosts: 59329Location: Hong Kong/ChinaJoined: Tue Feb 25, 2003 5:13 am
koensayr wrote:
Why work harder when it's so easy to blame China? US government has the best interest of the US in their mind.


Well, passing this currency manipulation bills would not help creating aggregate demand, enhance unemployment situation and reviving the economy, but instead probably would trigger a trade war/tense diplomatic relationships between China and America, and FURTHER WORSEN US and GLOBAL economy.

Does this serve the BEST INTERESTS of the American citizens??

ONLY FOOLS
would to something to deliver damage to others without serving one's own interests. 损人不利己. :twisted: :x :evil:


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PostPosted: Thu Oct 06, 2011 9:57 pm
Posts: 17887Joined: Thu Jul 03, 2003 1:31 pm
If they implement an import tax on Chinese products, the iPhone and MacBook will be much more expensive in the US.


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PostPosted: Thu Oct 06, 2011 10:52 pm
User avatarPosts: 59329Location: Hong Kong/ChinaJoined: Tue Feb 25, 2003 5:13 am
superjohn wrote:
If they implement an import tax on Chinese products, the iPhone and MacBook will be much more expensive in the US.


Personally don't think those iPhones, IPods and Macbooks assembled in FoxConn in China should be considered as exports from China.

Trade statistics in both countries consider the iPhone a Chinese export to the US, even though it is entirely designed and owned by Apple, a US company, and is made largely of parts produced in several Asian and European countries with major components (the processors, the display screen, internal storage, battery) all from South Korea, Japan and Taiwan. China's contribution is the last step - FoxConn final assembling, final packaging and shipping the phones.

Similar situation applied to IPods, MacBooks and tens of thousands of other products.

In alot of cases, the Chinese labor contents in those finished products accounted for only a few dollars or percentage of the final product's value,
even though trade statistics credited China with producing its full value.

THAT'S THE REASON WHY
in a New York speech back in September, 2010, Chinese Premier Wen Jiabao argued that trade tensions between the US and China are overblown. Many of China's "exports" are products that are made in China on contract for foreign companies; the end products are just to fulfill orders from US /foreign companies, and China only earn the value-added portion, and China should not be credited for producing and exporting the full value of the products. Therefore it is a DISTORTED PICTURE and that the trade surplus/deficit situation of China/USA is WAY OVERBLOWN, and therefore Uncle Sam shouldn't criticise China for running a big trade surplus.


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PostPosted: Fri Oct 07, 2011 1:27 am
User avatarPosts: 15492Joined: Fri Nov 14, 2003 1:31 pm
All the news involving the decline of western economy is linked with the steady rise of Chinese economy. Wealth is becoming more balanced globally and that is NOT in best interest of USA.


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PostPosted: Fri Oct 07, 2011 1:50 am
User avatarPosts: 59329Location: Hong Kong/ChinaJoined: Tue Feb 25, 2003 5:13 am
Malorkayel wrote:
All the news involving the decline of western economy is linked with the steady rise of Chinese economy. Wealth is becoming more balanced globally and that is NOT in best interest of USA.


YEAH......RIGHT. So the distribution of wealth back in the USA is MORE SKEWED into the hands of those Super Rich Jews, who basically controlled the government and media, with tens of millions in unemployment or underemployment, and the living standards of middle and lower classes further downgraded, and the poor struggling to survive above the poverty line, and THAT should then be in the BEST INTEREST of Uncle Sam. :roll:

Finding a scapegoat and shifting the blame is SO DAMNED EAAAAAASY !!! :twisted:


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PostPosted: Fri Oct 07, 2011 2:24 am
Posts: 17887Joined: Thu Jul 03, 2003 1:31 pm
They of course know that the iPhone has many parts made elsewhere.
But they just pretend they don't realize it. They US is running trade deficits against Japan and Korea through products made in China.


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