[20190524]IF10139_中国的货币政策.pdf

https:/crsreports.congress.gov Updated May 24, 2019Chinas Currency PolicyChinas policy of intervening in currency markets to control the value of its currency, the renminbi (RMB), against the U.S. dollar and other currencies has been of concern for many in Congress over the past decade or so. Some Members charge that China “manipulates” its currency in order to make its exports significantly less expensive, and its imports more expensive, than would occur if the RMB were a freely traded currency. Some argue that Chinas “undervalued currency” has been a major contributor to the large annual U.S. merchandise trade deficits with China (which totaled $419 billion in 2018) and the decline in U.S. manufacturing jobs. Legislation aimed at addressing “undervalued” or “misaligned” currencies has been introduced in several congressional sessions. On May 23, 2019, the U.S. Department of Commerce published a notice in the Federal Register proposing to make an undervalued currency (as determined by the U.S. Department of Treasury) an actionable subsidy under U.S. countervailing duty proceedings. Economic Effects of the RMBs Value The effects of Chinas currency policy on the U.S. economy are co