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RMB exchange rate and China-US relations

Author: BaiXue
Tutor: FanYongMing
School: Fudan University
Course: Of Diplomacy
Keywords: the renminbi exchange rate exchange rate forming MECHANISM CHINA-U.S. RELATIONS
CLC: D822.371.2
Type: Master's thesis
Year: 2009
Downloads: 1532
Quote: 2
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Abstract


With the development of globalization of economy,today the foreign exchange policy of a country has more and more become one of the core matters in the field of economic diplomacy.During the recent years,with the enlargement of total trade volume between the U.S.and China,the problem of RMB’s currency revaluation has gradually turned out to be an important matter which influences the bilateral relation between the two countries.Since the Clinton Administration,the United States of America has continuously,under the name that "Chinese government’s manipulating the exchange rate of RMB causes the U.S.’s huge trade deficit between the bilateral trade",put pressure on China government over the appreciation of RMB currency value and starting up floating exchange rate regime.Accordingly,the Chinese central government is gradually implementing its reform of RMB exchange rate forming regime towards its goal.This essay,from the point of view of international political economics,analyzes the factor of RMB exchange rate among the US-China relationship.It concludes that the argumentations which the U.S.brought forward to request the appreciation of RMB currency are not valid.The problem of the trade imbalance between two countries is the outcome of international industrial specialization under the background of globalization,so China should not be blamed for its exchange rate policy.If the rate of RMB increases sharply,it will do harm to both China and U.S. Behind the situation that U.S.put pressure on China over RMB exchange rate,there exists profound motivation by U.S.politician and interest groups,which reflects the contest for power and interest between the two nations.There are three major core points of view or innovations of this essay:First:China and U.S.have totally different understanding of the Dollar-CNY exchange rate because of the result of economic politics.The U.S.Congress is the source of pressure.Second:The Sino-US strategic economic dialogue is the best way to resolve the conflict on RMB exchange rate.Three:The RMB exchange rate dispute is a problem tied in the China-US relationship as well as a motive force,among which there always exist conflicts mixed with co-operation and coordination followed by friction.The Chinese government should fight and coordinate on the exchange rate to maximize China’s nation interest.Furthermore,from the point of view of policy suggestions,the author considers that the progress of reform of RMB exchange rate forming regime from 2005 is very successful.Nowadays under the tough economic environment and the establishment of a new U.S.government,China and U.S.should strengthen the strategic economic dialogue,enlarge the communication channels between senior officials and cooperate on the exchange rate policy to promote the stabilization and increase of the respective domestic economy as well as keep the bilateral trade and economic relations going forward welt.The whole essay is divided into five chapters.The first chapter constitutes the frame of theory analyst,from which point of view,the relations between foreign exchange rate and international trade and its influence on politics is analyzed;The second chapter reviews the history and status of reform of RMB exchange rate regime since the opening policy was carried out.Thethird chapter discusses mutual deduction between the exchange rate reform and U.S.-China relationship and uses the theory specified in chapter one to give comments on the censure on RMB currency valuation by the U.S.The fourth chapter is composed by a case which compares the Dollar-CNY and China-U.S.relation with Dollar-Yen and U.S.-Japan relation.The last chapter,i.e.the chapter five,discusses the future of the RMB exchange rate mixed with the U.S-China relationship.In this chapter,the author analyzes the exchange rate factor in the bilateral relation and gives some policy suggestions on how to solve the dispute on the matter of RMB exchange rate against U.S.dollar between the two countries.

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CLC: > Political, legal > Diplomacy, international relations > Chinese Foreign > External Relations > Relations with Governments
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