[20051129]RS22338_中国货币：美国观点概述.pdf

1 For a comprehensive discussion of the China exchange rate issue, see CRS Report RS21625,Chinas Currency Peg: A Summary of the Economic Issues, by Wayne M. Morrison and MarcLabonte, and CRS Report RL32165, Chinas Exchange Rate Peg: Economic Issues and Optionsfor U.S. Trade Policy, by Wayne Morrison and Marc Labonte. See also CRS Issue BriefIB91121, China-U.S. Trade Issues, by Wayne M. Morrison. The term “renminbi” means“peoples currency” while “yuan” is the unit of account (one yuan, two yuan, etc.) Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS22338November 29, 2005Chinas Currency: Brief Overview of U.S. Options Jonathan E. SanfordSpecialist in International Political EconomyForeign Affairs, Defense and Trade DivisionSummaryMany are concerned that Chinas currency is undervalued and that this injures theU.S. economy. The Chinese authorities say they are not manipulating their currency andthey want to move as soon as possible to a market-based yuan. A new exchange rateprocedure was announced in July 2005 but has not resulted in meaningful changes in theyuans international value. This report reviews the issues a