[20190809]IN11154_政府指定中国为汇率操纵国.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Administrations Designation of China as a Currency Manipulator Rebecca M. Nelson Specialist in International Trade and Finance August 9, 2019 On August 4, Chinas central bank allowed its currency, the yuan, to depreciate to an 11-year low, breaking the politically sensitive threshold of seven yuan to one U.S. dollar (Figure 1). A depreciation of the yuan against the U.S. dollar makes Chinese exports less expensive in global markets. Some analysts speculate the depreciation is designed to offset and retaliate against U.S. tariffs on Chinese imports, coming four days after President Trump announced his intent to impose an additional 10% tariff on $300 billion of Chinese imports on September 1. There are differing views on the causes of yuans movements, however, as discussed below. On August 5, Treasury Secretary Mnuchin, under the auspices of President Trump, determined that China is manipulating its currency. Although some policymakers have called for this designation for years and Donald Trump made it a central issue in his presidential campaign, the Treasury Department had not labeled a country as a