中美就人民币汇率间的斗争

A battle between the United States and China over exchange rates has heated up with mounting pressure from the US Congress for action against China's rigid currency policy. The quarrel comes ahead of an April 16th deadline for the US to decide whether to brand China "a currency manipulator". And it comes as the two powers are at a top-level meeting in May to try to defuse recent tensions on the range of fronts.

It's an old sore which these lawmakers are now scratching hard in an election year.

"China's currency is undervalued, plain and simple."

"I believe we are on the verge, maybe already in the middle of currency wars."

Or at least an increasingly serious skirmish. Some say China's currency, the yuan, is up to 40% undervalued, unfairly helping Chinese exporters while holding back much-needed jobs growth in the US.

"Now our goods have become less competitive. And you tell this, you tell this to the computer industry, the electronic equipment industry in the United States inquired industries that they have to continue to wait and be destroyed as the textile industry was destroyed in this country."

China's vice commerce minister in Washington repeated that his government would not succumb to foreign pressure to lift its exchange rate. He argued that a surging yuan could hurt developing country economies, such as his own. Many ponders agree, saying limiting exports to the country now driving world growth is risky. Another risk, bitter retaliation, if Washington formally declares China "a currency manipulator", slapping on extra tariffs.

"We should be careful that the market reaction to a trade war or currency war between the United States and China does not exceed in its negative effects, the benefits which I believe would be minimal of RMB revaluation."

Here, trade experts say the impact of revalued yuan would be generally positive for Australia with extra Chinese purchasing power for our commodities as well as assets. But a trade war would be disastrous.

"A tariff war between the United States and China, bad news for China, bad news for the United States, bad news for the world economy, and that means it's bad news for us."

It's now up to the US Treasury to decide whether to up the ante significantly.

Rena Sarumpaet, World News Australia.