U.S. exchange rate politics and the conflict on RMB exchange rate
(2.School of Economics, Jilin University)
【Abstract】Since the breakdown of Bretton Woods system, the issues about USD exchange rate have become increasingly prominent, which led to major adjustments of U.S. exchange rate policies. Over the course of time, U.S. exchange rate politics have evolved and become a major reason for the rising exchange rate protectionism when “weak dollar” policy was implemented. The ten-year argument on RMB exchange rate between China and U.S. is a reflection of this politics, a process of fights and compromises over the issues of exchange rate policies among different subjects. The conflict has nothing to do with either the monetary finance or the trade, but it is virtually reflective of exchange rate politics. Though unable to stay away from the impact of the exchange-rate politics in the short term, China should liberalize the formation mechanism of RMB exchange rate through accelerating the institutional reforms and structural adjustments as well as strengthen negotiation, coordination and cooperation with the U.S. government.
【Keywords】 the U.S; China; RMB exchange rate; exchange rate politics; interest group;
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