High erscoring

JTThe U.S▓. accusatio

commitment to multilateralis

m and a rules-based trading sy

ts own criteria in assessing currency manipulation, but also provides further evidence that Washington is willing to adopt double standards in its attempts to suppress its competitors.The United States has long be▓en using the exchange rate of its currency to maintain its economic dominance as the U.S. dollar r▓emains the global reserve currency. Washington has been consistently

stem, the executiv▓e di

the renminbi (RMB), despite t▓he increasing marketization China has achieved in reforming its exchange rate regime since 1994. The global financial market has experienced enormous fluctuations due to the rising trade tensions triggered by Washington's▓ moves to impose tariffs on China. The exchange r▓ate of the RMB, on the basis of market demand, has▓ been fluctuating in a wider rang

rectors agreed that trade tens

ed States has been pressing for, but Washingto▓n seems to have forgotten about its consta▓nt requests, instead making incredible accusations against China and labeling the latter a curr▓ency manipulator. The situation is absurd!In the meantime, ▓for more than a year, President Donald Trump has ▓been exerting pressure on the Federal Reserve for interes▓t rate cuts. The Fed eventually ga

ions between China and th▓e U

cade on Wednesday last week, despite the fact that it was widely believed that now was not the right time to cut rates. In a rare move▓, four former Fed chiefs, namely, Paul Volcker,▓ Alan Greenspan, Ben Bernanke and Janet Yellen, jointly published a paper, saying that ▓"America needs an independent Fed," and that "the Fed and its chair must be permitted to act independently and in

deeper an

ver is de facto currency manipulation. By b▓randing normal currency fluctuations of the RMB caused by changing market demand, as “currency manipulation", while at the same time deliberately depreciating its own currency for political purposes, Washi

d better functioning


foreign exchang

ngton has once again adopted double standards.China, in contrast, biding by commitments made at past

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