Ministry Of Commerce: The United States Has Included The RMB Exchange Rate Into The Dual Counter Investigation, Which Lacks WTO Basis.

In response to the recent US proposal to incorporate the issue of RMB exchange rate into anti-dumping and countervailing investigations on China's coated paper and aluminum profiles, Yao Jian, spokesman of the Ministry of Commerce, said that this practice lacks the factual basis and lacks the basis of WTO rules.

Recently, the US Congress once again played a "vanguard" role in putting pressure on the renminbi. The attitude of US Treasury Secretary Geithner also turned to a tough line: "if China does not act, the US Congress will take action."

Yao Jian said that the issue of RMB exchange rate has been around the world, and a few people in the United States have repeatedly pestered this problem because they think it is the cause of Sino US trade imbalance.

Yao Jian said that although China has a surplus in the trade of goods to the United States, considering the bilateral trade in services and the sales of US funded enterprises in China, the trade between China and the United States is generally balanced. From a global perspective, the main reason for imbalances lies in the absence of financial regulation in the United States and the consumption and economic patterns in developed countries.

The spokesman stressed that the surge in China's exports in May was mainly due to the ultra-low base in the same period last year, and imports will continue to maintain high growth this year.

Yao Jian said that in the first five months of 2010, the growth rate of China's imports was nearly two times that of exports, providing an important market for exports from Japan, Korea, Australia and Brazil. Although China has maintained a favorable balance of trade partners with the United States, the European Union and India, import growth has accelerated significantly, especially for India's imports, which has increased by 8.

Considering that the outlook for the European debt crisis is uncertain, Yao insists that keeping foreign trade related policies stable is the first choice for the current policy.