US labeling China “currency manipulator” hurts itself and others
By Jin Sheping
On August 6 (Beijing Time) , some American officials
and designated China as a “currency manipulator” in total disregard of the
facts.
Such move has not only seriously undermined the
international financial order and threw the financial market into turmoil, but
also greatly hindered the international trade and economic recovery. It is
extremely destructive, for both the US and other countries.
In fact, since the
beginning of early 1990s, the U.S. has repeatedly threatened China by falsely
accusing the latter of “manipulating” exchange rate, and this time Washington once
again harped on the same string.
Its purpose is to stain the international image of China
and corner it into submission, which
completely revealed the evil intention of the US to restrain and oppress China.
It did not only influence
China. It is known that since 2018, the trade disputes provoked
by the US have caused great fluctuations of the global financial
market, and triggered turmoil in the US financial market
and the swings of the US dollar index.
The US is placing huge
pressure on global investors who worry that the country might just start other
new tricks someday.
Some US officials acted arbitrarily with a sense of superiority. After claiming to impose
tariffs on the $300 billion worth of
Chinese imports on August 1 (US
Time), they
started playing the "currency"
card, striking the
global market once again.
This battery of dangerous practices has dramatically increased the risks of the global economy falling into recession.
What lies at the root of America's irrational and
irresponsible behaviors—whether it is wielding the big stick of tariffs or
labeling China "currency manipulator"—starts from the country’s
obsession with unilateralism and protectionism.
The US doesn't care at all
about the global
trade slowdown, the cross-border investment decline or the frustrated market confidence as long as it can maintain the supremacy of the its own interests.
If you play with fire, you
get burned. If the global economy gets into trouble, how can the US stay out of
it?
Data showed that the US
economic growth is facing tremendous pressure due to economic and trade
frictions.
This July, the number of
new jobs created in the non-agricultural sectors in the US decreased from a
month ago. The non-manufacturing sentiment indicator was 53.7, lower than the 55.1
in June and the market expectation of 55.5. The US is faced with growing risks
of economic recession.
Too much calculation and
scheming may cost the US its own interests. All this time, some US officials
have been busy calculating their gains and losses, yet they are just penny wise
and pound foolish.
The global society has
reached a consensus on the exchange rate issue, which is an indispensable
foundation for the international monetary system to operate effectively.
Some people in the US disregarded
the consensus and went their own way, endangering the stable operation of the
system.
If the global financial market
continues with fluctuations and downturns, the US dollar-dominated
international monetary and financial system will not be able to escape from bad
luck, eventually hurting the US dollar itself.
International rules are not
for any country to pull and push at will.
While labeling China
"currency manipulator", the US is also pinning a sticker on itself
that says "bully" since some Americans are actually announcing to the
world that the so-called rules and agreements are nothing more than trifling
matters in their eyes.
The international media
commented that the willfulness of the US stained the image of the country and
it is destined to lose support since it stands against justice.
Only equality leads to
consultations and only cooperation produces win-win results. Some people in the
US really need to come to their senses, follow the historical trend and realize
that breaking the rules will be detested and maliciously harming others will
eventually hurt their own country.
US labeling China “currency manipulator” hurts itself and others
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