{ "id": "RS21625", "type": "CRS Report", "typeId": "REPORTS", "number": "RS21625", "active": false, "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source": "EveryCRSReport.com", "id": 422685, "date": "2013-07-22", "retrieved": "2016-04-06T23:20:28.706503", "title": "China's Currency Policy: An Analysis of the Economic Issues", "summary": "China\u2019s policy of intervening in currency markets to limit or halt the appreciation of its currency, the renminbi (RMB), against the U.S. dollar and other currencies has been an issue of concern for many in Congress over the past decade who view it as one of several distortive economic and trade policies that are used to convey an unfair competitive advantage to Chinese producers and exporters. They charge that China\u2019s currency policy is intended to make its exports significantly less expensive, and its imports more expensive, than would occur if the RMB were a freely-traded currency. They argue that the RMB is significantly undervalued against the dollar and that this has been a major contributor to the large annual U.S. trade deficits with China and a significant decline in U.S. manufacturing jobs in recent years. \nChina began to peg the RMB to the dollar in 1994 at about 8.28 yuan (the base unit of the RMB) per dollar and kept the rate constant through July 2005, when, under pressure from its major trading partners, it moved to a managed peg system and began to allow the RMB to gradually appreciate over the next three years. In July 2008, China halted RMB appreciation because of the effects of the global economic crisis on China\u2019s exporters. It resumed RMB appreciation in June 2010. From July 2005 through June 2013, the RMB appreciated by 34% on a nominal basis against the dollar and by 42% on a real (inflation-adjusted) basis. Over the past few years, China\u2019s current account surplus has declined, and its accumulation of foreign exchange reserves has slowed\u2014factors that have led some analysts to contend the RMB is not as undervalued against the dollar as it once was.\nThe effects of China\u2019s currency policy on the U.S. economy are complex. If the RMB is undervalued (as some contend), then it might be viewed as an indirect export subsidy which artificially lowers the prices of Chinese products imported into the United States. Under this view, this benefits U.S. consumers and U.S. firms that use Chinese-made parts and components, but could negatively affect certain U.S. import-competing firms and their workers. An undervalued RMB might also have the effect of limiting the level of U.S. exports to China than might occur under a floating exchange rate system. The United States is also affected by China\u2019s large purchases of U.S. Treasury securities. China\u2019s intervention in currency markets causes it to accumulate large levels of foreign exchange reserves, especially U.S. dollars, which it then uses to purchase U.S. debt. Such purchases help the U.S. government fund its budget deficits and help keep U.S. interest rates low. These factors suggest that an appreciation of the RMB to the dollar benefits some U.S. economic sectors, but negatively affects others.\nThe effects of the recent global financial crisis have refocused attention on the need to reduce global imbalances in savings, investment, and trade, especially with regard to China and the United States, in order to avoid future crises. Many economists contend that China should take greater steps to rebalance its economy by lessening its dependence on exports and fixed investment as the main drivers of its economic growth, while boosting the level of domestic consumer demand (which would increase Chinese imports). A market-based currency policy is seen as an important factor in achieving this goal. \nCurrency bills aimed at addressing China\u2019s currency policy have been introduced in every session of Congress since 2003. The House approved a currency bill in the 111th Congress and the Senate passed one in the 112th Congress. Currency legislation has been proposed in the 113th Congress, including H.R. 1276 and S. 1114. In recent years, congressional concerns about undervalued currencies have moved beyond China to include those of several other countries as well.", "type": "CRS Report", "typeId": "REPORTS", "active": false, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RS21625", "sha1": "477f7dafffae1a757bdc3557095dff3636ae75d1", "filename": "files/20130722_RS21625_477f7dafffae1a757bdc3557095dff3636ae75d1.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RS21625", "sha1": "128f16a5eab6f4b8dff04713715247eb03b96f3d", "filename": "files/20130722_RS21625_128f16a5eab6f4b8dff04713715247eb03b96f3d.pdf", "images": null } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc807128/", "id": "RS21625_2011Dec19", "date": "2011-12-19", "retrieved": "2016-03-19T13:57:26", "title": "China's Currency Policy: An Analysis of the Economic Issues", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20111219_RS21625_dbbcbc4260c002d7e8e6e608b5abdd644d4f6c12.pdf" }, { "format": "HTML", "filename": "files/20111219_RS21625_dbbcbc4260c002d7e8e6e608b5abdd644d4f6c12.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc811641/", "id": "RS21625_2011Sep29", "date": "2011-09-29", "retrieved": "2016-03-19T13:57:26", "title": "China\u2019s Currency: An Analysis of the Economic Issues", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20110929_RS21625_007160db5d6d4c42b6dafb619691113ea7ecce80.pdf" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc94192/", "id": "RS21625_2011Aug03", "date": "2011-08-03", "retrieved": "2012-07-24T12:39:36", "title": "China's Currency: An Analysis of the Economic Issues", "summary": "This report provides an overview of the economic issues surrounding the current debate over China's currency policy. 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Although China made modest reforms to its currency policy in 2005, resulting in a modest appreciation of its currency, many Members of Congress contend the reforms have not gone far enough and have warned of potential legislative action.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090129_RS21625_a1a5f255e96b71e5f8c5386f61c59d83c73f60c2.pdf" }, { "format": "HTML", "filename": "files/20090129_RS21625_a1a5f255e96b71e5f8c5386f61c59d83c73f60c2.html" } ], "topics": [ { "source": "LIV", "id": "Foreign policy", "name": "Foreign policy" }, { "source": "LIV", "id": "Foreign relations -- China -- U.S.", "name": "Foreign relations -- China -- U.S." }, { "source": "LIV", "id": "Foreign relations -- U.S. -- China", "name": "Foreign relations -- U.S. -- China" }, { "source": "LIV", "id": "Foreign economic relations -- U.S. -- China", "name": "Foreign economic relations -- U.S. -- China" }, { "source": "LIV", "id": "Foreign economic relations -- China -- U.S.", "name": "Foreign economic relations -- China -- U.S." }, { "source": "LIV", "id": "Trade", "name": "Trade" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metacrs10597/", "id": "RS21625_2008Nov20", "date": "2008-11-20", "retrieved": "2008-12-11T20:31:33", "title": "China's Currency: A Summary of the Economic Issues", "summary": "Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. 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of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc814803/", "id": "RS21625_2006Apr18", "date": "2006-04-18", "retrieved": "2016-03-19T13:57:26", "title": "China\u2019s Currency: A Summary of the Economic Issues", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20060418_RS21625_f287a392d7bfef48366ebf767274094751f85e7b.pdf" }, { "format": "HTML", "filename": "files/20060418_RS21625_f287a392d7bfef48366ebf767274094751f85e7b.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metacrs8782/", "id": "RS21625 2006-03-17", "date": "2006-03-17", "retrieved": "2006-06-01T13:40:47", "title": "China's Currency: A Summary of the Economic Issues", "summary": "This report explores various aspects of the Chinese economy, including specific policies that some Members of Congress consider a form of currency manipulation, the U.S.-China economic relationship, and the state of the Chinese economy with respect to the current global economic crisis.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20060317_RS21625_9d295c7250763ac5947858f3c922571f7632c299.pdf" }, { "format": "HTML", "filename": "files/20060317_RS21625_9d295c7250763ac5947858f3c922571f7632c299.html" } ], "topics": [ { "source": "LIV", "id": "International finance", "name": "International finance" }, { "source": "LIV", "id": "Foreign economic relations - China - U.S.", "name": "Foreign economic relations - China - U.S." }, { "source": "LIV", "id": "Foreign economic relations - U.S. - China", "name": "Foreign economic relations - U.S. - China" }, { "source": "LIV", "id": "Foreign exchange rates", "name": "Foreign exchange rates" }, { "source": "LIV", "id": "Trade", "name": "Trade" }, { "source": "LIV", "id": "Foreign policy", "name": "Foreign policy" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metacrs8739/", "id": "RS21625 2005-04-25", "date": "2005-04-25", "retrieved": "2006-06-01T13:40:47", "title": "China's Currency Peg: A Summary of the Economic Issues", "summary": "This report evaluates that assertion, and considers other effects China\u2019s peg has on the U.S. economy. These include the beneficial effects on consumption, interest rates, and investment spending. Nationwide, these effects should offset job loss in the trade sector, at least in the medium term. Several bills have been introduced in the 109th Congress to address China\u2019s currency policy, including H.R. 1216, H.R. 1498, H.R. 1575, S. 14, S. 295, S. 377, and S. 593; some would impose trade sanctions against China unless it accepted a market-based system of currency valuation.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20050425_RS21625_3c36d07f0488f71e2b658fc77f12a88a0e98f937.pdf" }, { "format": "HTML", "filename": "files/20050425_RS21625_3c36d07f0488f71e2b658fc77f12a88a0e98f937.html" } ], "topics": [ { "source": "LIV", "id": "International finance", "name": "International finance" }, { "source": "LIV", "id": "Foreign economic relations - China - U.S.", "name": "Foreign economic relations - China - U.S." }, { "source": "LIV", "id": "Foreign economic relations - U.S. - China", "name": "Foreign economic relations - U.S. - China" }, { "source": "LIV", "id": "Foreign exchange rates", "name": "Foreign exchange rates" }, { "source": "LIV", "id": "Trade", "name": "Trade" }, { "source": "LIV", "id": "Foreign policy", "name": "Foreign policy" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc816051/", "id": "RS21625_2004Dec07", "date": "2004-12-07", "retrieved": "2016-03-19T13:57:26", "title": "China\u2019s Currency Peg: A Summary of the Economic Issues", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20041207_RS21625_198e77aa7d9380b01e1a26b5ef7146367c24f8d6.pdf" }, { "format": "HTML", "filename": "files/20041207_RS21625_198e77aa7d9380b01e1a26b5ef7146367c24f8d6.html" } ], "topics": [] } ], "topics": [ "Economic Policy", "Foreign Affairs" ] }