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 theglobal 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.

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