China has not and will not use the exchange rate as a tool to deal with trade disputes.

　　The US Treasury Department issued a statement in the early morning of August 6th, Beijing time, and decided to list China as a "currency manipulator". In this regard, experts believe that China adheres to the exchange rate system determined by the market, and there is no problem of "exchange rate manipulation". China does not engage in competitive devaluation, does not use the exchange rate for competitive purposes, and does not use the exchange rate as a tool to deal with external disturbances such as trade disputes.　

　　"The depreciation of the RMB exchange rate on August 5 is largely due to the increase in tariffs imposed by the United States on China, the increase in pessimism about China’s balance of payments and the RMB in the market." Yu Yongding, a member of the China Academy of Social Sciences, said that it can be said that it is caused by the American practice and has nothing to do with the People’s Bank of China.　

　　At present, whether the RMB exchange rate rises or falls, it is determined by the market, not the result of human manipulation. "In terms of mechanism, the RMB exchange rate is determined by market supply and demand, and there is no ‘ Exchange rate manipulation ’ The problem. " Wen Bin, chief researcher of China Minsheng Bank, said that at present, China is implementing a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies. Since China implemented the reform of RMB exchange rate formation mechanism in July, 2005, it has continuously improved the quotation mechanism of the middle price and expanded the floating range of RMB against the US dollar on the basis of the middle price, from 3‰ Expanding to the current 2% can fully reflect the relationship between market supply and demand, and the degree of marketization of RMB exchange rate has been significantly improved.　

　　Especially since the "8.11" exchange rate reform in 2015, the two-way fluctuation of RMB has become more obvious, the exchange rate flexibility has been significantly enhanced, and the degree of marketization has been greatly improved. Taking the trend of RMB in 2018 as an example, since the middle and late April of 2018, the RMB exchange rate has started a downward trend, and by the end of June, it has dropped all the previous increases. In November, after the RMB exchange rate hovered around the 6.9 mark, it ushered in a strong rebound in December and finally "recovered lost ground". In this process, whether the RMB exchange rate appreciates or depreciates, it is a reflection of the expected changes in the market, rather than artificial manipulation.　

　　The recent "breaking 7" of RMB exchange rate is also a reflection of China’s adherence to the market-determined exchange rate system. Wen Bin said that recently, due to the global economic slowdown, interest rate cuts by many central banks, increased trade frictions and other factors, the international financial market has fluctuated violently, and the RMB exchange rate has also fluctuated under the influence of market and sentiment, which is precisely a reflection of the marketization of the RMB exchange rate.　

　　Some people think that the devaluation of the RMB at this time is China’s response to trade disputes.　

　　"The depreciation of the renminbi has no definite benefits for China." Yu Yongding said that RMB depreciation has both advantages and disadvantages, and the impact is uncontrollable. There are too many uncertain factors for China to devalue. For example, after devaluation, it may stimulate capital outflow, which may aggravate the devaluation. In the long run, this is not conducive to maintaining a general balance in China’s foreign trade, and devaluation will also make the burden on the whole country heavier.　

　　From this point of view, China’s initiative to guide devaluation has too many side effects, which may do more harm than good. Therefore, we will not intentionally devalue the RMB exchange rate.　

　　Yu Yongding emphasized that "China does not engage in competitive devaluation, does not use the exchange rate for competitive purposes, and does not use the exchange rate as a tool to deal with external disturbances such as trade disputes". These three policies are China’s policies, and no country will formulate and implement policies that are uncertain about its own benefits. Therefore, it is not China’s choice to deliberately guide devaluation.

　　"There are many ways to deal with economic and trade frictions, and there are too many negative spillover effects of using the exchange rate, so it is unnecessary for China to take this measure." Li Yong, deputy director of the Expert Committee of China International Trade Association, said that as a responsible big country, China should be responsible not only for itself, but also for its major trading partners. Not engaging in competitive devaluation is conducive to China’s cooperation with its major trading partners, which is in the interest of China.　

　　China has not used and will not use the exchange rate as a tool to deal with external shocks. "Even after the outbreak of the Asian financial crisis, China did not choose to devalue to deal with the impact. At a time when the internal and external shocks are still far from the crisis, active depreciation will not be an option for China. " Li Yong stressed.　

　　Li Yong believes that the United States accuses China of manipulating the exchange rate at this time. This unilateral act of the United States undermines the global multilateral consensus on the exchange rate issue, which will seriously hinder international trade and global economic recovery, and will be beneficial to both people and themselves, and will eventually reap the consequences.