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s typical act of US Unilateralism08-07-2019 10:05 BJTIn May 2▓019, the US Tre▓asury Department declared tha▓t China met only one of ▓its three criteria for the label, namely, that ▓it has an annual trade surplu▓s worth more than 20 ▓billion US dollars. It also said that China did not ▓manipulate the exchange rate to gain an unfair adv▓antage. Just two mont▓hs later, the US Treasury Department has overturned its own conclusions ▓and contradicted itself.Accord▓ing to the consensus between the World▓ Trade

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Organization and the▓ International Monetary Fund, the IMF is the institution specialized in managing issues related ▓to currency exchange rates. Its professional opin▓ion is the premise and basis for judging whether a count▓ry is controlling its exc▓hange rate. The United States has no right therefore to unilater▓ally evaluate other countries▓’ exchange rates. During a recent round▓ of negotiations, the IMF found that China&rsqu▓o;s handling of its currency w▓as broadly in line with the country’s economic fundame▓ntals. By

ignoring ▓this assessment by an ins▓titution of authority and▓ labeling China a curren▓cy manipulator, the US has ▓broken the rules of multilate▓ralism for its own selfish gains. Such a typical act of unilateralism and ▓trade protectionism re▓flects the thinking of a bu▓lly that cannot stand t▓he prosperity of others.Since the beginning of▓ August, the RMB exchan▓ge rate has undergone minor depreciation, mainly in line with market ▓expectations in the wake of rising unilateralis▓m and trade protectionism, and the increase of tariffs on Chinese e

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