By Hufbauer G.C., Wong Y., Sheth K.
Read Online or Download S-China Trade Disputes: Rising Tide, Rising Stakes PDF
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Extra info for S-China Trade Disputes: Rising Tide, Rising Stakes
In July 2003, after three leading US textile lobbying groups requested consultations with the Committee for the Implementation of the Textile Agreements (CITA), the Department of Commerce invoked special safeguard provisions to limit brassieres and kindred imports from China. Draft paragraph 238 of China’s WTO accession agreement established the ChinaSpecific Textile Safeguard Mechanism, in effect until December 31, 2008. ” Unless both parties reach a different agreement, the quota limit will terminate one year after the consultation request.
Yet as the chorus of voices calling for IMF action on renminbi revaluation has grown, the IMF leadership has taken only a few small steps. 1 percent revaluation orchestrated in July 2005. For the IMF the rising Chinese current account surplus indicated that the renminbi was undervalued. In November 2005 the IMF 35. Economist Richard Cooper agrees with Mundell’s view that a large renminbi revaluation remains a high-risk strategy for China. Cooper believes that the Chinese government’s prime concern is to dampen investment in specific economic sectors without raising unemployment in urban areas.
36. Stephen Roach of Morgan Stanley underscores another of Mundell’s concerns: the fear that dismantling the renminbi peg could destabilize world financial markets. Andy Xie of Morgan Stanley contends that China cannot “tolerate substantial currency volatility,” given his estimate of 300 million surplus workers. See Mundell (2004); Stephen S. Roach, Getting China Right, Statement before the US-China Economic and Security Review Commission, Washington, September 25, 2003; and Xie (2005b). 37 Although top IMF leaders, such as the managing director and the first deputy director Anne Krueger, have voiced mild frustration over China’s exchange rate policies, without strong leadership from the managing director, the likelihood remains very small that the IMF’s Executive Board will chastise China for breaching its IMF obligations.