ould▓ be "mos

fying trade war would▓ hamper U.S. an

or, citing the Omnibus Trade and Competitiveness Act of 1988. Under the law, the treasury should initiate negotiations first through the I▓nternational Monetary Fu

nd (IMF) or bilaterally, which normally takes a year."Opening an investigation▓ through the IMF is mostly symbolic as the IMF is unl▓ikely to declare China as a currenc▓

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id a group of economists at Bank▓ of America (BofA) Merrill Lynch in a report on Tu▓esday.There is the potential for the U.S▓. administration "to invoke other trade laws, but they would▓ also be generally symbolic with few significant ramifications," said th

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ch Global Research report.That's because the IMF estimated that the Chinese currency was appropriately valued relative to fundamentals, while the U.S. dollar wa▓s 6-12 percent overvalued in a repo▓rt last month."In the meantime, the question is what this means for the likelihood that t

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take steps to intervene in the FX (foreign excha▓nge) market and weaken the dollar in response," said the economists.In this regard, Jeffrey Sachs, a senior United Nations advisor and renowned▓ economics professor at Columbia University, he▓ld that the

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f the CNY does n▓ot suggest China is manipulating its currency."This is true ▓even according to the arbitrary standards of America's own trade laws, much less according to ▓objective standards," Sachs said in ▓a published article on Tuesday.He further poin

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U.S. Treasury acknowledged in its report in May that China does not meet the criteria o▓f a currency manipulator, because there is no sign China t▓ried to expand its current account surplus through currency manipulation and the country's foreig▓n exchange reserves have been stable for th

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ears.The Treasury's reversal yesterday is arbitrary, just as the U.S. imposition of new tariffs ▓against China was last week, said the scholar.Similarly, investment strategists with the Swiss investment bank▓ UBS also cautioned in a research report on