CRS Reports on China’s Currency: an Analysis of the Economic Issues
The Congressional Research Service has issued a report (RS21625) entitled, "China’s Currency: An Analysis of the Economic Issues." Over the past several years, the Chinese government has maintained a policy of intervening in currency markets to limit or halt the appreciation of its currency, the renminbi (RMB) against other major currencies, especially the U.S. dollar.
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Many economists contend that, even if China significantly appreciated its currency, the United States would still need to increase its savings and reduce domestic demand (particularly the budget deficit), and China would have to lower its savings and increase consumption, in order to reduce trade imbalances in the long run.