U.S. Bipartisan Senators Urge Treasury Secretary to Press for RMB Appreciation at G7 Summit

¬ U.S. Confirms Receiving New Air Force One Gifted by Qatar

Top bipartisan senators from the U.S. Senate Banking Committee—Democratic Senator Elizabeth Warren and Republican Senator Rick Scott—jointly wrote to Treasury Secretary Scott Bessent on June 18, urging him to leverage the G7 summit to coordinate with allies in pressuring China to allow "market-driven appreciation" of the renminbi (RMB).

The letter stated that G7 partners share common concerns over the RMB issue, and the summit presents an ideal opportunity to align coordinated actions. Citing analytical reports, the senators argued that the RMB is "significantly undervalued" relative to economic fundamentals—over the past four years, despite China maintaining a massive trade surplus, the RMB's exchange rate against the U.S. dollar has remained largely flat, while depreciating around 9% against the euro. They assert that artificially undervalued currency effectively subsidizes the cost of Chinese imports while making American exports more expensive, resulting in "imminent consequences" for American workers.

Warren and Scott also urged Bessent to reclassify China as a "currency manipulator" in the next semi-annual foreign exchange report issued by the Treasury Department. In the previous assessment, the U.S. Treasury had only stated that the RMB was "significantly undervalued," without using the term "manipulation."

During his first term, former President Trump briefly designated China as a currency manipulator, but in the current administration, trade negotiations with China have relied more heavily on tariffs, making currency issues less central. The joint action by both parties sends a clear signal for the government to reconsider its strategy. The letter suggested that a joint statement by the G7 calling on China to allow market-driven exchange rate appreciation and achieve full transparency could serve as the "first step" toward coordinated response.

China has repeatedly clarified its position on exchange rate matters. PBOC Governor Pan Gongsheng stated during the March China Development Forum that China neither needs nor intends to gain trade advantages through currency depreciation. The People’s Bank of China adheres to the principle of market forces playing a decisive role in determining exchange rates, maintains exchange rate flexibility, and strengthens expectations management to ensure the RMB remains broadly stable at a reasonable and balanced level. The Foreign Ministry has previously reiterated multiple times that as a responsible major country, China will not engage in competitive devaluation of the RMB, nor will it use the RMB exchange rate as a tool to respond to trade disputes.

Source: sputniknews

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Middle East – The U.S. Air Force announced Friday that it has received a presidential aircraft, "Air Force One," gifted by Qatar, and released the first images of the heavily modified Boeing 747. The extensive modifications have sparked ethical and safety concerns.

In a statement, the U.S. Air Force said the aircraft "has been repainted in a new red, white, and blue livery and completed the latest government modifications, and is now officially operational for presidential use." Meanwhile, accompanying journalists published photos of the aircraft parked inside a hangar at a military base near Washington.

Source: rfi

Original article: toutiao.com/article/1868390443636809/

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