PDF《Report炉o烫ongress爋n?》

? Report?to?Congress?on?International? Economic?and?Exchange?Rate?Policies? ? ? ? ? ? ? ? U.

S.?Department?of?the?Treasury? Office?of?International?Affairs? ? ? ? ? May?27,?2011? ? ? ? ? ? ? ? ? ? This?report?reviews?developments?in?international?economic?and?exchange?rate?policies?and?is?submitted? pursuant?to?the?Omnibus?Trade?and?Competitiveness?Act?of?1988,?22?U.S.C.?§?5305?(the? Act ).1 ??

1 ?The?Treasury?Department?has?consulted?with?the?Board?of?Governors?of?the?Federal?Reserve?System?and?IMF? management?and?staff?in?preparing?this?report.? Table?of?Contents? KEY FINDINGS 2? INTRODUCTION.4? U.S. MACROECONOMIC TRENDS.4? THE GLOBAL ECONOMY.6? U.S. INTERNATIONAL ACCOUNTS.10? THE DOLLAR IN FOREIGN EXCHANGE MARKETS.11? ANALYSES OF INDIVIDUAL ECONOMIES.12? ASIA? 12? China? 12? Japan? 15? South?Korea? 17? Taiwan. 18? EUROPE? 19? Euro Area? 19? Switzerland? 20? United Kingdom? 21? WESTERN HEMISPHERE? 22? Brazil? 22? Canada? 23? Mexico? 24? GLOSSARY?OF?KEY?TERMS?IN?THE?REPORT 25?

1 Key?Findings? The Omnibus Trade and Competitiveness Act of

1988 (the Act ) requires the Secretary of the Treasury to provide semiannual reports on the international economic and exchange rate policies of the major trading partners of the United States. Under Section

3004 of the Act, the Report must consider whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustment or gaining unfair competitive advantage in international trade. This Report covers developments in the second half of 2010, and data as available through the first four months of 2011. Treasury has concluded that no major trading partner of the United States met the standards identified in Section

3004 of the Act during the period covered in this Report. The U.S. economy is recovering from its deepest recession in the post war period. The recovery is being led by private demand, as personal consumption and business investment are increasing while government support for the economy is receding. Over the last seven quarters personal consumption has increased by 2.2 percent at an annual rate and business investment in capital equipment has grown by 13.9 percent. The private sector has added more than

2 million jobs over the last

14 months. The positive outlook for the remainder of

2011 and for

2012 reflects growing momentum in these sustainable sources of private demand. While recent growth is encouraging, the economy still faces significant challenges. The severe effects of the recent recession are particularly apparent in the labor market and in the housing market, and our long-term fiscal position is unsustainable. The global economic recovery continues to gain strength, although risks remain. Global output expanded by

5 percent in 2010, after a contraction of 0.5 percent in the previous year. Advanced economies grew in the aggregate by 2.9 percent in

2010 while emerging market and developing economies (EMEs) grew 7.2 percent, led by developing Asia with a growth rate of 9.5 percent. EMEs benefitted significantly from the recovery in global trade, as exports by non-fuel exporting EMEs increased

19 percent. The recovery faces a number of significant challenges. In Europe, leaders face a set of difficult choices over how to resolve pressures on their sovereign debt markets. Commodity prices have risen by nearly

35 percent over the past twelve months, leaving consumers with less money to spend. Inflation is accelerating in many fast growing emerging economies, leading them to tighten monetary policy. The G-20 needs to advance efforts to prevent the re-emergence of persistently large current account surpluses and deficits. Advanced countries need to take steps to put their public finances on sustainable trajectories. Finally, higher growth and rates of return in emerging economies are attracting significant inflows of foreign capital. With respect to exchange rate policies, ten economies were reviewed in this Report, accounting for nearly three-fourths of U.S. trade. Many of the economies have fully flexible exchange rates. A few have more tightly managed exchange rates, with varying degrees of management. This Report highlights the need for greater exchange rate flexibility, most notably by China, but also in other economies.