At that time, the United States was not satisfied with the exchange rate issue.

At that time, the United States was not satisfied with the exchange rate issue. Every time the SED talked about this topic, it formed a tacit understanding. Before the SED, the RMB would appreciate rapidly, but this did not shut up the Americans. Wu Yi once asked Paulson directly: "How much do you want to adjust the RMB?" Give me a number."

Paulson refused, saying that China should let the market determine the value of its currency. This is a strange conclusion: Paulson’s belief in the free market, unable to quickly solve the problems he wanted to solve, such as the exchange rate problem, has become a more complex issue involving capital market opening, fostering modern financial system, fair resource allocation and so on.

This is similar to the contradiction between China and the United States in many economic and trade fields before. Americans are not satisfied with our intervention and control in some fields, but they refuse to put forward specific goals for the results, and feel that this is contrary to the original intention and purpose.

It’s different now. "America first" means that the red tape has been abandoned and some beliefs have been put aside. Although there are many structural reforms in the lengthy list, but demand and means are more crude and simple, trump wants to reduce the trade deficit and appeal to the farmers to talk about buying, not whether the task of buying soybeans is pressure on the enterprises in a non market way. He denounced the Federal Reserve for giving the United States a disadvantage in competition. Because rivals have more compliant central banks, "We don’t have that advantage because we have a Federal Reserve that is reluctant to cut interest rates."

It’s magical, but it’s a departure from our direction of reform in some areas. Especially on the exchange rate issue, we have changed our exchange rate for many years. If the exchange rate has not broken 7 in the recent situation of "being affected by unilateralism, protectionist measures and expectations of imposing tariffs on China", where is the role of the market?

"Raise a stone and hit your own foot" should be used here.