•The title of your essay should be specified by yourself. •the discussion should be included both in positive and negative way, finally, listing the own point of view •The essay should be around 2000 word (+/- 5% is acceptable) Exchange rate regime controversy 1) US government believes that y holding its exchange rate artificially low, China is stealing jobs and causing the United States to run a huge trade deficit. Beijing must therefore be forced to revalue the yuan. America''s anger at China is clearly growing: ? In February it filed a complaint to the World Trade Organisation (WTO) against Chinese export subsidies. ? In late March the Department of Commerce announced tariffs of 10-20% on glossy paper imported from China, to offset the impact of alleged government subsidies. This reversed a 23-year-old policy of not imposing countervailing duties on a non-market economy. ? Then in early April the Bush administration filed two more complaints: one on Chinese pirating of DVDs and CDs, and the other over restrictions on the sale of foreign films and music in China. 2) There are number of scholars who have different opinions from US authorities: ? “The dollar-yuan exchange rate is an economic fetish of many people unschooled in basic economics” (Greg Mankiw,2007) ? “If China sharply revalued the yuan, as American politicians are demanding, it could actually hurt the United States and help China” (Stephen Jeffrey, 2007)