There are three new trends in the contest between China and the United States around the exchange rate issue: First, the exchange rate contest will be long-term. China's export-oriented economy has been running for 3 years, accounting for half of the national economy. It is difficult for the ship to turn around, and the pace of transformation is slow. However, the US fiscal deficit is hard to return, the unemployment rate remains high, and the economy is in danger of a double dip. It may take a long time to get out of the trough, and some people predict that it may even repeat the mistakes of Japan's "lost decade". As long as the above-mentioned status quo remains unchanged, the crux of the trade imbalance between China and the United States will not be solved, and the exchange rate dispute will not die down. Second, the United States is trying to multilateralize the exchange rate issue. The exchange rate dispute has always been a bilateral affair between China and the United States, but this year, the United States began to take more and more multilateral measures to push India, Brazil, the European Union, the International Monetary Fund and other countries and international organizations to put pressure on China. For countries with low labor prices, such as India, pressing for RMB appreciation can please the United States and improve the competitiveness of domestic products. Why not? Michael Schumann, a reporter from Time Weekly, recently wrote that the biggest victim of RMB undervaluation is not the United States, but the export and employment opportunities of poor countries. Whether it is intentional or not, this article objectively pushes the developing countries to the opposite side of China. The European Union and the United States have similar views, arguing that the undervalued RMB will affect the rebalancing of the world economy and lead to unfair competition. Third, the importance of the exchange rate issue has declined relatively. In the next step, the United States will not only focus on the exchange rate issue, but will play a combination boxing and talk about other trade and investment issues between China and the United States. During the China-US Strategic and Economic Dialogue in May this year, the United States put forward a series of demands to China, such as canceling discriminatory policies against foreign companies, removing investment barriers, and strengthening intellectual property protection. Geithner's speech at this hearing was the same old tune, and he wanted to "create a level playing field" for American enterprises and workers. It can be seen that the exchange rate issue is only one of the concerns of the US government, and its importance is declining, while other economic issues are gradually surfacing. Although it is unlikely that the US Congress will pass the sanctions bill, we must be soberly aware that the pressure from the Obama administration will not decrease, and the stick of "currency manipulator" may fall at any time. Geithner said at the hearing that the United States is taking a series of measures, such as bilateral dialogue, multilateral pressure, trade remedy measures and suing China in the WTO, to force the RMB to appreciate. It can be seen that the government and Congress cooperate with each other, one playing the bad COP and the other playing the bad COP, but the goal is the same, that is, forcing the RMB to appreciate. To resolve the pressure of the United States, we can't just make a fuss about the RMB exchange rate and respond passively. The United States has gradually realized that the appreciation of the renminbi is not a permanent cure for reviving the American economy, so it has made a combination of boxing and made various demands on China. Similarly, China also needs a comprehensive response: on the one hand, while reforming the exchange rate, it will expand domestic demand and stimulate consumption to reduce the current account surplus and solve the trade imbalance between China and the United States; On the other hand, establish an effective financial system in China, promote the internationalization and free convertibility of RMB, and increase capital export, so as to realize the diversification of foreign exchange reserves and the balance of international payments. This will be a long and difficult process, but it is beneficial for China to improve the quality of economic development, and it is also the fundamental way to resolve the exchange rate dispute between China and the United States.