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Treasury fails to cite China on currency exchange




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December 27, 2011 | 1283 views | 1 comment

The U.S. Department of the Treasury today released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies. The report does not cite China as a currency manipulator.

"China’s currency is still enormously undervalued -- that fact is clear despite the Treasury report," said Scott Paul, Executive Director, Alliance for American Manufacturing (AAM). "I’m disappointed that President Obama has now formally refused to cite China six times for its currency manipulation, a practice which has contributed to the loss of hundreds of thousands of American manufacturing jobs.

"The ball is now is Speaker Boehner’s court, since the President has failed to show leadership in this area. The House of Representatives should pass currency legislation as soon as it returns in January."

The Alliance for American Manufacturing (AAM) is a unique non-partisan, non-profit partnership forged to strengthen manufacturing in the U.S. AAM brings together a select group of America’s leading manufacturers and the United Steelworkers to promote creative policy solutions on priorities such as international trade, energy security, health care, retirement security, currency manipulation, and other issues of mutual concern. For more information, please visit www.americanmanufacturing.org.
 
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Elaine K.  
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December 27, 2011 8:33pm
 
 
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