| Random Character |
|---|
|
| Report: Chinese currency not manipulated for gain |
|
|
|
|
Washington - The Bush administration on Monday determined that China was not manipulating its currency to gain economic advantages but still pressed the Chinese to move more quickly to allow the yuan's value to be set by market forces. The administration's determination, made in a currency report it is required to submit to Congress every six months, disappointed critics who contend that Chinese currency practices play a large role in America's soaring trade deficits. "The administration's lack of action today hurts all Americans by refusing to acknowledge the obvious - that China manipulates its currency," said Sen. Chuck Schumer, D-N.Y. Schumer is a leading sponsor of legislation that would impose 27.5 percent tariffs on all Chinese imports unless China does more to allow its currency to rise in value against the dollar. Treasury Secretary John Snow said China's decision to allow a small revaluation of its currency last July had been a factor in deciding not to brand China a currency manipulator, but he said more must be done. The United States had a trade deficit of $162 billion with China last year, the largest ever recorded with a single country, and this year's deficit is expected to approach $200 billion. American manufacturers believe that China has kept its currency undervalued as much as 40 percent, making Chinese goods cheaper for U.S. consumers and American products more expensive in China. Source: www.denverpost.com Nov. 29, 05 |
| < Prev | Next > |
|---|