China Currency
Congressmen Propose Measure To Address China Currency Issue - US Department of State
Last month the Treasury Department released its International Economic and Exchange Rate Policies report which for the first time stated that China now has the technical availability and expertise to begin to take steps to float its currency. The biannual report also stated that China would be likely cited for manipulating its currency in the November report if the country failed to take significant action against its currency peg. ... Congressmen Propose Measure To Address China Currency IssueAct would impose tariffs on Chinese imports if currency manipulation found ... [Read More]
Department of State Washington File: China Currency Issue Is Risk, Not Crisis, Leading Economist Says
He parted from Meltzer's view of the China currency issue, saying it is a crisis contributing to global current account imbalances, and called for a “one-shot revaluation of perhaps 25 percent.” Bergsten argued against moving China to a floating exchange rate because it could worsen the imbalances. He said China’s banking system could take five to 10 years to be able to adequately handle a true floating currency exchange rate. ... China Currency Issue Is Risk, Not Crisis, Leading Economist Says ... [Read More]
China Ready to Adopt Market-Based Currency Rates, U.S. Says - US Department of State
"The Administration will continue to work with Members of Congress on these issues as we seek to achieve our common goals: a more flexible, market-based exchange rate for China's currency and a level playing field for American businesses, workers, farmers and service providers." ... The United States continues to urge China to move without delay toward a more flexible, market-based exchange rate for its currency, the Office of the U.S. Trade Representative (USTR) said in a May 27 statement. ... [Read More]
Snow Says Move to Flexible Exchange Rate Is in China's Interest - US Department of State
In my report to Congress, I determined that China did not meet the technical requirements for designation under the statute. However, it would be wrong to interpret this as acquiescence with China's currency regime. We have made it clear to China's economic leadership that reform of its currency policy is in its own interest, and in the interest of global financial system. After two years of intense engagement, it is clear that China today is prepared to introduce greater currency flexibility. China's currency regime contributes to distortions in its own economy and blocks the smooth adjustment of global imbalances. Furthermore, if current trends continue without substantial alteration, China's policies will likely meet the technical requirements of the statute for designation. China is now ready and should move without delay in a manner and magnitude that is sufficiently reflective of underlying market conditions. ... [Read More]
The United States and China Archive - US Department of State
[Read More]
Greenspan Says Flexible Currency Regime Would Benefit China - US Department of State
U.S. Federal Reserve Chairman Alan Greenspan testifies on China's currency regime June 23. (AP/WWP) ... In remarks before the Senate Finance Committee June 23, Greenspan said China's tight administrative control over its exchange rate does not allow that country to adjust quickly to imbalances in the system. China's ability to rapidly accumulate reserves of U.S. dollars and other foreign currency risks "triggering upward pressure on inflation and a general overheating of the Chinese economy," he said. ... [Read More]
Trade and Economics - US Department of State
[Read More]
Department of State Washington File: Text: Congressmen Propose Measure To Address China Currency Issue
Last month the Treasury Department released its International Economic and Exchange Rate Policies report which for the first time stated that China now has the technical availability and expertise to begin to take steps to float its currency. The biannual report also stated that China would be likely cited for manipulating its currency in the November report if the country failed to take significant action against its currency peg. ... "Creating a level playing field in fair trade is imperative to the future of our domestic textile industry. For years, China has flooded our markets with illegal transshipments and manipulated its currency to place unfair tariffs on American goods sold in China. It is time for these policies to stop," Hayes said. "I am a strong supporter of the CHINA Act of 2005 because it allows us to take the necessary steps to combat these illegal trade policies by levying our own tariffs when precise currency manipulation is determined. American jobs are valuable. It is time China and the U.S. engaged in fair trade with one another." ... [Read More]
The United States and China News - US Department of State
[Read More]
|