2010-07-30

Just in time for the election

U.S. House panel sets Sept hearing on China's yuan
China loosened its yuan, also known as the renminbi, on June 19 from a 23-month-old peg to the dollar but it has barely risen in value since then.

Many lawmakers believe the currency is undervalued by as much as 25 to 40 percent against the dollar, giving Chinese companies an unfair trade advantage that has caused U.S. manufacturing job losses.

"There is no real question that China's deliberately undervalued exchange rate is unfair, contributes to global trade imbalances, and costs the United States jobs and economic growth, particularly in the manufacturing sector," Ways and Means Committee Chairman Sander Levin said in a statement.

"We must ensure that China's rhetoric translates into results that are meaningful and that the international trading system ensures fair rules of competition," Levin said.
Congress returns from their summer break on September 10. Target date for adjournment is October 8.

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