AISI applauds US congressional call for pressure on flexibility of Chinese currency

Monday, 28 June 2010 18:30:05 (GMT+2)

"China's recent announcement that it will allow its currency to be more flexible was immediately followed by its subsequent statement that there would be no significant appreciation in the renminbi against the US dollar and that the exchange rate would remain basically stable," said Gibson.  "This is proof that we cannot rely on vague promises of future reforms by China.  Congress needs to say, enough is enough, and enact legislation that will protect US manufacturers and American businesses from China's currency export subsidy.  Failing to address China's currency manipulation will only continue to impede our economic recovery and impair the ability of American businesses to increase their production, keep their doors open and create jobs."

Concluded Gibson,"Congress should enact as soon as possible an effective trade remedy tool to deal with this problem of fundamental currency misalignment.  Legislation has been introduced in both and the Senate that would address the issue of currency manipulation and both proposals should be brought forward for consideration in their respective bodies without further delay.  American manufacturers and their workers are being injured by this unfair practice.  We cannot continue to give China a pass on this critical issue."

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