New report shows China continuing to undervalue its currency
Last week, the Congressionally-created, bipartisan U.S.-China Economic and Security Review Commission (USCC) released its 2011 Annual Report to Congress.
Here are a few interesting items from the report regarding China's currency, the Yuan (also known as the RMB or Renminbi):
The RMB has risen by roughly 6 percent against the dollar over the past 12 months. However, China strictly controls the RMB’s daily trading range in order to maintain a price advantage in its exports to the United States. The growing trade imbalance between the two countries causes slower growth in the United States and the loss of American jobs. While the exact number of jobs lost to China is in dispute, credible estimates place the number between 600,000 and 2.4 million. (Bergsten on the low end, the Economic Policy Institute on the high end).
Related recent Blogs
- Reps. Daniel Lipinski (D-IL) and Michael Grimm (R-NY) form new Congressional Public Transportation Caucus. • by scapozzola • 05/23/2013
- Homeland Security and Gov. Tom Ridge • by scapozzola • 05/23/2013
- CNBC: Is a Chinese construction firm benefiting from its Beijing connection? • by scapozzola • 05/23/2013
- May 23, 2013 Headlines: Gains in the job market, small businesses manufacturing in the U.S.A., and more. • by LRaup • 05/23/2013
- VIDEO: Concerns about America's defense industrial base • by scapozzola • 05/22/2013
- CNBC: China investing in U.S. • by scapozzola • 05/22/2013
- In Indiana, ongoing concerns about subsidized auto parts from China and Japan • by scapozzola • 05/22/2013
- RADIO: AAM's Scott Paul on Leslie Marshall Radio Show, May 20, 2013 • by scapozzola • 05/21/2013
- May 21, 2013 Headlines: Tensions with North Korea, a stronger WTO, and more. • by LRaup • 05/21/2013
- Shoring up our security means addressing the China challenge • by mmcmullan • 05/20/2013
