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).
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