Obama Administration again fails to cite China on currency: Statement from the Alliance for American Manufacturing (AAM)

Posted by scapozzola on 11/28/2012

Yesterday, the U.S. Department of the Treasury released its “Semi-Annual Report to Congress on International Economic and Exchange Rate Policies.”  The report did NOT cite China as a currency manipulator. 

Said Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM):

"We're disappointed that the Treasury Department has once again declined to designate China as a currency manipulator, which it most certainly is. Yes, the Yuan has appreciated somewhat against the dollar, but it is still far below an equilibrium value. The best evidence of that, other than China's massive foreign currency reserves, is our bilateral trade deficit, which is on pace to top last year's record $295 billion.

"There is an alternative to this inaction: Congress could still pass the popular, bipartisan bill that would deter China and other nations from manipulating their currencies. Speaker Boehner, over to you."

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