"China's Currency Charade"
Posted by jeckert on 06/21/2010
AAM Executive Director Scott Paul published a piece on The Huffington Post today on the Central Bank of China's announcement to let its currency to follow a more flexible exchange rate. According to Paul:
"China's currency will undoubtedly rise against the dollar, but the change may not be significant or fast enough to put a real dent in our enormous trade deficit or boost our exports enough to create a considerable number of manufacturing jobs. As I said over the weekend: "I will believe it when I see it. Unless the move is rapid and significant, China's announcement is nothing more than a cynical ploy ahead of the G-20 and in the wake of mounting congressional pressure. America's workers and businesses still believe that a strong response from Congress is warranted." "World leaders -- including President Obama and President Hu of China -- are scheduled to gather in Toronto on June 26-27 for the G-20 summit. We hope that President Obama sets out objective criteria to China instead of merely offering praise for the announcement. We hope that our leaders in Congress on this issue -- Senators like Chuck Schumer (D-NY), Debbie Stabenow (D-MI), Sherrod Brown (D-OH) and Representative Tim Ryan (D-OH) -- will push forward with their efforts to deter China from cheating on its currency now and in the future."Read the full post here.
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