"A drop in a huge bucket."
Posted by scapozzola on 06/29/2010
U.S. Senator Sherrod Brown (D-OH) has written an excellent piece on China's recent head fake regarding its ongoing currency manipulation. For those of you who missed it, Beijing recently offered a few promising statements ahead of the G-20, in which they suggested they would start to "gradually" adjust their undervalued currency. After a few incrementals nudges, however, they've slipped back to business as usual--a preferential exchange rate that helps boost their exports. In response, Sen. Brown has taken Beijing to task, saying, "We’ve seen China take actions like this before when the spotlight is on, and then revert back to old tricks." He calls China's recent, miniscule currency adjustments a "drop in a huge bucket":
"Too many Ohio manufacturers continue to face unfair competition from China and congressional action is long overdue. I will continue to work with Senators Schumer and Graham to move our legislation which cracks down on Chinese currency manipulation."Read more.
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