Congress asks "What's the deal with China's currency manipulation?"
Posted by scapozzola on 03/24/2010
The House Ways and Means Committee is holding a hearing today on "China's exchange rate policy," featuring testimony from C. Fred Bergsten Ph.D., Niall Ferguson Ph.D., Philip I. Levy Ph.D., and Clyde V. Prestowitz . The Committee is investigating whether “the Chinese currency (the renminbi – ‘RMB’ – or ‘yuan’) is substantially undervalued as a result of market intervention by the Government of the People’s Republic of China." The opening statement from Committee Chairman Sander Levin (D-MI) says the hearing is being held with a "sense of urgency." The U.S. has lost 2.4 million jobs since due to the trade deficit with China, and clearly action is needed to address the currency issue. Testimony from the hearing is available here.
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