"Pressure growing on China to revalue currency"
Posted by scapozzola on 03/24/2010
The Associated Press speculates that today's hearing in the House Ways and Means Committee on China currency manipulation may help to spur the Obama Administration to act. More reaction on the hearing came from the Wall Street Journal:
Testifying Wednesday before the House Ways and Means Committee, the group of economists and historians agreed that the yuan is being held at a falsely low level when compared to the dollar, and that the Treasury should designate China as a currency manipulator.The Hill's Jay Heflin quoted Ways and Means Committee Acting Chairman Sandy Levin (D-MI) as saying China’s undervalued currency has contributed to the loss of 1.5 million U.S. jobs. In fact, a report released yesterday by the Economic Policy Institute shows that the trade deficit with China has cost the U.S. 2.4 million jobs since 2001.
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