Treasury fails to cite China on currency again
The U.S. Department of the Treasury today released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies. The report does not cite China as a currency manipulator.
Said Scott Paul, Executive Director, Alliance for American Manufacturing (AAM):
"China’s currency is still enormously undervalued—that fact is clear despite the Treasury report. I’m disappointed that President Obama has now formally refused to cite China six times for its currency manipulation, a practice which has contributed to the loss of hundreds of thousands of American manufacturing jobs.
"The ball is now is Speaker Boehner’s court, since the President has failed to show leadership in this area. The House of Representatives should pass currency legislation as soon as it returns in January."