Arcuri Discusses Chinese Currency Manipulation

10-1-10: Courtesy of YNN: Congressman Arcuri is joined by House Ways and Means Chairman Sandy Levin in Utica to discuss the Currency Reform for Fair Trade Act, which aims to hold countries, like China, who manipulate their currency accountable. By pegging its currency, the renminbi (RMB), to the U.S. dollar at a fixed exchange rate, China is able to maintain its currency at a devalued rate. Economists estimate that this exchange rate undervalues the RMB anywhere between 25 to 40 percent, essentially providing a subsidy to Chinese companies and unfairly disadvantaging foreign competitors. Because of this currency manipulation U.S. exports to the country cannot compete with their low-priced Chinese equivalents, and domestic American producers are similarly disadvantaged in the face of subsidized Chinese imports. For more information, please click here: http://arcuri.house.gov/index.php?option=com_content&view=article&id=...

Category:

News & Politics

Tags:

• chinese
• currency
• manipulation

[nicechineseguy]

Zionist IMF have been manipulating currency since WW2. i don't hear anyone complain?

[Phead128]

@lustcorp

Japan, Korea, Taiwan, Singapore, HK were all intially dictatorships post-WW2 that successful transformed their economies based off the East Asian developmental state model that emphasized EXPORT ORIENTED GROWTH.

Dumbass, most of America's greatest democratic allies went through Export oriented growth, including present day Japan and Germany.

You are so stupid, it's insane.

[Phead128]

@lustcorp

I guess India is capable of running their country. India's growth is primarily based off of the domestic market and not export oriented growth. India is probably the worst example of governance in a large democracy in human history. India is notorious for inefficiency, corruption, and laziness.

So you are probably like 12 years old and has never taken a Macroeconomics class. I suggest you STFU because you really have NO CLUE what you are saying.

[lustcorp]

@Phead128 China relies on export because the communist Chinese are incapable of running their own country on their own. For the 18 out of 20 centuries, as you said earlier, China was closed to the outside world, yet China was ahead of the pack.

If the communist would quit, like all incompetent managers should, China would not need to rely on export to grow. It's larger than U.S. and EU combined, and has the largest market on earth.

If yuan to dollar is 1:1, China's per capita GDP is $61,000.

[Phead128]

@lustcorp

Hasn't China been manipulating their currency (as with the rest of the world) for some time now?

Why is US getting all pushy about it now? I raise an eye brow because the US-created recession is seeing low-employment numbers back on the domestic front.

Perhaps the politicians are just playing up a show for the upcoming November elections for Senate/Congress.

China is too easy of a scapegoat. Sad.

[Phead128]

@lustcorp

If you take a class on Globalization like I did, you would realize that East Asian development states like Japan, Taiwan, Korea, etc... was even more protectionist than China is today. Neoliberalism did not apply to states where foreign investment wasn't even allowed, so to say China should be kicked out of WTO because of protectionist policies totally negates the development of Japan and other East Asian devleopment states.

[lustcorp]

If 1 Chinese yuan trades 1 U.S. dollar, China's economy would have been $34 trillion, more than twice as big as the U.S. and the Chinese would have the money to buy American goods and services.

By depriving their citizen wealth, China is try to take away jobs from everyone else while at the same time enslave its own citizens.

[lustcorp]

The best way to deal with Chinese currency manipulation is to kick China out of World Trade Organization (WTO). WTO offers China free access to world market.

In 1979 Chinese yuan traded with dollar 1:1. Today 6.8 Chinese yuans trade for 1 dollar. Which means a product made in China that would cost $6.8 dollars in 1979, today it would only cost $1. That's how China, by depriving its citizen wealth, steals American jobs.