Arcuri Joins Way and Means Chairman Levin on WAMC to Discuss Chinese Currency Manipulation

10-4-10: Courtesy of WAMC-FM: Congressman Arcuri joins House Ways and Means Chairman Sandy Levin on WAMC Northeast Public Radio 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

[Matt007b]

pass the bill! China is cheating :P