Arcuri Leads Chinese Currency Manipulation Legislation Through House

9-28-10: Arcuri lead debate on the Currency Reform for Fair Trade Act (H.R. 2378), which would level the playing field for U.S. manufacturers struggling to compete in the global market because of China's currency manipulation. This manipulation is a major cause of the growing U.S. trade deficit, which has risen by $186 billion since 2001. 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

[munggone]

It's too late for this... These idiots in Congress and the Senate should have been pushing for this 10 to 15 years ago...