USA: House Members Request Action On China’s Currency
A bi-partisan group of 87 Members of Congress have signed and delivered a letter to the White House urging President Bush to address China's "unfair and discriminatory undervalued currency."
In a statement, Skip Hartquist, counsel to the Fair Currency Alliance (FCA), said: "By the deliberate undervaluation of its currency, China skews the prices for its goods in the global market place, especially disadvantaging US producers."
The letter expresses disappointment that the administration, while historically criticising China's policy of under-valuing its currency against the dollar, did not support the filing of an unfair trade petition prepared on behalf of the FCA.
"We are concerned that your administration's position on this draft petition signalled to China that resolution of this issue is not an immediate priority of this nation," the letter stated.
FCA, a coalition of US industrial, service, agricultural, and labour associations, has been pushing for reform of China's monetary policy.
In the FCA's view, China's undervaluation of the yuan constitutes an illegal subsidy.
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