NewsFlash: September 25, 2006
China currency reform bill sparks debate on unfair trade practices
Early this week the Senate is expected to vote on legislation that would slap tariffs on Chinese goods, unless negotiations to revalue the yuan are successful. A policy memo released today by the Economic Policy Institute shows how China’s currency has been intentionally undervalued in order to gain an unfair competitive advantage in international trade, displacing hundreds of thousands of U.S. jobs.
“Our research shows China has violated all established currency manipulation standards,” said EPI economist Josh Bivens, co-author of the policy memo. “China’s currency policy is a primary impediment to resolving economic imbalances that threaten the global economy.”
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