The Chinese yuan is still “substantially undervalued,” despite appreciation against the dollar, an International Monetary Fund official said Friday, a reiteration of the IMF’s position on the exchange rate.
However, during the CPA fly in two weeks ago, we had some staffers touting the recent appreciation of the yuan… in response to our advocating the currency manipulation bill (HR 639). Can you really argue against a remedy when the offending act is – for example – currently not occurring with the same intensity as a year ago? If street crime is down in New York City, should the laws against it go away?
China’s currency is as undervalued as it was before. Because the Chinese economy is growing faster than ours, their currency must strengthen that much more.
Rep. Dave Camp (R-MI), chair of Ways & Means, harms the U.S. economy every day he delays moving the Fair Currency Bill (HR 639) forward.
Do we have any CPA members in Dave Camp’s district? We should focus on that district, find some supporters there, get them on board with CPA and use them to push Mr. Camp to move the Currency bill forward. We should do the same for Boehner’s district, and any other congressman/woman who are critical to moving that bill forward.
In view of the G-7’s recent intervention to weaken the yen, Rogers’ aforementioned view and Washington ‘s elected leaders unresponsiveness to China’s manipulation of the U.S. Dollar, the writing appears to be on the wall for a reinstitution of a China/U.S. Dollar peg by the Summer of 2011.
In addition to Joel Ross’ suggest in the 1st comment, since the 111th congressional counterpart to the 112th HR 639 passed by 80 plus percent, if 218 co-sponsors of HR 639 were obtained; Representatives Camp and Boehner’s obstructionist will become even more apparent.