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-->Trade 2003-08-01 08:49:46-04
US Heat on Chinese Currency Peg
US Treasury Secretary Snow draws heat from US Congress as peg on Chinese yuan is viewed as hurting US economy
BizAsia, by ds - Whether our EU readers like it or not, the world is now in the stage of American Empire. Although the United States has not seen fit to send hordes of soldiers over the globe to control and suppress countries as England, France and Spain attempted, the fact is the world revolves around the US economy. When an important person in Washington passes gas, it reverberates throughout the world. Take that, Jacques Chirac!
Now enters China into the world economic scene with a peg on its yuan or renminibi of 8.2760 to 8.2800 per dollar. Many US congressmen view this rate as artificially low.
US Treasury Secretary John Snow was taken to task by Capitol Hill lawmakers this week as they feel this rate allows China to export goods too cheaply, thus hurting the US economy. As US job losses are continuing to grow there is an increased interest on the part of the Congress over the US trade policy.
Snow begged off by stating that some private economists have stated that China is keeping its currency undervalued to gain a trade advantage. He said: “I frankly don’t have a firm view on that at this point.”
He added: “What I do have a firm view on, though, is that we should encourage the Chinese… in the reports that they are looking at widening the band on the yuan.”
Opposition lawmakers did not accept Snows position. New York Democratic Senator Charles Schumer said he was ‘disappointed’ at the secretary’s remarks. He also said that a bipartisan group of lawmakers would seek quick action from the White House.
Snow noted, however, that the existing band of the yuan is said by many economists to represent an undervaluation ranging from 15 percent to 40 percent.
Schumer said: “Everyday every one of us hear from our states of jobs—manufacturing and otherwise—going to China.” He continued that “Some of that is on the basis of free trade, but much of it… is because the Chinese have unfairly pegged their currencies at too low a rate.”
Snow said that he was encouraged by reports that the Chinese were considering revaluation. Nevertheless, in the absence of decisive executive action, expect the Chinese trade issue to be a major debate in the US presidential election.
<ul> ~ US Heat on Chinese Currency Peg </ul>
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