Treasury: China Isn’t Currency Manipulator Under US Law

Treasury: China Isn’t Currency Manipulator Under US Law

Newsmax – China isn’t a currency manipulator under U.S. law, though the yuan “remains significantly undervalued” and needs to rise further, the Treasury Department said.China “has substantially reduced the level of official intervention in exchange markets since the third quarter of 2011,” the Treasury said in a statement accompanying its semi- annual currency report to Congress yesterday. The yuan has gained 9.3 percent in nominal terms and 12.6 percent in real terms against the dollar since June 2010, the Treasury said.

“It appears that the strategy of the last two administrations to use diplomacy rather than confrontation in dealing with the yuan’s value is having some positive results,” William Reinsch, president of the National Foreign Trade Council, a Washington-based business group, said in an e-mail after the report. “There is clearly room for further appreciation, however.”

In declining to brand China a manipulator, the Treasury cited the reduced intervention and “steps to liberalize controls on capital movements, as part of a broader plan to move to a more flexible exchange-rate regime.” The U.S. hasn’t designated another nation since 1994, when it named China.

Critics of China’s exchange-rate policies, including former Republican presidential candidate Mitt Romney, say the nation deliberately suppresses the value of its currency, making its goods cheaper in overseas markets and costing jobs in the U.S.

Same Rules

“This report all but admits China’s currency is being manipulated, but stops short of saying so explicitly,” U.S. Senator Charles Schumer, a New York Democrat, said in a statement. “The formal designation matters because there can be no penalties without it. It’s time for the Obama administration to rip off the Band-Aid, and force China to play by the same rules as all other countries.”

More

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

@https://twitter.com/candicelanier

Candice writes for several publications, including The Christian Post, Red State, The Black Sphere and Patriot Update. She is the Science & Tech Editor at the Minority Report Blog and the founder and Editor-in-Chief at Front Lines. She's also the founder of Candice Lanier's Tech News and works as a computer consultant. Additionally, Candice is an antiques dealer.

More in

15-0425 Transgender

Transgender Much? Parents Affirm 5-Year-Old Daughter’s Decision to be a Boy!

Michael BeckerApr 25, 2015
15-0425 If I just shut my eyes

Hillary Clinton Has One “Bedrock Principle.” See “Gay Marriage.”

Michael BeckerApr 25, 2015
2015-04-14t031037z1lynxmpeb3d03artroptp3usa-flu

Vaccination Controversy: No Autism, MMR Vaccine Link, New Study Finds

Steve FoleyApr 25, 2015
Screen Shot 2015-04-25 at 7.59.11 AM

PBS Covers-Up Ben Affleck’s Link to Slavery

Steve FoleyApr 25, 2015
rand-paul-sotu

Senator Rand Paul Signs Taxpayer Protection Pledge to the American People

Steve FoleyApr 25, 2015
Screen Shot 2015-04-25 at 7.23.44 AM

Weekly Republican Address: Rep. Paul Ryan (R-WI)

Steve FoleyApr 25, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

November 2012
M T W T F S S
« Oct   Dec »
 1234
567891011
12131415161718
19202122232425
2627282930  

Archives

Copyright © 2014 The Minority Report Network