U.S. Congress gets tough with China |
| Globe and Mail - Jun 14, 2007 |
The U.S. Congress is vowing to do what the Bush administration won't - punish China for using its currency as trade weapon.
In a keenly awaited report to Congress, the Treasury Department concluded yesterday that China's yuan is badly undervalued, but that doesn't make the country a currency manipulator under U.S. law.
"Treasury was unable to determine that China's exchange rate policy was carried out for the purpose of preventing effective balance of payments adjustment or gaining unfair competitive advantage in international trade," according to the report.
Within hours of the report's release, four powerful senators introduced legislation that would substantially lower the bar in punishing China.
Read Full Article from Globe and Mail
- Posted: 2007-06-14 10:09:19
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