Lawmakers pretend to accuse China of currency manipulation

September 11, 2010

Senators Charles Schumer of New York and Lindsey Graham of South Carolina are spearheading a bipartisan effort to draft and pass a China currency bill aimed at forcing China to revalue their currency. For some time now the US Treasury Department has alleged that the yuan, also known as the renminbi, is being kept artificially undervalued by the Chinese Treasury to decrease China’s imports and thus boost their exports. The more their money is worth, the more stuff they can buy from the US and Europe, which is what the beleaguered West desperately needs China to do.

That puts us in the unfortunate position of needing China to increase the value of their currency, which will necessarily have an inverse effect on the value of the US dollar. The House Ways and Means Committee has set a hearing on the matter for September 15th. The Senate Banking Committee may also discuss the issue on September 16th with Treasury Secretary Timothy Geithner.

Congress is presently looking for someone outside of the US government to blame for the country’s soaring unemployment rates and horrendous trade imbalance with Asia. However, the Treasury Department continues to keep its accusations verbal, rather than making them formal by writing about it in their semi-annual reports, which would automatically initiate discussion about trade sanctions. So far nobody in government has indicated any real intention to do so.

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