Senators say China undervaluing yuan

[phoebe]

WASHINGTON (CBS.MW) -- A group of senators wants Treasury Secretary John Snow to investigate whether China is deliberately undervaluing its currency to boost its exports.


"We are deeply concerned about reports the Chinese currency, the yuan, is being artificially undervalued, and that this undervaluation may be contributing to the significant job loss the United States has seen in its manufacturing sector," said the July 16 letter. "We are writing to urge the Treasury Department to examine this matter."

snip

The lawmakers are blaming China for the troubles of the U.S. manufacturing sector, which Schumer said is unable to compete with artificially low-priced imports from the Asian giant.

"If the yuan were allowed to float freely, like other major currencies, many economists believe it would appreciate substantially against the U.S. dollar," the four senators wrote.

http://cbs.marketwatch.com/news/story.asp?guid=%7BF1E777E1-EA70-406B-8E0E-4096527C6F80%7D&siteid=google&dist=google

[I AM SPARTACUS]

1. it wouldn't surprise me if the Chinese had figured out how to cripple

the US economy and that the incompetence of the Smirko Regime had provided them with the opportunity...

[Old and In the Way]

5. Their economy is tied to ours....

A recessionary economy hear doesn't help China. That may not always be the case, but it is now.

[I AM SPARTACUS]

7. the Chinese economy is tied to anything outside of China...

...only for as long as the Chinese want it to be

[Tigermoose]

2. A Government doing something to benefit its economy?

Gasp. Don't they know that the way to do things these days is to not do anything and let the corporations do whatever they want? Those bastards! Where's our nukes?

[lcordero]

3. OH PULEEZE!!!!

All they are doing is trying to distract from the real culprit. This is garbage.

[Neutrino]

4. Senators opinion has no effect on how China sets--

Fiscal Policy. Since the Chinese Economy is doing so well,
I think maybe we can learn something about Economics from China.

While other countries wage war, China is like the kid in school
with his/her head in a book --taking the long view.
While there is much improvement still needed, particularly in
rural areas, the standard of living has been raised substantially
for all Chinese people.

[David Zephyr]

6. Just As the Bushies Are Allowing the Dollar to Sink.

Of course the Yuan is undervalued.

There is no manufacturing sector worth discussing anymore and the Yuan is not the problem...it's globalization and the Parliment of Whores (the U.S. Congess) that allowed the wholesale shipping of our manufacturing base to China and Southeast Asia...beginning in the 1980's under Reagan.