Jul 09 2010

Treasury Department issues China Currency Report

WASHINGTON - U.S. Senator Lindsey Graham (R-South Carolina) today made this statement on the China currency report issued by the Treasury Department yesterday. In the report, the Obama Administration again declined to label China a currency manipulator.

Graham said:

"China recently made minor changes in currency policy. These were more political gestures, not true reform.

"It is very clear to me the only way America can effectively deal with the Chinese government manipulation of their currency is for Congress to act. Both Republican and Democratic Administrations have refused to state the obvious - China manipulates its currency to produce an advantage in the marketplace. Their advantage comes at the expense of American workers and other nations.

"The Executive branch seems to be ineffective or unable to alter Chinese currency policy. This report reinforces the only remedy available is for Congress to pass legislation addressing currency manipulation. The distortion of the Chinese currency has gone on too long and cost too many American jobs."