Oct 04 2011

Graham Responds to Chinese Government Criticism of Senate on Vote over Currency Manipulation

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) made this statement in response to criticism from the Chinese government’s Central Bank, Foreign Ministry and Ministry of Commerce over Senate legislation to crack down on Chinese currency manipulation.


Last night, the Senate voted to proceed to debate on legislation cracking down on Chinese currency manipulation.  The procedural vote was 79-19.  The Senate continues to debate the legislation today. 


Graham said:


“China’s threats to the United States Senate should fall on deaf ears.  We should be examining their business practices, not their rhetoric.  China should be rewarded and engaged when they play fair and we should push back when they continue to cheat.


“The Chinese government’s criticism of our efforts to bring about long-overdue currency reform is ill-advised.  We all want a healthy trading relationship with China, but their business practices – from intellectual property theft to currency manipulation, has created an unhealthy business relationship.


“China’s pegging of the yuan to the dollar and keeping it consistently undervalued continues to create a competitive advantage for the Chinese.  China has too big of an economy to allow them to continue creating an unfair trade advantage.  Chinese currency manipulation has resulted in 2 million jobs being lost in the United States and over 40,000 in South Carolina.  China must stop cheating.”