News Release
« BackTreasury Department Declines to Name China a Currency Manipulator
Tuesday, October 20, 2009
On October 15, the U.S. Treasury Department once again declined to label China a currency manipulator, yet stated that it considers that China’s yuan is undervalued and will continue urging Beijing to let it rise.
In a semiannual report to Congress on currency practices of key trade partners, Treasury Department officials said that global financial conditions “have improved dramatically and signs of an economic recovery have begun to emerge.”
During the presidential campaign, President Obama said he believed China deliberately manipulates its currency, although last week’s report was the second from the administration that declined to formally label China a manipulator.
China was cited in five reports in the early 1990s but no country has been cited since that time.
NTMA/PMA One Voice continues to lobby Congress and the administration to enforce trade laws and hold currency manipulators accountable.
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