The Precision Machined Products Association recently joined forces with the Forging Industry Association, Industrial Fasteners Institute, National Association for Surface Finishing, National Tooling and Machining Association and the Precision Metalforming Association in a formal letter to U.S. Treasury Secretary, Timothy Geithner, asking the Secretary to cite China as an illegal currency manipulator in the Treasury Department’s Semi-Annual Report on International Economic and Exchange Rate Policies.
This joint letter urges Secretary Geithner to take action on this critical issue facing domestic manufacturers. Review the formal letter here.
Why is the China Currency Issue important?
It is a threat to the Global Economy.
- Global trade imbalances;
- Unemployment (especially manufacturing unemployment) in the US
- Increasing pressure for protectionism everywhere.
How much is the Yuan undervalued? A mere 40% according to Bryan Rich.
“While most of China’s major economic competitors around the world have seen their currencies climb against the dollar by 20%, 30%,40%, even 50% in the last eight months, the Chinese yuan has been virtually unchanged” he wrote last October.
What can you do? We’re glad you asked!
Send Action Alert to your officials.