PMPA Urges Administration To Cite China’s Currency Manipulation

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.

China's currency manipulation puts rest of world at a disadvantage.

Why is the China Currency Issue important?

It is a threat to the Global Economy.

If China continues to beggar the world with its currency manipulation, as it dumps cheap products here, and stockpiles currency reserves, we will continue to suffer from

Direct result of currrency manipulation.

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.

40 % undervalue currency exports unemployment to USA.

Money and Markets Graph

What can you do? We’re glad you asked!

Send Action Alert to your officials.

This entry was posted on Thursday, April 1st, 2010 at 5:05 am and is filed under Front Office. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.