After postponements and a head fake by the Chinese, the US Department of the Treasury has once again failed to name China as a currency manipulator.
You can read the Treasury Department Report to Congress here.
Here’s what Treasury Tim Geithner had to say:
“What matters is how far and how fast the renminbi appreciates…We will closely and regularly monitor the appreciation of the renminbi and will continue to work towards expanded U.S. export opportunities in China that support employment in the United States, in close consultation with Congress.”
Hey Tim, how many more years do you guys think you’ll need to closely and regularly monitor this?
|Chinese Yuans to 1 USD (invert,data)|
Chart courtesy xrates.com
When do you guys think it will be time for action? This is the same old do nothing approach we suffered through from the last administration. (PMPA has been active on this issue since 2004 when we joined the China Currency Coalition)
When was that “Change”you guys campaigned about supposed to arrive?
On the China Currency Issue, NOTHING HAS CHANGED.
So what can you do? Help us get Congress to do what the Administration can’t won’t.
Manufacturers from all across the United States will be contacting their legislators asking them to support Senate Bill 3134 and co-sponsor House Bill 2378.
Congress needs to hear from manufacturers on this important issue, so they’ll move on legislation to provide the Administration with additional tools to prosecute illegal currency manipulators. Clearly, the Executive Branch can’t get it done.
The time to act is now.