In advance of Treasury Secretary Timothy Geithner’s visit to China tomorrow, members of the House Populist Caucus today issued a statement urging him to release a determination on Chinese currency manipulation.
The Populist Caucus includes: Reps. Bruce Braley (D-IA), Peter Welch (D-VT, DeFazio (D-OR), Michael Arcuri (D-NY, Betty Sutton (D-OH), Keith Ellison (D-MN), Steve Kagen (D-WI), Phil Hare (D-IL), Dan Lipinski (D-IL), Brad Sherman (D-27), Carol Shea-Porter (D-NH), and Dave Loebsack (D-IA). Their letter states that it is critical for Secretary Geithner to issue a report and address the issue of Chinese currency manipulation as quickly as possible.
Their statement reads:
“Secretary Geithner’s recent announcement that the Treasury Department is delaying the release of its bi-annual report on international exchange rate policies and delaying making a determination on Chinese currency manipulation is completely unacceptable and needs immediate corrective action. It is clear that China is maintaining its currency at a devalued exchange rate by pegging the renminbi to the U.S. dollar at a fixed exchange rate, and that this unfair policy is having a detrimental impact on American workers and companies. China’s undervalued currency lowers the price of Chinese exports, makes U.S. exports to China more expensive, and makes it impossible for U.S. producers and workers to compete on a level playing field. Additionally, China’s devaluation of its currency exacerbates the already staggering U.S.-China trade deficit and threatens the stability of the global financial system.
“China has been undervaluing its currency for years, and we cannot afford to wait any longer to address this problem. In this time of economic difficulty, we must do everything we can to promote and protect U.S. jobs and workers. The Obama Administration must identify China as a currency manipulator and use all available authority and resources to end this unfair trade practice without delay.”
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