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Republicans Rip Treasury For “Weak-Kneed” Report on Chinese Currency – Political Punch
Loading ...ABC News’ Matthew Jaffe and Jake Tapper report: The Obama administration today said in a semi-annual report to Congress that the Chinese renminbi is undervalued but did not cite China as a currency manipulator, a decision that instantly incurred the wrath of Republicans on Capitol Hill.
Noting that China on June 19 stopped pegging the renminbi to the dollar and allowed its exchange rate to appreciate, Treasury Secretary Tim Geithner said in a statement, “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.”
But that approach was quickly met with vociferous opposition from Senate Republicans who blasted Treasury for not branding China as a currency manipulator.
Sen. Chuck Grassley, the ranking Republican on the Finance Committee, said, “As expected, the administration has again failed to identify China as a currency manipulator. China recently allowed a modest crawling peg of its currency exchange rates, but overall China’s currency is tightly controlled and mostly removed from market forces. So Treasury’s determination doesn’t match the facts.”
Continue Reading at Republicans Rip Treasury For “Weak-Kneed” Report on Chinese Currency – Political Punch.
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