Washington, DC - Today the U.S. Department of Treasury released its semi-annual Report to Congress on International Economic and Exchange Rate Policies. Ways and Means Committee Chairman Sander M. Levin (D-MI) issued the following response on its release:
“There is no real question that China’s exchange rate policy is unfair, contributes to global trade imbalances, and costs the United States jobs and economic growth, particularly in the manufacturing sector.
“Since the Government of China modified its exchange rate policy last month, the RMB has appreciated only very modestly. This is a first step, but clearly, only that. We must monitor China’s progress, but also, give serious consideration to all options in the event, as was the case in 2005-2008, that China fails to take the additional necessary steps representing steady and significant progress. Toward that end, Congress and the Administration should fully explore the option of challenging China’s current practices through a WTO complaint."
