Currency

Report Fails to Indicate Chinese Currency Manipulation

October 15, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) issued the following statement in response to today’s release of the U.S. Department of Treasury’s semiannual Report to Congress on International Economic and Exchange Rate Policies:

“China’s unfair currency manipulation hurts Ohio manufacturers and workers. For the better part of this decade, the federal government has ignored this unfair advantage while our trade deficit with China has grown from $85 billion in 1999 to $268 billion in 2008. As a result, we have lost more than four million manufacturing jobs. Best estimates show that currency manipulation amounts to a 40 percent subsidy for Chinese products.    » read more »

06 June 2008 -- Friday was a very volatile day in financial markets as the oil price rebounded to gain over ten dollars a barrel while US stock prices plummeted following the report of a sharp rise in unemployment.

Oil soared after an Israeli politician raised the specter of an Israeli military strike on Iran, the second largest OPEC oil producer.

Walla Walla, Washington gas price sign: Photo by Peter Bulthuis (CC)

In New York crude oil rose eight percent, or $10.75, to a record over $138 a barrel. The rise followed a five percent gain on Thursday, bringing oil's two-day advance to a stunning $16.    » read more »

May 12, 2008 -- "Mr. President, day after day record-high oil and gasoline prices are hurting millions of American consumers and businesses. Unless something is done to make energy more affordable, the record-high prices will continue to reverberate throughout our economy, increasing the prices of transportation, food, manufacturing and everything in between.

A Rolls Royce parked in Dubai: Photo by Gavin (CC)

Skyrocketing energy prices are a threat to our economic and national security, and the time is long past for action.    » read more »

May 1, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama today released the following statement in support of the Fair Currency Act, S.796. Obama is a cosponsor of the measure.

"It is long past time for the United States to confront the issue of unfair trade with China. The Chinese Government must play by the rules and act as a positive force for balanced global progress.    » read more »

21 November 2007 -- The International Monetary Fund's former chief economist says China is violating its rules by keeping its currency artificially undervalued. Michael Mussa says Beijing must revalue its currency for the sake of global economic stability.    » read more »

07 October 2007 -- Indian exports, particularly those by small and medium companies, have been hit by the recent surge in the rupee against the dollar. Anjana Pasricha has a report from New Delhi.

The Farida Group, based in the southern city of Chennai, is one of India's biggest footwear exporters. A large part of its production goes to the United States.

But Farida Group's business has taken a beating due to an 11 percent appreciation in the value of the rupee against the dollar this year.    » read more »

02 October 2007 -- The euro currency used by 13 European Union countries touched record highs against the dollar for the past eight trading days. And that worries the Europeans whose exports are getting more and more expensive.

The euro has risen by 66 percent against the dollar over the past five years. In 2007 alone, the euro has gained eight percent to just under $1.43.    » read more »

30 September 2007 -- India's Central bank has announced a series of measures aimed at slowing the rupee's rise against the dollar. The strong rupee is hurting several sectors of the economy.

The Central Bank recently relaxed limits on overseas investments by Indian mutual funds, domestic companies and individuals.

Mutual funds can now invest $5 billion outside the country - an increase of 25 percent. Domestic companies can now invest up to four times their net worth abroad, and individuals are allowed to double the amount they send overseas every year, to $200,000.    » read more »

18 July 2007 -- The House of Representatives Financial Services Committee Tuesday heard from economists who agreed the weakening dollar is likely to decline further.

Committee member Ron Paul, a conservative Republican, called attention to the dollar's weakness. The U.S. currency, he said, has this year lost nine percent against the euro and even more against some other currencies.

"It's lost more than 10 percent against the British pound," he said. "And lo and behold, the Indian rupee - if you had been holding Indian rupees - you would have made 13 percent."    » read more »

06 July 2007 -- International economists say China's huge buildup of foreign currency reserves has contributed to the boom conditions that have led to a bubble in the Shanghai stock market, which is up 400 percent in less than two years. VOA's Barry Wood has more on what might be an unanticipated consequence of China's export success.    » read more »

June 19, 2007 -- Chicago - Illinois Attorney General Lisa Madigan has announced that her office filed a lawsuit yesterday against several related companies based on allegations that they violated the Illinois Consumer Fraud and Deceptive Practices Act and the Transmitters of Money Act by advertising the sale of Iraqi currency (Dinars) on the Internet but failing to fulfill orders from customers.    » read more »

Asks him to reconsider refusal to classify China as a currency manipulator

June 13, 2007 -- WASHINGTON, DC – U.S. Senator Barack Obama (D-IL) today sent a letter to Treasury Secretary Paulson asking him to reconsider the decision not to classify China as a currency manipulator:

Dear Secretary Paulson,    » read more »

Chapel Hill, North Carolina – As Treasury Secretary Henry Paulson and Chinese Vice Premier Wu Yi meet today, Senator John Edwards issued the following statement calling for strong action against China for illegal currency manipulation:

"The Bush Administration should stop sitting on its hands and actually do something to save American jobs. We have known for years that China is manipulating its currency to boost its trade advantage with the United States, and working families are suffering.    » read more »