China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (912)	10/2/2003 11:43:32 AM
From: RealMuLan	Read Replies (1) of 6370

Taylor-higher US tariffs won't work on China forex Wed October 1, 2003 04:08 PM ET WASHINGTON, Oct 1 (Reuters) - U.S. Treasury Undersecretary John Taylor said on Wednesday that persuading China to adopt flexible currency rates was a better strategy than threatening it with punitive trade tariffs if it did not do so. Testifying before a House Financial Services subcommittee, Taylor indicated the Bush administration did not back proposals by some lawmakers for hefty tariffs on Chinese imports to eliminate an alleged unfair price advantage from its currency being pegged to the dollar. "With what I've looked (at) so far, it seems to me the approach we're taking now to this issue is more productive than an approach which raises tariffs," Taylor said. "We have a good strategy in place with respect to this issue and we'd like to pursue that." Treasury Secretary John Snow has been pressing Chinese authorities to let market forces have a greater role in setting its currency's value instead of keeping it pegged at 8.28 to the dollar as China has done for most of the past decade. reuters.com

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