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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: RealMuLan who wrote (53322)9/13/2004 7:24:41 PM
From: RealMuLan  Read Replies (1) of 74559
 
Bush rejects call for yuan rate probe
Last Updated(Beijing Time):2004-09-13 10:59

The Bush administration last Friday rejected a call from U.S. labor, textile and steel groups for an investigation into the value of China's currency that could lead to a confrontation at the World Trade Organization.

"Today's petition is reckless because the remedy it seeks of a 40 percent across-the-board tariff would put up walls around America, hurting U.S. exports, destroying U.S. jobs and endangering our economic recovery," Richard Mills, a spokesman for the U.S. Trade Representative’s office, said.

In a joint statement, coalition members objected to the characterization of their 200-page petition as reckless and said its swift dismissal was "undoubtedly the fastest rejection" of such a petition in history.

Bush administration officials defended their efforts to persuade China to revalue its currency, which has been pegged at 8.28 yuan to the U.S. dollar for the past decade.

Rob Nichols, a spokesman for the U.S. Treasury Department, said in a statement that China was "moving in the right direction" by taking steps to strengthen and prepare its financial system for a flexible exchange rate regime.


Source:Shenzhen Daily
en.ce.cn
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