If You Care About China’s Currency, It’s Time to Weigh In

By March 31, 2006General

As most every US manufacturer knows, for the past decade or so, China has pegged its currency to the US dollar, not allowing it to float to the market rate. As a result, Chinese goods sold in the US are artificially cheaper, by some estimates as much as 30% or more. At the NAM we have been leading the charge to get China to re-value its currency. But we can’t do it alone, we need the help of manufacturers to make it happen.

The US Department of the Treasury reports to Congress every six months on whether any foreign countries are manipulating their currencies in a way that affects US trade. Thus far, they have not put China on that list, despite repeated urgings from us. If they cite China, it will send a loud and clear message to the PRC that it’s time for action. This year, for the first time, Treasury is seeking input from manufacturers themselves on this issue. The deadline for comments is April 7.

We have made it easy for you to weigh in. There are two options:

— By clicking on this link, you can access a ready-made message that you can tailor to your own circumstances and send to the Treasury Department.

— You can click on this link and e-mail Treasury directly. The subject line of your e-mail should say, “Attn: Request for Public Comments on the Report to Congress on International and Exchange Rate Policies.” Please copy us at pjcleary@nam.org.

Please take a moment to take action on this very important issue.

Join the discussion 2 Comments

  • june says:

    Remember that the man who can shoulder the most risk will gain the deepest love and the supreme accomplishment;

  • TONY LAMARTINA says:

    Please consider branding China as currency manipulaters.We have lost 75% of our workforce at our plant due to outsourcing to China. I believe we can compete with China because our productivity is so much higher in the U.S. than in China. I believe we can compete considering they pay slave wages in China and have no enviromental laws in their country.We only ask for a level playing field. It’s time we force China to “play by the rules” and stop cheating the system.It’s time for our elected officials to look out for the american workers, isn’t it?