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7/26/2005

CHINA CURRENCY PLAN A ‘SMOKE SCREEN’




Source: AFL-CIO

China’s announcement that it will revalue its currency, the yuan, by 2 percent is little more than a smoke screen, AFL-CIO Secretary-Treasurer Richard Trumka said. “A 2 percent revaluation doesn’t mean much when the yuan is undervalued by 40 percent or more,” Trumka said, adding the devaluation will not affect the mushrooming trade deficit with China or the 410,000 manufacturing jobs lost over the past two years to China trade. Last September, the Bush administration rejected a petition by a coalition of 20 industrial, agricultural and service organizations that called for trade sanctions against China unless that country devalued its currency. China keeps the exchange rate of its currency artificially low, the petition said, giving that country an unfair trade advantage over the United States.

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