US Senators call for tough action on China to press for yuan revaluation

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Friday May 27, 07:08

US Senators call for tough action on China to press for yuan revaluation

(by Elena Podshuvejt)

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US Senators call for tough action on China to press for yuan revaluation

U.S. senators demand that the Bush administration crack down on China to speed up currency revaluation. The comments that were directed at Treasury Secretary John W. Snow at a hearing of the Senate Banking Committee add to the pressure on the administration to force Beijing that is artificially keeping its currency low to revalue yuan.

The report issued by the Treasury last week was found by many senators to be unsatisfactory as it was not tough enough to urge China to revamp its policy on currency regulation. The report used much more critical language than in the past to describe Chinese currency policy but stopped short of recognizing that the nation unfairly manipulates its currency. However, it was made clear in the report that China may be qualified as a manipulator if it continues with violations.

Snow retorted to the senator expressing the hope that China will make enough "material" and "significant" changes in its currency regulation to make ’manipulator’ labels unnecessary. "I may have to eat those words," he said, meaning the next report that is due in six months.

The Treasury Secretary’s words did not win over the senators who insist on the imposition of tariffs on Chinese goods, opposed by the White House.

``Its obvious to just about everyone that China continues to manipulate its currency for its own well-being,’’ Senator Richard Shelby, a Republican from Alabama and chairman of the Senate Banking Committee, said. ``We’ve got to let China know we’re not going to put up with this.’’

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