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NRF: Senate Bill is wrong approach on China currency
12 Oct '11
2 min read
The National Retail Federation expressed disappointment at legislation expected to receive final passage by the Senate this evening that would pressure China to allow its currency to float more freely.
“We agree that the yuan should be allowed to float more freely but the proper way to achieve that goal is through a multilateral approach and diplomatic negotiations,” NRF Vice President and International Trade Counsel Erik Autor said. “Trying to force China's hand isn't likely to work and could open the door to retaliation against U.S. goods that would threaten American jobs at companies who do business with China. While the U.S. has legitimate issues with China that need to be resolved, it's important to see China as a key trading partner, not the enemy.”
Tonight's vote comes as NRF President and CEO Matthew Shay is in China for a four-day trade mission intended to strengthen the U.S. retail industry's ties there. Increased global outreach is a key component of NRF's Retail Means Jobs campaign.
As the world's largest retail trade association and the voice of retail worldwide, NRF's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the United States and more than 45 countries abroad. In the United States, NRF represents an industry that includes more than 3.6 million establishments and which directly and indirectly accounts for 42 million jobs – one in four U.S. jobs. The total U.S. GDP impact of retail is $2.5 trillion annually, and retail is a daily barometer of the health of the nation's economy.
“We agree that the yuan should be allowed to float more freely but the proper way to achieve that goal is through a multilateral approach and diplomatic negotiations,” NRF Vice President and International Trade Counsel Erik Autor said. “Trying to force China's hand isn't likely to work and could open the door to retaliation against U.S. goods that would threaten American jobs at companies who do business with China. While the U.S. has legitimate issues with China that need to be resolved, it's important to see China as a key trading partner, not the enemy.”
Tonight's vote comes as NRF President and CEO Matthew Shay is in China for a four-day trade mission intended to strengthen the U.S. retail industry's ties there. Increased global outreach is a key component of NRF's Retail Means Jobs campaign.
As the world's largest retail trade association and the voice of retail worldwide, NRF's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the United States and more than 45 countries abroad. In the United States, NRF represents an industry that includes more than 3.6 million establishments and which directly and indirectly accounts for 42 million jobs – one in four U.S. jobs. The total U.S. GDP impact of retail is $2.5 trillion annually, and retail is a daily barometer of the health of the nation's economy.
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