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Take tough stance on China's exchange rate policy – Trade bodies
Oct '09
The US textile and steel industry have called upon the Obama administration to take a tough stance on China's exchange rate measures, while other groups say that China's promised trade reform is behind schedule.

"The US government should hold China responsible for manipulating its exchange rate and the government should support legislation that would allow US industry to protect themselves and their employees," said Cass Johnson, President of the National Council of Textile Organization.

US manufacturers hold a grouse against China, that it deliberately undervalues its RMB exchange rate, in order to obtain price advantage in overseas trade. The US Treasury Department is expected to make a ruling on this subject on October 15, when the US will announce the report of exchange rate measures of its major trading partners.

Mr Barry Solarz, Vice-President of American Iron and Steel Association said that Obama should "adopt a more proactive step on China by denouncing China's manipulation of its exchange rate, Obama should resort to legal action in the World Trade Organization (WTO) to protect the rights of the United States.”

Fibre2fashion News Desk - India

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