Forex Blog: Currency Trading News & Analysis.

November 12th 2005

Bush to urge China to revalue Yuan

Next week, George Bush will visit China as part of his week-long junket to Asia, in which it is expected he will personally urge Hu Jintao, Prime Minister of China, to continue revaluing his nation’s currency. Bush is under pressure from unions and trade lobbyists, who allege China’s artificially cheap currency is responsible for the outsourcing of millions of jobs. American politicians are demanding that Bush give China an ultimatum: either revalue, or face the consequences, in the form of tariffs and other trade restrictions. In addition, the Treasury Department was supposed to release a report on currencies last month, in which China would likely be labeled a ‘currency manipulator,’ but has delayed the release of the report until after Bush returns from his visit.

“I will remind him that this government believes they should continue to advance toward market-based evaluation of their currency for the sake of the world, not just for the sake of bilateral relations,” Mr. Bush told a group of Asian reporters this week.

Read More: Bush to Press China on Yuan in Visit

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Posted by Adam Kritzer | in Chinese Yuan (RMB), Politics & Policy | No Comments »

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