March 24th 2006
US Senators visit China to discuss Yuan
Earlier this week, US Senators Charles Schumer and Lindsey Graham concluded a trip to China, during which they met with top-level Chinese officials to discuss economic issues. The most important item on their agenda, naturally, was to press China to further revalue the Yuan. In less than a week, in fact, the Senate is set to vote on whether Schumer’s bill, which calls for a 27.5% tariff to be levied on all Chinese imports, should be advanced. Evidently, Senators Schumer and Graham left the talks satisfied, indicating that the Yuan should likely break through a level of psychological importance in the near future. The China Daily reports:
Premier Wen Jiabao said eight days ago that the range for the yuan’s fluctuation would be widen. But there will not be a one-off revaluation like the one in July, he said.
Read More: US must grasp reality of China forex policy