Serial No. 108-56: China's Exchange Rate Regime and its Effects on the U.S. Economy: Hearing before the Subcommittee on Domestic and International Monetary Policy, Trade and Technology of the Committee on Financial Services, U.S. House of Representatives, One Hundred Eighth Congress, First Session, October 1, 2003 [open pdf - 3MB]
This hearing examines the issue of foreign currency exchange rates and their relationship to the United States economy, in particular, the much-publicized relationship between the Chinese yuan and the U.S. dollar. "While currency pegs have been a reality for some time, it has really only been in the last month or so that considerable national attention has been paid to valuations of foreign currencies and the effects they may be having on U.S. export opportunities and the economic recovery overall. I am very aware that many see this as a U.S.-jobs issue. Others view it as a function of global economic integration. Some also contend that currency intervention by China and others in Asia is tantamount to currency manipulation and thus actionable under appropriate trade remedies. It is my hope that this hearing today will provide a thoughtful and appropriate forum for the various viewpoints we discuss as Congress works with the administration to ensure competitive free markets for U.S. manufacturing and its labor force." Statements, letters, and materials submitted for the record include those of the following: Phil English, Mark Green, Grant Aldonas, Morris Goldstein, John B. Taylor, Franklin J. Vargo, Donald Manzullo, and Carolyn B. Maloney.
Serial No. 108-56
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