The Washington Times
  • Subscribe
  • Times News Services
  • RSS
  • Mobile Headlines
  • e-edition
  • E-MAIL ALERTS
  • REGISTER
  • LOG IN
  • E-MAIL ALERTS
  • WELCOME
  • Your Profile
  • Log Out
  • Front Page Image
  • Classifieds
  • Autos
  • Real Estate
  • Jobs
  • Special Sections
  • Customer Service
  • Home
  • News
  • Opinion
  • Sports
    • NFL
    • NBA/WNBA
    • MLB
    • NHL
    • Tennis
    • Golf
    • Motorsports
    • Soccer
    • NCAA
    • Olympics
    • Outdoors
    • Other
  • Culture
    • Home & Living
    • Family & Kids
    • Fashion
    • Food
    • Travel
    • Health
    • Washington Visitors
    • Books
    • Military History
    • Life
    • Auto
    • TV Listings
    • Movie Listings
    • Death Notices
    • Entertainment
  • Themes
  • Communities
  • Shopping
    • Stores
    • Coupons
    • Daily Double
    • Promotion
    • How It Works
  • Videos
    • Two Guys
    • Birnbaum on Washington
    • Liz Glover
    • Amanda Carpenter
    • Morning Briefing
    • Documentaries
    • Joe Giganti
    • Video Game Minute
  • Podcasts
    • About Headlines
    • Audio and Radio
    • America's Morning News
  • National

    VAN CLEAVE: A Thanksgiving message from Russia's spy agency

  • National

    HOLMES: Behind Obama's overseas allure

  • World

    Thailand seeks U.S. help battling insurgents

  • Politics

    Obama taking emissions goal to summit

  • Business

    Retailers bank on post-holiday Black Friday

  • World

    Corruption stain puts Pakistan leader at risk

  • Politics

    Courage the turkey escapes Obama's plate

Friday, July 25, 2003

Asian currencies' edge in trade draws Hill ire

Rate this story

Average 0.00
after 0 votes
Login or register to rate this story

  • Font Size -+
  • Print
  • Email
  • Comment
  • Tweet this!
  • Share
  • Article
  • Comments ()
  • Click-2-Listen
  • Videos

More Stories

  • Swiss court grants Polanski bail
  • Couple skirts security to crash state dinner
  • Courage the turkey escapes Obama's plate
  • Taliban chief rejects talks with Karzai government

By

Congressional leaders are calling on the Bush administration to confront China and other Asian countries that artificially depress their currencies to gain a competitive advantage over American exporters, causing job losses in the United States.

They raise a delicate issue, however, since Asian countries recently have done much to finance the United States' record trade and budget deficits by investing the dollars they earned selling exports to this nation back into U.S. Treasury bonds and other securities.

"It is time for the U.S. government to get serious with countries who tamper with their currencies to give their companies an unfair advantage over U.S. manufacturers," said Rep. Donald Manzullo, Illinois Republican and chairman of the House Small Business Committee.

"These actions are obvious violations of the World Trade Organization and International Monetary Fund, and these countries must be held accountable," Mr. Manzullo said.

Mr. Manzullo and Senate Small Business Committee Chairman Olympia J. Snowe, Maine Republican, asked the General Accounting Office on Wednesday to investigate currency manipulation by China, Japan, South Korea and Taiwan, and the effect on the U.S. economy.

China since 1994 has fixed its currency, the yuan, at 8.3 to the dollar, while the other Asian countries officially let their currencies float. But all the Asian central banks secretly intervene in the currency markets to prop up the dollar and in doing so have accumulated huge amounts of U.S. dollars and securities estimated at more than $1 trillion.

Currency manipulation by China "is particularly disconcerting," Mrs. Snowe said, "as China recently became a member of the World Trade Organization, whose inherent purpose is to ensure free and fair trade."

China's fast-growing trade surplus with the United States surpassed Japan's last year to become the largest. This huge trade surplus is the biggest sore point for U.S. manufacturers, prompting a bipartisan group of senators last week to urge Treasury Secretary John W. Snow to engage China in negotiations intended to remove its artificial ceiling on the yuan.

"The yuan is being artificially undervalued, and this undervaluation may be contributing to the significant job loss the United States has seen in its manufacturing sector," the senators said.

12Next »

Post a comment

There are comments on this article, submit your opinion!

Commenting is disabled for this entry.
If you feel there is still something worth mentioning about this entry please contact the author or the site admin.

Ask a Question

You Report

Do you have another point of view, photos, audio, video or more information about a story?

Top Stories

Most Read

  1. EDITORIAL: Hiding evidence of global cooling
  2. Top Republican lawmakers not attending State Dinner
  3. Fenty trails Gray in D.C. poll
  4. Conservatives seek test for RNC funds
  5. Food snobs fork over $225 for taste of heritage turkey
More Top Stories »
  1. D.C. sports icon, Wizards owner Pollin dies
  2. List of W.H. state dinner guests
  3. PRUDEN: Obama's due process doctrine
  4. Climate 'czar' says hacked e-mails don't change anything
  5. EDITORIAL: Obama's sacked inspector general

Most Shared

  1. EDITORIAL: Hiding evidence of global cooling
  2. Climate 'czar' says hacked e-mails don't change anything
  3. EDITORIAL: Kennedy vs. Catholicism
  4. EDITORIAL: Obama's sacked inspector general
  5. 'Boutique' patients pay for better access to doctors
More Top Stories »
  1. PULLEN: GOP came unmoored in last decade – it hurt
  2. The global-cooling cover-up
  3. The United Socialist States of America
  4. Ego of 'O': It's all about him
  5. Food snobs fork over $225 for taste of heritage turkey

Most Commented

  1. EDITORIAL: Hiding evidence of global cooling
  2. Top Republican lawmakers not attending State Dinner
  3. Climate 'czar' says hacked e-mails don't change anything
  4. Conservatives seek test for RNC funds
  5. PRUDEN: Obama's due process doctrine
More Top Stories »
  1. Ky. hanging, ruled a suicide, leaves bloggers at loss for words
  2. EDITORIAL: Obama's sacked inspector general
  3. A-listers, fundraisers at W.H. state dinner
  4. Obama to attend Denmark climate summit
  5. EDITORIAL: Kennedy vs. Catholicism

Listen to Washington Times Radio

  • America's Morning News

    with John McCaslin and Melanie Morgan

Blogs & Columns

  • Hot Button Blog

    RNC: Breast cancer recommendations may lead to 'rationing'

  • Belief Blog

    Evangelicals OK civil disobedience

  • Out of Context

    Foods that might kill libido

  • On the Fly

    United lifts some 'award' blocking

  • Technology

    Facebook wins round against phishing spammer

  • Redskins 360

    Gray coy about job

  • SNOBlog

    Beyond 'Woody'

Videos

Advertising Links
TWT Store
  • e-edition
  • Print Edition
  • Weekly Washington Times
TWT Affiliates
  • Middle East Times
  • Golf
  • UPI
  • Arbor Ballroom
  • Washington Times Global
  • About TWT
  • Press Room
  • F.A.Q.
  • Work for TWT
  • Advertise
  • Sponsors
  • Contact Us
  • Privacy Policy
  • Site Map

All site contents © Copyright 2009 The Washington Times, LLC.