CHINA CURRENCY COALITION WASHINGTON, D.C.
Coalition Testifies that Yuan’s Undervaluation Damages U.S.
and Promotes Global Trade Imbalances
(Washington, D.C.) (February 3, 2005) -- China’s persistent manipulation of its currency lacks respect for the rule of law and should be addressed through dispute settlement at the World Trade Organization (WTO), according to testimony provided on behalf of the China Currency Coalition at a Capitol Hill hearing today.
David A. Hartquist, counsel to the coalition, testified that there is an urgent need for substantial revaluation of the Chinese yuan. Said Hartquist, “We respectfully disagree with the [Bush] Administration’s strategy, which has led to no apparent progress. If anything, China is resisting revaluation of the yuan more than ever, and invaluable time is elapsing with nothing gained. It is unlikely that China will change course as long as the undervalued yuan continues to bring jobs, trade surpluses, foreign-direct investment, and foreign-currency reserves to the Chinese economy.”
Hartquist’s statement to the U.S.-China Economic and Security Review Commission, which is holding two-days of hearings on China’s compliance with its obligations at the WTO, covered several views held by the coalition, including:
The China Currency Coalition is an alliance of industry, agriculture, and worker organizations whose mission is to support U.S. manufacturing by seeking an end to Chinese currency manipulation.
David A. Hartquist is a senior member and head of the International Trade and Customs practice at the Washington, D.C. law firm of Collier Shannon Scott PLLC.