CHINA CURRENCY COALITION
FOR IMMEDIATE RELEASE
Contact: Meg Mullery 202.342.8439
Broad-Based U.S. Coalition Calls for Immediate Revaluation of China’s Currency
(Washington, D.C.) (September 30, 2004) -- The China Currency Coalition, an alliance of U.S. industrial, service, agricultural, and labor organizations, today reiterated that it continues to work on a bipartisan basis with the Administration and Congress to correct the undervaluation of China’s currency, the yuan.
The Coalition welcomes the calls by the International Monetary Fund (IMF) for China to reform its currency practices, particularly coming on the eve of the meeting of the G-7 Finance Ministers in Washington, D.C.
The Coalition’s position is that the persistent undervaluation of the Chinese currency is a burden on the economies of the United States, China, and the entire world. China’s yuan, which is undervalued by about 40 percent, taxes U.S. exports to China and subsidizes imports from China, according to the Coalition. It urges China to proceed without delay to eliminate the undervaluation of its currency.