FOR IMMEDIATE RELEASE
June 30, 2005
- Contact:
- John Frisbie (202) 429-0340, jfrisbie@uschina.org
US-CHINA BUSINESS COUNCIL STATEMENT
ON CHINA CURRENCY LEGISLATION DELAY
US-China Business Council (USCBC) President John Frisbie today issued the following statement:
"We are pleased that Senators Schumer and Graham have agreed to delay the vote on their legislation, which would impose tariffs on imports from China unless China revalues its exchange rate.
"The USCBC shares the Senators' goal of China's adoption of a fully market-determined exchange rate when its financial reforms have progressed sufficiently to allow it to do so. The USCBC also believes that interim steps to introduce a more flexible exchange rate are appropriate. We also note that Chinese officials themselves have acknowledged that exchange rate reform is in China's best interests. We support the extensive efforts of the Treasury Department, other executive branch agencies, Congress, and our G7 partners to work with China on the implementation of a more flexible exchange rate policy.
"Now that the threat of punitive legislation has receded, we encourage China to move forward with sensible interim steps to introduce exchange rate flexibility."
The US-China Business Council is the leading organization of US companies engaged in business with the People's Republic of China. Founded in 1973, the USCBC provides extensive China-focused information, advisory, and advocacy services, along with comprehensive events, to nearly 250 US corporations operating within the United States and throughout Asia.
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Last Updated: 1-Jul-05