USCBC Statement on Senate Currency Bill

WASHINGTON, DC, June 13, 2007 - John Frisbie, president of the US-China Business Council (USCBC), offered the following comments on today's introduction of a bill in Congress to address currency issues.

"USCBC appreciates the senators' recognition that legislative changes on trade and currency policies be consistent with the United States' World Trade Organization commitments and that any legislation apply equally to all US trading partners.

"The ultimate solution to currency issues particularly involving China is the evolution of a market-driven exchange rate. This requires a robust financial system, which is a key goal of Secretary Paulson's Strategic Economic Dialogue. In the meantime, China can move faster to allow trade flows to be reflected in its exchange rate--as indicated by the fact that China's trade surplus is up 80 percent so far this year," Frisbie said.

The US-China Business Council (USCBC, www.uschina.org) 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 events, to more than 250 US corporations operating within the United States and throughout Asia.