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USA: FCA Experts Estimate China’s Currency Undervaluation |
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2004-7-5
The Fair Currency Alliance (FCA) has released a new briefing on the degree of undervaluation of China’s currency.
In ‘Experts Agree: China’s Currency is Undervalued,’ undervaluation estimates ─ attributed to an array of international banking organisations and financial institutions ─ range from a high of 75 per cent to a low of 10 per cent.
“There is consensus among economists worldwide that China’s currency is, and has been, substantially and persistently undervalued,” said David A Hartquist, spokesperson for the alliance.
“The undervalued yuan puts US companies at a disadvantage whether competing in the United States, China or elsewhere.
“This artificial and manipulated exchange rate distorts trade and is a further threat to the eroding American manufacturing base.”
“China should promptly appreciate the value of the yuan by up to 40 per cent so that US manufacturers and service providers can compete on a fair and equitable basis.”
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