China's Currency Misalignment & Congressionally Mandated Trade Sanctions Symposium
On March 14, the Committee organized a symposium on the topic of China's currency misalignment and Congress' response to this issue. Congressman Levin and other panelists discussed whether the undervaluation of China's renminbi has caused significant injury to the United States in the form of lost jobs and exports.
The Symposium explored:
Frustrated by China's failure to allow its currency to appreciate some members of Congress are calling for WTO-imposed trade sanctions against any country that maintains "misaligned currencies". The Bush Administration and the International Monetary Fund have launched their own significant initiatives to persuade China to speed up revaluation. Just how serious is this problem for the United States and other countries? What progress has been achieved as a result of the US Strategic Economic Dialogue with China and from the IMF's year-long global imbalances negotiations?
- Chairman Sander Levin, House Subcommittee on Trade, Ways and Means
- William Frenzel, The Bretton Woods Committee
- Mark Sobel, Deputy Assistant Secretary, United States Department of Treasury
- Ambassador Terry Miller, The Heritage Foundation
- Payson Peabody, Tax and Trade Counsel for Senator Jim Bunning (R-KY)
- Arvind Subramanian, Senior Fellow, Peter G. Peterson Institute for International Economics
Documents From The Office of Senator Jim Bunning:
- Fact Sheet [DOC, 39KB]
- S.796 Bill Summary [DOC, 27KB]
- S.796 [PDF, 85KB]
- Yuan Flat While Other Currencies Rise Against US [PDF, 157KB]
- S.A.4121 Bunning-Stabenow [PDF, 124KB]
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