Schumer: Congress Must Confront Chinese Currency Manipulation

Sen. Chuck Schumer (D-N.Y.) released the following statement on Thursday, regarding the need for Congress to take up legislation confronting alleged currency manipulation by the Chinese government:

“Despite its rampant inflation problem, China’s government does not seem prepared to let the value of the yuan rise much higher above its present level. In our meeting last week, Governor Zhou repeatedly sought to portray the yuan’s recent gains against the dollar as adequate even though more aggressive appreciation is clearly needed. I made clear to him that this would leave the U.S. Congress with no choice but to respond. Having returned from China, I am more convinced than ever that legislation is needed to force countries like China that manipulate their currencies to play by the rules and let their currencies freely float. Confronting this issue is an economic imperative.”