Friday, July 27, 2007
[IWS] CRS: CHINA'S CURRENCY: A SUMMARY OF THE ECONOMIC ISSUES [11 July 2007]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
China's Currency: A Summary of the Economic Issues [11 July 2007]
Wayne M. Morrison, Foreign Affairs, Defense, and Trade Division
Marc Labonte, Government and Finance Division
http://www.fas.org/sgp/crs/row/RS21625.pdf
[full-text, 6 pages]
Summary
Many Members of Congress charge that China's policy of accumulating foreign
reserves (especially U.S. dollars) to influence the value of its currency constitutes a form
of currency manipulation intended to make its exports cheaper and imports into China
more expensive than they would be under free market conditions. They further contend
that this policy has caused a surge in the U.S. trade deficit with China and has been a
major factor in the loss of U.S. manufacturing jobs. Threats of possible congressional
action led China to make changes to its currency policy in 2005, which has since
resulted in a modest appreciation of the yuan. However, many Members have expressed
dissatisfaction with the pace of China's currency reforms and have warned of potential
legislative action. This report summarizes the main findings CRS Report RL32165,
China's Currency: Economic Issues and Options for U.S. Trade Policy, by Wayne M.
Morrison and Marc Labonte and will be updated as events warrant.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
China's Currency: A Summary of the Economic Issues [11 July 2007]
Wayne M. Morrison, Foreign Affairs, Defense, and Trade Division
Marc Labonte, Government and Finance Division
http://www.fas.org/sgp/crs/row/RS21625.pdf
[full-text, 6 pages]
Summary
Many Members of Congress charge that China's policy of accumulating foreign
reserves (especially U.S. dollars) to influence the value of its currency constitutes a form
of currency manipulation intended to make its exports cheaper and imports into China
more expensive than they would be under free market conditions. They further contend
that this policy has caused a surge in the U.S. trade deficit with China and has been a
major factor in the loss of U.S. manufacturing jobs. Threats of possible congressional
action led China to make changes to its currency policy in 2005, which has since
resulted in a modest appreciation of the yuan. However, many Members have expressed
dissatisfaction with the pace of China's currency reforms and have warned of potential
legislative action. This report summarizes the main findings CRS Report RL32165,
China's Currency: Economic Issues and Options for U.S. Trade Policy, by Wayne M.
Morrison and Marc Labonte and will be updated as events warrant.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 6:19 AM
