Worldwide Locations

Worldwide Locations

China's Currency and the U.S. Economy

Oct 3, 2011
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“The draft bipartisan bill before the U.S. Senate this week designed to ramp up pressure on China for its continued manipulation of its currency, the yuan, is a welcome step in the right direction,” says Asia Society Executive Vice President Jamie Metzl. “Although the vote scheduled for this week is only a procedural one, it will spur a higher-profile national debate on the negative impacts of China’s artificially undervalued currency on the U.S. and global economy. The U.S. Congress and public, however, should not think that pressuring China to move towards a floating currency will be a panacea. The United States still has much to do at home to address its ongoing debt crisis and debilitating political divisions, invest in education and infrastructure, and finally pass pending free trade agreements. Economic relations with China will also remain strained as long as China continues to allow the massive theft of U.S. intellectual property rights, retains tight capital controls, and restricts U.S. trade in services.”

Jamie is in New York. To arrange an interview, contact the Asia Society communications department at 212-327-9271 or [email protected]