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NFTC Joins Other Leading Business Groups in Urging for Progress on China’s Currency and Exchange Rate Process
Date: 6/22/2011
Written By: Jennifer Cummings, The Fratelli Group for NFTC, (202) 822-9491

The NFTC yesterday joined other leading business groups in sending a letter to Congressional leaders, urging progress on China’s currency and exchange rate process through multilateral pressure and coordination.

The groups wrote:

“Like Congress and the Administration, we agree that China needs a yuan exchange rate that responds to trade flows and that China should move steadily towards a market-determined exchange rate. In addition to continuing U.S.
government efforts, our organizations support strong, coordinated and enhanced multilateral pressure through multiple international organizations such as the G-20 and APEC to achieve concrete progress on China’s currency and exchange rate policies.

“Unilateral legislation on this issue would be counterproductive not only to the goals related to China’s exchange rate that we all share, but also to our nation’s broader goals of addressing the many and growing challenges that we face
in China, including inadequate protection of intellectual property, restrictions on market access, the need for financial services liberalization, restrictions on the export of commodities such as rare earths, discriminatory indigenous innovation and other industrial policies. Above all, such legislation would do more harm than good to job creation and economic growth at a time when the United States dearly needs both.”

Click here to read the full letter.