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Romney’s Pledge on China Currency Won’t Be Met in a Day
Date: 10/24/2012
Written By: Bloomberg, By Brian Wingfield and Ian Katz

Excerpt: Republican presidential nominee Mitt Romney has pledged to declare China a currency manipulator on his first day in office. It may not be that easy, or have the desired effect. U.S. law requires the Treasury Department to consider whether other nations are controlling exchange rates to gain an unfair trade advantage and issue a report on the subject twice a year. A Romney administration may not have the personnel in place to take such action on Inauguration Day, Jan. 21. “The most likely thing is once in, he would direct his secretary of the Treasury to accelerate issuance of the report,” William Reinsch, president of the National Foreign Trade Council, a Washington-based business group, said in an interview. “There’s no penalty for issuing it earlier.” Romney could issue an executive order to name China a currency manipulator, according to Reinsch. “The relevant question, of course, is whether the Chinese would pay any attention,” he said.