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:
“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.”