Senate's Graham urges tougher approach to China

WASHINGTON, July 9 | Fri Jul 9, 2010 12:59pm EDT

WASHINGTON, July 9 (Reuters) - China's recent moves to end a peg between its yuan and the dollar were mere gestures and not real reform, a Republican senator said on Friday as he urged Congress to take action against Beijing.

Senator Lindsey Graham of South Carolina said the decision by the Treasury Department on Thursday not to name China a currency manipulator underlined the ineffectiveness of the U.S. effort to persuade Beijing to let its currency appreciate.

"This report reinforces (that) the only remedy available is for Congress to pass legislation addressing currency manipulation," Graham said. "The distortion of the Chinese currency has gone on too long and cost too many American jobs."

(Reporting by Rick Cowan, Editing by Chizu Nomiyama)

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marisa70394 wrote:
We have to remember at all times that the Chinese Communist Party is always trying to make life difficult for the US. They want us to expend our resources, emotions, and time trying to stop their diabolical actions against US interests. The fact is, the US is really the only country in the world that has the power to stand between the CCP and their image of the world as an undemocratic and suppressed planet. We are dealing with a titan struggle between good and evil, and if China’s CCP has its ways, you can expect government control of everything, including how people ought to think and act. The entire yuan vs dollar ordeal is just another knife China is sticking into America’s back.

Jul 10, 2010 7:26pm EDT  --  Report as abuse
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