Graham Responds to China Currency Report
July 12, 2010
WASHINGTON – July 12, 2010 – U.S. Senator Lindsey Graham (R-SouthCarolina) made this statement on the China currency report issued bythe Treasury Department. In the report, the Obama Administration againdeclined to label China a currency manipulator.
Graham said:
“China recently made minor changes in currency policy. These weremore political gestures, not true reform.
“It is very clear to me the only way America can effectively deal withthe Chinese government manipulation of their currency is for Congress toact. Both Republican and Democratic Administrations have refused tostate the obvious – China manipulates its currency to produce anadvantage in the marketplace. Their advantage comes at the expense ofAmerican workers and other nations.
“The Executive branch seems to be ineffective or unable to alter Chinesecurrency policy. This report reinforces the only remedy available isfor Congress to pass legislation addressing currency manipulation. Thedistortion of the Chinese currency has gone on too long and cost toomany American jobs.”
