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China's Undervalued Currency Benefits Americans

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Publication Date: May 2008

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): Terry Miller

Series: WebMemo

Topic: Banking and finance (International banking and finance)
Economics (Economic relations)

Keywords: Trade and foreign aid; china; Renminbi; China Currency Manipulation Act

Type: Brief

Coverage: China

Abstract:

Politicians looking for quick fixes to perceived U.S. economic ills have focused yet again on trade. The China Currency Manipulation Act of 2008 was introduced in the United States Senate on April 3 by Senators Jim Bunning (R-KY), Debbie Stabenow (D-MI), and Evan Bayh (D-IN). Presidential candidates Senator Hillary Clinton (D-NY) and Senator Barack Obama (D-IL) both endorsed the legislation while campaigning in Indiana.