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China's Currency: Brief Overview of U.S. Options

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Publication Date: November 2005

Publisher(s): Library of Congress. Congressional Research Service

Series: RS22338

Topic: Banking and finance (Currency)

Coverage: China

Abstract:

Many are concerned that China's currency is undervalued and that this injures the U.S. economy. The Chinese authorities say they are not manipulating their currency and they want to move as soon as possible to a market-based yuan. A new exchange rate procedure was announced in July 2005 but has not resulted in meaningful changes in the yuan's international value. This report reviews the issues and discusses alternative approaches the United States might take to encourage more rapid reform.