Currency efforts stepped up as Obama heads to China
Nov 11, 2009 | 11:27 AM
| Martyn Chase
As President Obama travels to China this week, the Fair Currency Coalition is stepping up its efforts to revive currency manipulation legislation, though industry sources acknowledge that the chances for any significant breakthrough with the Chinese range from slim to none.
A revived effort is under way in Congress to gain wide bipartisan backing for the Currency Reform for Fair Trade Act, according to Charles Blum, executive director of the Fair Currency Coalition, which has strong representation from steel-related groups among its membership.
As a presidential candidate, then-Sen. Obama backed a crackdown on nations manipulating their currencies to gain unfair trade advantages. As President, however, Obama's Treasury Department twice has passed on the opportunity to label the Chinese as currency manipulators in its semi-annual reports to Congress on the issue.
"We don't fault the administration at all for their dedication to raising it (with the Chinese) at every meeting from the bilateral talks to the G-20," Blum told AMM. "Treasury Secretary (Timothy) Geithner has put a lot of effort into this. ....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here