'Any future change in monetary policy will be too little and too late'

Nov 23, 2005 | 12:21 PM | Scott Robertson

U.S. policy on alleged Chinese currency manipulation must change, according to one group, and an effective trade policy with the economic giant must be created, says another group.

Both the China Currency Coalition and the Steel Manufacturers Association (SMA) say those steps must be taken to ensure that the American manufacturing industry will be spared erosion at the hands of Chinese interests.

The China Currency Coalition, Washington, last week sharply criticized the Bush administration's failure to take action on China's undervalued yuan. In an unrelated move, the SMA issued a report to the U.S. Treasury, the U.S. Trade Representative and the Commerce Department stressing the need for addressing U.S.-China trade policy and the growing trade deficit between the two countries.

"We have given China enough time," Doug Bartlett, co-chairman of the China Currency Coalition, said. "Any future change in China's monetary policy will be too little and too late."....