Ex-US trade officials urge measured approach to China currency

Sep 21, 2010 | 02:24 PM |

Eight former U.S. secretaries of Commerce and U.S. trade representatives have written to House Speaker Rep. Nancy Pelosi (D., Calif.) and other congressional leaders urging a diplomatic approach to China currency issues.

The letter, sent this week, runs counter to the hopes of the U.S. steel industry, which is pushing for passage of H.R. 2378, a bill that would apply stiff anti-dumping and countervailing duties to unfairly traded foreign exports in an attempt to stop currency misalignment.

The letter, however, comes as no surprise to some in steel, even though the former officials express in it their frustration that China has not moved more quickly to allow its currency to reflect market influences.....

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