We are disappointed by the Treasury Department's announcement that it will not designate China a currency manipulator in its semiannual report.  This announcement ignores the overwhelming evidence, including that in Treasury's own report, that the Chinese government has systematically intervened in currency markets over many years to keep the renminbi undervalued by as much as 40 percent.  

American workers and businesses are paying a steep price every day for our government's failure to act decisively in this enormously important area.  Chinese workers also suffer reduced purchasing power from the undervaluation of the renminbi. At a time when our economy is more than 10 million jobs short of pre-recession unemployment levels, and when we are focused on boosting exports to create jobs, we simply cannot afford to look the other way as the Chinese government continues to manipulate its currency for an unfair trade advantage.  

The Chinese government's vague announcement a few weeks ago that it will allow its currency to fluctuate slightly has not been followed by concrete and significant progress. Our government must not accept this token gesture in lieu of action.    

We strongly urge Congress to act swiftly to enact S. 3134, the Currency Exchange Rate Oversight Reform Act of 2010, which would give our government the tools and resolve it needs to address currency manipulation.  We should also keep on the table all options -- including action at the World Trade Organization and use of our trade statutes -- to pressure the Chinese government to take appropriate action to revalue its currency.

Contact: Eddie Vale (202) 637-5018