BEIJING (AP) -- China's premier rejected foreign pressure over its exchange rate

Discussion in 'Economy' started by Neubarth, Mar 14, 2010.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    BEIJING (AP) -- China's premier rejected foreign pressure over its exchange rate controls and said Sunday the Chinese currency will be kept "basically stable."

    Premier Wen Jiabao promised to reform currency controls, but gave no indication when that might happen. Washington and other trading partners are pressing Beijing to ease controls that they say keep the yuan -- also called the renminbi -- undervalued, giving its exporters an unfair price advantage and swelling its trade surplus.

    "First of all, I don't think the renminbi is undervalued," Wen said at a news conference. "We oppose all countries engaging in mutual finger-pointing or taking strong measures to force other nations to appreciate their currencies."

    Some American lawmakers and trade groups want Congress to impose punitive tariffs on Chinese goods if Beijing fails to act. Critics say the yuan is undervalued by up to 40 percent against the dollar.
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    Wen Jiabao had given Washington assurance that China would accomodate the American request to revalue the Yuan upward so they would stop ruining the economies of the western countries. Now China has refused.

    This is economic war, and we need to do something about it. I favor excluding all Chinese products until they learn how to play the game fairly.
     
  3. sparky
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    sparky VIP Member

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    wouldn't a tariff do the same thing? ~S~
     
  4. Neubarth
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    Neubarth At the Ballpark July 30th

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    A tariff is not forceful enough as it is usually applied. We need dramatic action. Just shut down all shipments until China revalues. That is all there is to it. We are in an economic war and they are destroying us. We need to take instant corrective action. If they want to sell us product their currency has to be revalued so that the average chinese worker is not making one fifth of what an average American worker is making.

    The ChiComs have been having their way with us for twenty years, and all the two major American Political parties have to say about that is "Take us, we are yours." after they bend over and drop their skivvies. I do not understand what is pleasurable about that as I have been told that the Chinese do not have much manhood. All I know for certain is that if I were president, there would be an instant blockage of trade from China until they revalued their currency to make this a fair playing field.
     
    Last edited: Mar 14, 2010

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