U.S. To Keep Pressing China On Currency

Jan. 13, 2005
By Agence France-Presse The White House pledged Sept. 3 to keep pressure on China to drop its controversial currency peg despite a lack of progress on the matter during high-level talks in Beijing. "We continue to emphasize and believe that the best ...
By Agence France-Presse The White House pledged Sept. 3 to keep pressure on China to drop its controversial currency peg despite a lack of progress on the matter during high-level talks in Beijing. "We continue to emphasize and believe that the best system is one based on free trade, free capital flows and market-determined floating exchange rates," said Scott McClellan, chief spokesman for U.S. President George W. Bush. The Chinese yuan has been pegged to the dollar for nine years and has plummeted in recent months in sync with the U.S. currency, giving Chinese exporters an unfair advantage, according to critics. McClellan's comments came after China refused to budge on the issue, telling visiting U.S. Treasury Chief John Snow in Beijing it was in both countries' interest to keep a stable exchange rate. While Chinese officials told Snow a flexible yuan was the ultimate objective, neither side was ready to talk about when it might happen. "Just in and of itself, that we're bringing this issue up and that we're raising the issue . . . that's progress," said McClellan. "It was a good first step, and we will continue to encourage the Chinese authorities to move toward freer trade and capital flows in a market-determined exchange rate." Copyright Agence France-Presse, 2003

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!