Despite improvement Chinese currency still undervalued: Lew
"I think we made progress. There's been a 15 per cent improvement in the valuation of China's currency.
"It's still undervalued, and more progress needs to be made," Lew said in response to a question from members of the Senate Finance Committee.
Senator Ohio Brown from Ohio in his remarks alleged that the Chinese currency manipulation is costing US jobs.
"There's been some movement in the right direction in the value of the yuan. We know that. But it's been too slow. It's been too little, especially when you consider the
US-China trade deficit.
"When trade deficits generally moved in the right direction, our trade deficit with China didn't go from 295 (billion dollars) to 315 (billion dollars)," he said.
"Do you agree that currency manipulation is in fact an export subsidy?" Senator Brown asked.
The Democratic Senator from Pennsylvania, Robert Casey, agreed with Brown.
"When it comes to just China's currency policies, that has a real impact, a tremendously adverse
Be the first to comment.