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Dole Welcomes Progress on China Currency Policy

Date: July 21, 2005
Location: Washington, DC
Issues: Monetary Policy


DOLE WELCOMES PROGRESS ON CHINA CURRENCY POLICY
Says Beijing's decision to no longer peg the yuan is a "good first step"

July 21st, 2005 - Washington, D.C. - U.S. Senator Elizabeth Dole today welcomed a decision from China that it will no longer peg the value of its currency, the yuan, to the U.S. dollar. The announcement stated that China will now allow a two percent appreciation of its currency, ending a more than 10-year fixed peg to the U.S. dollar.

"I welcome this acknowledgement from the Chinese that they must change their practices or face corrective action," said Dole. "However, it is only a good first step towards our long term goal of allowing the yuan to freely float."

"Fixing this problem is one of my top trade priorities, as manufacturers in North Carolina and across the country have been hurt by China's currency manipulation," said Dole.

http://dole.senate.gov/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=474&Month=7&Year=2005

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