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CPA, in its July 15, 2008 Issues Forum, released two new reports on currency misalignment. Collectively, the reports answer these questions:
1. How do you measure currency misalignment?
2. What difference does it make?
The first, Estimation of the Fundamental Misalignment of the Chinese Renminbi by the China Currency Coalition, describes the most reliable way to calculate Asian currency misalignment today. Using the same methods adopted by the International Monetary Fund, the report finds that the Chinese Renminbi is undervalued by 35%.
The second report, authored by Charles Blum and Donna Tung of IAS Group, is entitled "Appreciation of the Renminbi: What's Happened -- And What Hasn't". The document outlines the impact of the undervaluation to answer the "Why does it matter?" question.
"While remnimbi has been allowed to appreciate modestly since 2005, that revaluation has been grossly inadequate," Charles Blum, CPA board member, said. "This undervaluation poses real risks to the world economic system."
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Press Release from U.S. Senator Debbie Stabenow's office dated June 16, 2008:
STABENOW, COLLEAGUES TO ADMINISTRATION: PUSH THE CHINESE GOVERNMENT TO STOP MANIPULATING ITS CURRENCY
On Eve of Latest Strategic Economic Dialogue with China, Bipartisan Group of Senators Urge Administration to Stand Up for American Businesses, Workers
WASHINGTON--U.S. Senators Debbie Stabenow (D-MI), Jim Bunning (R-KY), Evan Bayh (D-IN) and Chuck Schumer (D-NY) along with a bipartisan group of Senators, including Senator Barack Obama, today sent the following letter to Treasury Secretary Henry Paulson urging the administration to push the Chinese government to stop manipulating its currency and to allow greater appreciation of the renminbi (RMB).
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CPA NEWS RELEASE FOR IMMEDIATE RELEASE
New YouTube Video - Sickening Chinese Imports
June 28, 2007
The Coalition for a Prosperous America (CPA) released today a YouTube video, "Sickening Chinese Imports," narrated by longtime investigative reporter Vince Wade. The video describes globalization's impact on food safety, and the need for country of origin labeling. The video also reveals House Agriculture Committee Chairman Collin Peterson's service to food industry lobbyists attempting to prevent consumers from knowing the source of their food.
The web address for "Sickening Chinese Imports" is http://www.youtube.com/watch?v=Rht3Q5pV-rQ .
The Coalition for a Prosperous America is a coalition of farmers, ranchers and manufacturers working for new and positive trade policies that serve the U.S. economy and its citizens.
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