The American Iron and Steel Institute had strong words for a Treasury Department report that said China is not a currency manipulator and, while US construction-in-place values fell for the month, they are still well ahead of 2014’s pace.
[by Jeff Yoders | October 20, 2015 | MetalMiner]
The Obama Administration’s announced yesterday, in a semi-annual Treasury Department report, that it would not label China as a currency manipulator.
The American Iron and Steel Institute issued a statement condemning the relabeling. AISI President and CEO Thomas J. Gibson said, ““China continues to intervene directly in foreign exchange markets to control the value of the yuan versus the US dollar, making its exports more competitive and imposing an additional barrier to imports. Yet, the Treasury Department continues to avoid acknowledgement of this fact. AISI is extremely disappointed that the US Treasury has once again side-stepped its obligation to address China’s currency manipulation. ”
To Gibson’s point, China’s central government most recently purposely devalued its own currency after stock markets hit record lows there earlier this year.