TOPIC:            Update on Currency Issues:  The "Intended
                        Consequences" of Revaluation of the Renminbi
 
SPEAKERS:    Justin Pierce, Kelley Drye & Warren on behalf of the China
                        Currency Coalition
                        Charles Blum, International Advisory Services Group, Ltd.
                        Brad Setser, Council on Foreign Relations (invited)
                        Payson Peabody, Tax Counsel to Sen. Jim Bunning

TIME:              10:30 until 12:00, Tuesday, July 15
 
PLACE:           Offices of Wiley Rein LLP
                        1776 K Street, NW
                        Fourth Floor Conference Room                      
 
COST:             $10 for CPA members
                        $20 for non-members
                        No charge for government employees

DETAILS:       China revalued its currency, the renminbi or yuan, in July 2005 and instituted a limited float against the dollar.  Why do experts disagree on the amount of the appreciation since 2005 in nominal terms?  How much has the currency changed in real terms (correcting for inflation) and in effective terms (on a trade weighted basis)?  How well has the appreciation to date delivered on the expected consequences a a stronger currency?   The answers may surprise even those most conversant with the issue.
 
                        The panel will address these questions and more.  The centerpiece of the discussion will be a new study prepared by Justin Pierce for the China Currency Coalition.  It updates the calculation of the undervaluation of the renminbi using standard economic techniques.  Then Charles Blum will present a paper on the intended consequences of revaluation, examining changes in the official reserves, inflationary pressures, consumption as a portion of GDP, and trade flows.  Brad Setser has been invited to address the connection between currency misalignment and the growth of sovereign wealth funds, among other issues.  Payson Peabody will present a Hill perspective on the currency issue and discuss alternative policy responses.
 
                        Copies of the papers will be distributed to participants, and light refreshments will be available.
 
                        Space is limited.  For reservations, please respond to
                        This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
 
The CPA is a unique grass-roots coalition of agricultural, labor, and manufacturing interests.  The Issues Forum is non-profit, non-partisan, and open to all, members and non-members alike.  The Forum seeks to facilitate informed discussion of a wide range of public policy issues that impact American competitiveness.  For more information on the CPA, visit www.prosperousamerica.org.
 
Please let me know if you have any questions or need more information.
 
Many thanks,
 
Charlie
 
Charles H. Blum
Executive Director
CPA Issues Forum
666 11th Street, NW
Suite 810
Washington, DC 20001
 
Tel. 202-393-8600
 
P.S.  Please save July 30 for an Issues Forum on health care featuring former Senator Tom Daschle.