FOCUS OF THE HEARING:
As of today, China has allowed the RMB to appreciate less than one percent since China decided to allow exchange rate flexibility more than a month ago, on June 19. The purpose of this hearing, which will take place almost three months after China announced that decision, is to consider what action Congress and the Administration may need to take to address China’s exchange rate policy and its effect on the U.S. and global economic recoveries and on U.S. job creation. Actions to be discussed include legislation, such as the Currency Reform for Fair Trade Act (H.R. 2378), and the initiation of formal dispute settlement consultations with China within the World Trade Organization.
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