Schwarzenegger Tours Steel Plant on China Trade Mission

I guess it’s been pretty quiet in the stamping news department if I’m covering this as a stamping news story.
Fox News
SHANGHAI, China: Gov. Arnold Schwarzenegger toured China’s largest steel plant Thursday morning, praising its use of California technologies to reduce wastewater pollution.
He also spoke extensively to reporters for the first time during his three-city China trade mission, on topics ranging from China’s human rights record to the country’s struggle to contain the avian flu.
Shanghai is the second city on Schwarzenegger’s six-day trade mission promoting California products and business opportunities. He travels to Hong Kong later in the week.

There was some other stuff he said … human rights and openness will take a while … the Chinese are taking their time … they learned from Russia that you can’t change everything in a second.

It seems everyone’s doing it. Bush is going to China next.

I hope someone’s going to talk to the Chinese about currency manipulation. … This was published back in October 2003!

China’s currency manipulation and U.S. trade

Both inward investment and export growth create strong demand for China’s currency, the yuan. All things being equal, such demand pressures should cause the yuan to appreciate relative to the U.S. dollar and cause China’s external position to return to balance.

But all things are not equal: China pegs the yuan to the dollar at a fixed rate and strictly regulates imports and the allocation of foreign exchange.

and furthur down it says

When a finding of currency manipulation is made, U.S. law requires the Treasury Secretary to undertake negotiations to end such manipulation. Current evidence indicates that China is engaged in just such a manipulation of the yuan for competitive gain.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.