(Archived Content)
TG-772
WASHINGTON – The U.S. Department of the Treasury today sent to Congress the Semi-Annual Report on International Economic and Exchange Rate Policies, consistent with Sections 3004 and 3005 of the Omnibus Trade and Competitiveness Act of 1988.
The Report concludes that the renminbi remains undervalued. On June 19, 2010, China took the significant step of ending its peg to the dollar and allowing its exchange rate to appreciate in response to market forces.
What matters is how far and how fast the renminbi appreciates, said Secretary Tim Geithner. We will closely and regularly monitor the appreciation of the renminbi and will continue to work towards expanded U.S. export opportunities in China that support employment in the United States, in close consultation with Congress.
The Report provides a broad assessment of recent developments in the global economy and the major trading partners of the United States. It covers the second half of 2009 and also includes information through the second quarter of 2010. It concludes that no major trading partner of the United States met the standards identified in Section 3004 of the Act during the period covered by this Report.
The Report can be found at the link below.
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