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Camp Reaction to China Currency Announcement

June 19, 2010
Washington, DC – Today, Ways and Means Ranking Member Dave Camp (R-MI) issued the following statement in reaction to China’s announcement that it would increase the flexibility of its exchange rate.

“China’s recent announcement on its currency is a welcome first step, but China must translate this into action by allowing its currency to appreciate against the dollar to ultimately reflect market conditions.  But unless China also addresses its wide range of disruptive, nationalistic, and protectionist trade policies, we could still see a breakdown in our relationship. China must halt, among other abuses, the theft of our intellectual property, the unlawful subsides provided to Chinese companies through China’s ‘indigenous innovation’ policy, as well as predatory export restraints on raw materials.  It is my hope that the United States will work with our trading partners to engage the Chinese and bring an end to these aggressive practices.”