WASHINGTON (Aug. 14, 2015) — Scott Paul, president of the Alliance for American Manufacturing (AAM), and the U.S. Business and Industry Council (UBIC) added their voices to the chorus of legislators, unions and business associations denouncing China's devaluation of its currency.
Expanding on the AAM blog post blasting China for its Aug. 11-13 devaluation of the renminbi, popularly known as the yuan, Mr. Paul said Aug. 13 that China's government had wiped out four years of yuan appreciation in just three days.
“China's latest move is all too predictable and should come as a surprise to no one,” Mr. Paul said. “China once again took matters into its own hands, proving the government and not market forces determine the exchange rate.
“American manufacturers are paying the price for the Obama administration's soft approach to China,” he said.
USBIC President Kevin L. Kearns criticized China's actions along the same lines. Devaluating the yuan, Mr. Kearns said, puts U.S. manufactured products at a competitive disadvantage both in China and internationally.
“China is a rogue economic power,” he said. “When Congress returns from its break, senators and representatives need to find space in a crowded schedule to ask the administration, the Fed, and other financial observers some really tough questions about China, currency manipulation, the alleged ‘write-the-rules' benefits of the Trans-Pacific Partnership and the uneven functioning of the world economy.”
The Dow Jones Industrial Average recovered partially Aug. 13 after news of the Chinese devaluation caused worldwide freefalls on stock market numbers. As of 3:18 p.m. on Aug. 13, the Dow stood at 17.458.40.