U.S. Senate Banking Committee Chairman Chris Dodd responds to reporters concerning his expectation of what President elect Obama will do concerning the China Yuan currency manipulation.
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In June of 2007, despite pressure from the US Congress, the Bush administration refused acknowledge and cite China as a country that manipulates its currency to gain unfair trade advantages. Yet that finding was quickly challenged by a group of senators who said they would introduce legislation to make it easier for the United States to pursue economic sanctions against China for allowing its currency to rise in value more quickly against the dollar.
American manufacturers contend that China is undervaluing its currency by as much as 40 percent. Contributing to a recession and an unprecedented jobless rate in America, China yuan currency manipulation has produced a massive US-China trade gap exceeding an all-time high of $232.6 billion, one-third of America’s record deficit of $758.5 billion last year.
Expect a majority Democratic Congress and President elect Obama to take aggressive action against China for manipulating their currency and artificially keeping the yuan and RMB rate. The time for change has come and it will begin in the global economy as President Obama applies pressure with his economic team on countries like China who have manipulated their currency, held the yuan down, to profit handsomely at the expense of the U.S. economy.
The Obama administration will not mirror the passivity an complacency of the Bush administration, but rather take aggressive action to remedy the global market injustices and create a level playing field for all in the international markets. That being said, when the strategic economic dialogue is unveiled, as President Obama takes office on January 20. 2009, expect immediate pressure on China and Japan to stop the manipulation of their currencies.
China’s currency hit a new high against the American dollar on in June of 2007 when the United States’ congress began to increasingly demand China increase the value of the yuan more quickly. Once the People’s Bank of China complied and set the midpoint at 7.6282, the minute trading started the 7.63 barrier was instantly broken for the first time since China ended the peg to the US dollar in July 2005.
Although the China yuan is currently allowed to move 0.5 percent up or down the midpoint in a day, expect more pressure to be applied from the Obama administration and Washington upon China in the coming months. This will translate into record highs for those investing in China yuan, as its artificially low valuations break free and begin to rise to all-time highs.
Expect U.S. lawmakers, Chris Dodd, and the Obama administration to put unprecedented pressure on China to stop manipulating their currency and let the yuan rise to all-time highs. Once the controls on the yuan are lifted, the yuan a.k.a. RMB will hit record highs.
That being said, a very safe and wise long-term investment is the China yuan given the fact China holds over $1 trillion of U.S. debt and manufactures countless goods and products bought throughout America by salivating consumers lusting for Chinese items.
For more than half a century, US labor-intensive industry has mostly shifted overseas. Take the shoe industry for example. In 1976, in the US market 53 pairs of shoes per 100 pairs were domestically made. That figure dropped to 22 pairs in 1986; 11 pairs in 1996; and only only one and half pairs per 100 were domestically made in 2006.
Now, 98.5 percent of the shoes worn by Americans are imported. In 2005, the US imported 1.8 billion pairs of various kinds of shoes from China. The average American wore six pairs of shoes made in China.
American lawmakers are adamantly calling for punitive action against China if it fails to take faster action to let the yuan rise. Once President elect Obama enters the White House, expect immediate action against China to ensure compliance and a release of the yuan from captivity and Chinese governmental intervention.
http://ads.easy-forex.com/Gateway.aspx?gid=104994 – Buy China yuan while the American dollar is strong and wait for U.S. pressure legislatively to be applied during the Obama administration. Huge potential profits as the yuan gets released from captivity to rise to all-time highs.
Learn currency trading & exchange secrets to make millions during the devaluation en route to economic globalization. https://paydotcom.com/r/73417/paulfdavis/20767083/
For those without much intestinal fortitude to ride the waves of change during this unprecedented global financial crisis, park your life savings in gold and watch the currencies of the world unravel after which you can reposition and relocate your fortunes in the appropriate currency of choice once stability returns to global financial markets. Gold has been a timeless and solid bet for savvy investors unwilling to risk their hard earned money. http://www.bullionvault.com/#paulfdavis
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Paul F. Davis is a world-changer who has touched over 50 countries, more than 50 islands, and 6 continents empowering people throughout the earth to live their dreams!
Paul is the author of 14 books and premier life coach building dreams, breaking limitations, and transforming individuals and organizations. Paul is a change master that knows how to play with pain, while elegantly and humorously navigating through transition to ride the waves of change.
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