Ryan Urges Obama to Hold China Accountable on Currency

YOUNGSTOWN, Ohio – China’s move Tuesday to devalue its currency, sending it to a four-year low on trading today, drew a sharp response from U.S. Rep. Tim Ryan, D-17, a long-time critic of China’s manipulation of its renminbi.

Ryan said he has “actively joined colleagues from both parties in urging the United States to take immediate action against the Chinese currency manipulators. I have led the battle to make the Department of Commerce impose countervailing duties to offset the impact of currency manipulation on U.S. industry. I have proposed that unfair currency manipulation be considered a cause of action in the World Trade Organization.”

China devalued its currency by 2% and said it would let market forces determine if it should be devalued further.

Ryan has spoken out for years about how China’s manipulation amounts to unfair trade practices.

In a prepared statement issued by his office, Ryan said China’s most recent action “makes it even more difficult for American manufacturing and will cost American workers good paying jobs. China has a long history of unfairly undermining American manufacturing, and this action will help them dump their products in the world market.”

The congressman called on President Obama to “hold China accountable. I strongly urge that when he meets next month with Chinese President Xi Jinping that the issue of currency manipulation be at the top of his list of issues for discussion. We must send a strong message to China that they cannot manipulate their currencies at the expense of the American economy.”

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