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To encourage the People's Republic of China to establish a market-based valuation of the yuan and to fulfill its commitments under international trade agreements.


IN THE HOUSE OF REPRESENTATIVES OF THE UNITED STATES

Mr. TOYAD of California (for himsef, Mr. Karamazov of New York, Mr. Galt of California, Mr. Lowe of New Yorks, Mr. Laverone of California and Mr. Hahn of North Carolina, and Mr. Cherry of North Carolina) for submit the following bill to be forwarded to the Committee on House Foreign, Internal, Military, and Medical Affairs

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RESOLUTION
To encourage the People's Republic of China to establish a market-based valuation of the yuan and to fulfill its commitments under international trade agreements.

Whereas the currency of the People's Republic of China , the yuan or renminbi, has been tightly pegged to the United States dollar at the same fixed level since 1994;

Whereas the undervaluation of China's currency makes exports from China less expensive for foreigners and makes foreign products more expensive for Chinese consumers, an effective subsidization of China's exports and a virtual tariff on foreign imports;

Whereas the Government of the People's Republic of China has significantly intervened in its foreign exchange markets in order to hold the value of the yuan within its tight and artificial trading band, resulting in enormous growth in China's dollar reserves, estimated to be over $345,000,000,000 as of June 2003;

Whereas the undervaluation of China's currency has had and continues to have a negative impact on the United States manufacturing sector, contributing to significant job losses and business closures;

Whereas the undervaluation of China's currency also has had and continues to have a negative impact on the economies of its neighbor nations, the European Community, Mexico, and Latin America;

Whereas the market-based valuation of currencies is a key component to the health of global trade, and the stability of the world economy; and

Whereas China's central bank governor has stated that the value of the yuan will eventually be determined by market forces rather than pegged firmly to the dollar: Now, therefore, be it


Resolved, That the Senate of the United States--

(1) supports the Secretary of the Treasury's work with regard to the Secretary's discussions with the Government of the People's Republic of China leading to a market-based valuation of the yuan; and

(2) encourages the People's Republic of China to continue to act on its commitments to the trade rules and principles of the international community of which it is now a member.

This post has been edited by hellhathnofury on Dec 14 2004, 06:44 AM

Mr Chair

I rise in objection to this Bill because it rewards Chinas slave trade

I Yield

Mr. Chair,

Whether we like it or not, we are engaged in a global economy with ramifications for all involved. Although I personally have no liking for the Hu Jintao regime, I feel that we at least owe the people of the nations that are affected by the depreciation of the Yuan for their suffering. We need to take the initiative with China, and stop the depreciation of its currency.

I stronly support this bill and urge an "aye" vote on it.

I yield.

This post has been edited by Pro-Union Republican on Dec 14 2004, 10:47 PM

Mr Chair
I object to this Bill because it will cause higher unemployment in America and it also is pro slavery and pro sweatshop. We shouldnt allow this type of class warfare violence to be committed against American workers

I Yield

Mr. Chairman,

This bill does nothing of the sort. It will only try to help China develop a better monetary policy and stop the devaluation of the Yuan. In fact, by stopping the devaluation of the Yuan, we can help Chinese consumers who will demand more foreign goods. Therefore, we can start exporting goods to China instead of solely importing goods there. In addition, stopping the devaluation will also help Latin America and other countries that have been hurt by it.

I motion for UC of this bill.

I yield.

Mr. Chairmen,

I oppose any legisaltion that authorizes trade with China, if anything trade should be used as an incentive to clean up thier atrocious human rights abuses. It is highly hyporcritical for Republican supporters of this bill, the very same neo cosnervatives who approved action agains the regime of Saddam Hussein to support trade with China, a nation so repressive it makes Saddam Husseins Iraq look like a democracy in comparison. More political prisoners have died at the hands of the Chinese government than have Jews died in the holocaust. This must be addressed before any trade takes place. Plus we have already exported thosunads of jobs to CHina this bill will only speed up that process. I denounce this legislation.

I yield.

Mr Chair

Its also hypocritical that republicans persecute Cuba economically which is far less worse then the communist butchers who run China but reward China for their crimes against humanity just because of corporate greed

I Yield

Mr. Chairman,

While American workers have definately been hurt by outsouring manufacturing jobs to China, some 200,000 Americans jobs are dependent upon and intrinsically linked to our current trade with China. If we cut off all trade relations with China, we will lose another 200,000 American jobs.

I yield.