Word: floating
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...Senator Charles Schumer visited Beijing last week with two other Washington lawmakers to push China to freely float its currency. He argues that it's undervalued and is driving up the $200 billion U.S. trade deficit with China. Schumer spoke with TIME's Austin Ramzy about why he's behind legislation that would slap a 27.5% tariff on Chinese imports to the U.S., and why he's encouraged by his meetings with mainland policymakers...
...into the concept of free trade, it's got to be free on both sides of the Pacific. And by the way, every economist we've spoken to, both heads of the Federal Reserve, prior and present, and now the Chinese government and the American government, believe they should float their currency...
...Beijing says the problem isn't so much their currency as it is structural problems in the U.S. economy. We have to work on both. There's no question that even if the Chinese allow their currency to float tomorrow we'd still have a balance-of-trade problem...
...method [for currency revaluation]. We just have to feel that they believe this is the right course?this trip has helped convince us of that. And now the next important step, and only other step, would be for them to lay out a plan by which the currency would float after a reasonable period of time ... The jury is still out on that...
...products cheaper in China. Chinese Prime Minister Wen Jiabao, at a press conference last week, suggested the two Washington politicians could save U.S. taxpayers the airfare. There was not going to be any major, one-off revaluation this year. China, said Wen, would allow the yuan to float within a relatively tight band, as it has done since a 2% upward adjustment last year. Too bad, Graham responded before he left Washington. He has, he insisted, a "veto-proof" majority in support of the bill in the Senate...