By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-927359.mp3
Utica, NY – A powerful member of Congress visited Central New York on Friday to discuss what federal lawmakers are doing to level the manufacturing and trade playing field with China. Capital District Bureau Chief Dave Lucas reports.
House Committee on Ways and Means Chairman Sandy Levin was in Utica Friday to discuss the "Currency Reform Fair Trade Act" along with Congressman Micheal Arcuri, one of its strongest supporters.
Arcuri has taken a lead in urging the Obama Administration to be aggressive in response to China's currency manipulation practices, which the Congressman cites as a "major job killer" - China pegs its currency to the US Dollar at a fixed exchange rate - US Ways and Means Committee Chairman Sandy Levin says "if China continues to rig its currency so they have a 15 to 35 or 40 per cent advantage over our manufacturers, our efforts to extend manufacturing in this country and in this area will be very much handicapped."
At an appearance in Iowa last week, President Barack Obama blamed China's undervalued currency for contributing largely to the US trade imbalance with that country. China's central bank said Wednesday it will continue to improve the yuan's exchange-rate mechanism and increase its flexibility, promising to allow market supply and demand to play a more forceful role in exchange rate adjustments.