April 5, 2006 – Taking part in a hearing organized by the U.S.-China Economic and Security Review Commission to address China’s compliance with its WTO accession agreement, China Currency Coalition counsel David A. Harquist spoke at length about the damage caused by China’s currency manipulation.
Harquist argued China’s undervalued currency constitutes a prohibited export subsidy as determined by the rules of the World Trade Organization. He also talked about the series of developments that should have Americans worried.
“Shutting down companies and letting go of workers in critical industries, selling assets, relocating to China, and investing in China rather than in the United States, while borrowing excessively to consume low-priced, dollar-denominated imports from China are not sustainable or desirable actions,” Harquist stated.
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