Steel Group Says China Currency Remains Undervalued

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For Immediate Release
August 11, 2015

Contact: Lisa Harrison
202.452.7115 /

WASHINGTON, D.C. – AISI President and CEO Thomas J. Gibson issued the following comment regarding today’s action by the Chinese government to devalue its currency:

“Today’s action is further illustration of the Chinese government’s active role in manipulating the value of its currency to promote Chinese exports. China has consistently intervened directly in foreign exchange markets to control the value of the yuan versus the U.S. dollar to make their exports more competitive and impose new barriers to imports. Our government must address the massive damage that China’s undervalued currency is causing to our nation’s manufacturing sector, especially the steel industry.”

Gibson noted that U.S. Treasury Department in again, in its April report on exchange rate policies, confirmed that the Chinese currency remains “significantly undervalued” but did not officially declare them a currency manipulator.

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