Steel Group Says China Currency Remains Undervalued

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For Immediate Release
August 11, 2015

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

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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AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. AISI is comprised of 19 member companies, including integrated and electric furnace steelmakers, and approximately 125 associate members who are suppliers to or customers of the steel industry. For more news about steel and its applications, view AISI's website at www.steel.org. Follow AISI on Facebook or Twitter (@AISISteel).