China’s currency manipulation issue tops IPC’s Capitol Hill Day agenda

IPC has announced that the Chinese currency manipulation crisis will be its top priority during Capitol Hill Day, which takes place Wednesday, May 12, 2004, in Washington, D.C.

Under the direction of the IPC Government Relations (GR) Committee, Capitol Hill Day provides IPC members with an opportunity to meet with Congressional representatives and voice their support for legislation that promotes the global competitiveness of the U.S. electronics interconnect industry.

This year, IPC will concentrate its efforts on addressing the trade challenges that face today’s U.S. manufacturers.  IPC’s GR Committee believe many of these challenges stem from China’s lack of implementation and compliance of their WTO obligations and particularly their manipulation of the Yuan against the dollar.  To address this crisis, IPC, as a member of the Fair Currency Alliance, has actively supported the preparation of a Section 301 trade action to be filed with the U.S. Trade Representatives Office that would compel China to comply.

“China’s manipulation of the Yuan has had a devastating affect on U.S. manufacturers.  It has created an unfair advantage for Chinese manufacturers exporting to the U.S.,” said Dan Feinberg, chairman of the IPC Government Relations Steering Committee and president of Fein-Line Associates.

“China’s currency actions are direct violations of their commitments under the World Trade Organization (WTO) and the International Monetary Fund (IMF),” added John Kania, IPC’s director of government relations.  “IPC’s support for the Section 301 trade case is consistent with IPC’s trade policy to advocate strict enforcement of our trading partners’ commitments under the WTO.”