Ryan to Congress: Fight for Chinese currency reform

Staff report

WARREN

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U.S. Rep. Tim Ryan (D-17)

U.S. Rep. Tim Ryan, D-17th, called upon Congress to continue fighting for Chinese currency reform at an impromptu meeting with the press here Tuesday.

China’s recent announcement that it will gradually revalue its currency is “too little, too late,” Ryan said. He urged Congress to push for legislation that would force China to comply with existing fair-trade laws and force the yuan to its proper value.

Ryan is a sponsor of the Currency Reform Fair Trade Act, which would allow the U.S. Department of Commerce to penalize countries that deliberately undervalue their currency for trade advantage. U.S. Sen. Charles Schumer, D-N.Y., is sponsoring corresponding legislation in the Senate.