Congressional Hearings on Chinese Currency

This is extremely important information.

As I understand, there will be congressional hearings into the currency policies of China sometime next week. Given that there has been absolutely no movement for the Yuan exchange rate against the US Dollar, I think that the hearings are long overdue. I will be tracking developments closely as I believe this is a major issue confronting the United States and the global economy in general.

When China pegs its currency, it is almost certain to creative significant imbalances that could push back progress many years. I truly believe that for various reasons, the current policy makers in China seek to maintain the exchange rate status quo regardless of the effect on other countries. This is a policy destined to disrupt world trade.

The hearings next week are extremely important to the future of the US and the order of the global economy.