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Greenspan says China currency revamp not to help US manufacturers

(Xinhua)
Updated: 2005-06-24 00:40

US Federal Reserve (Fed)Chairman Alan Greenspan said on Thursday that there is "no credible evidence" US manufacturing activity or US factory jobs would be helped by China revamping its currency system.

In a prepared testimony to the Finance Committee of the US Senate, Greenspan said some people "mistakenly believe" that a marked increase in the value of the Chinese currency relative to the US dollar "would significantly increase manufacturing activityand jobs in the United States."

"I am aware of no credible evidence that supports such a conclusion," he said.

Greenspan issued a fresh warning to the US Congress not to turn to protectionist measures to deal with global trade tensions and said that the US soaring trade deficits would not be helped bya change in China's currency system.

"US imports of textiles ... assembled computers, toys and similar products would in part shift from China as the final assembler to other emerging-market economies in Asia and perhaps in Latin America, as well," Greenspan said. "Few, if any, Americanjobs would be protected."

Some US congressmen have proposed to impose a hefty 27.5 percent tariffs on Chinese goods flowing into the United States ifChina does not move to a more flexible currency system.

Greenspan said such tariffs, if implemented, would lower imports from China but would also raise imports from other "low-cost" sources of supply in other countries.

The US government, supported by some lawmakers in the US Congress and some people in the manufacturing sector, has been pressing China to raise the exchange rate of its currency and believe the it would reduce the US trade deficit between the two countries and create more jobs in the United States.