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To memorialize the President and Congress of the | 1 |
United States of the effect of Chinese currency | 2 |
manipulation and to urge the President to cite | 3 |
China as a currency manipulator. | 4 |
WHEREAS, The currency of the People's Republic of China has | 5 |
been tightly pegged to the United States dollar; and | 6 |
WHEREAS, The Government of the People's Republic of China has | 7 |
significantly intervened in foreign exchange markets in order to | 8 |
hold the value of their currency within its tight and artificial | 9 |
trading band, resulting in enormous growth in China's dollar | 10 |
reserves, estimated to be over $2,240,000,000,000; and | 11 |
WHEREAS, The People's Republic of China has seen significant | 12 |
increases in production capability, productivity, and foreign | 13 |
direct investment since initially pegging the yuan to the dollar, | 14 |
which would generally lead toward upward pressure on the currency | 15 |
value; and | 16 |
WHEREAS, This peg, in the face of growing pressure, clearly | 17 |
represents a manipulation of China's currency; and | 18 |
WHEREAS, The undervaluation of China's currency distorts the | 19 |
value of exports from China and the price of foreign products for | 20 |
Chinese consumers; and | 21 |
WHEREAS, The value of China's currency has had and continues | 22 |
to have a negative impact on the United States manufacturing | 23 |
sector, contributing to significant job losses and business | 24 |
closures in the state of Ohio; and | 25 |
WHEREAS, The trade deficit with China has eliminated or | 26 |
displaced 2.8 million United States jobs during the last ten | 27 |
years, including 103,500 Ohio jobs; and | 28 |
WHEREAS, The market-based valuation of currencies is a key | 29 |
component to the health of fair trade and stability of our | 30 |
economy; now therefore be it | 31 |
RESOLVED, That we, the members of the House of | 32 |
Representatives of the 129th General Assembly of the State of | 33 |
Ohio, urge the President of the United States and his | 34 |
administration to cite China as a currency manipulator; and be it | 35 |
further | 36 |
RESOLVED, That the Clerk of the House of Representatives | 37 |
transmit duly authenticated copies of this resolution to the | 38 |
President of the United States, the Speaker and Clerk of the | 39 |
United States House of Representatives, the President Pro Tempore | 40 |
and the Secretary of the United States Senate, the members of the | 41 |
Ohio Congressional delegation, the Governor of the State of Ohio, | 42 |
and the news media of Ohio. | 43 |