{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='House Ways and Means committee hearing on Chinese Yuan' data-url='/boclips/videos/5c54c187d8eafeecae152e01' data-video-url='/boclips/videos/5c54c187d8eafeecae152e01' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nHouse Ways and Means committee hearing on Chinese Yuan\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of committee hearing room2. Wide of US Congressmen in hearing3. SOUNDBITE: (English) Niall Ferguson, Professor of Economic History, Harvard University: ++STARTS ON MID SHOT++\"Let me begin with a direct question and direct answer....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of committee hearing room\u003cbr/\u003e2. Wide of US Congressmen in hearing\u003cbr/\u003e3. SOUNDBITE: (English) Niall Ferguson, Professor of Economic History, Harvard University: ++STARTS ON MID SHOT++\u003cbr/\u003e\"Let me begin with a direct question and direct answer. Is China a currency manipulator? Yes. Is its currency fundamentally misaligned? Yes. In the absence of currency intervention by the Chinese monetary authorities, the renminbi-dollar exchange rate would be significantly different, I believe.\" \u003cbr/\u003e4. Congressman asking question\u003cbr/\u003e5. SOUNDBITE: (English) Fred Bergsten, Director, Peterson Institute for International Economics:\u003cbr/\u003e\"The economic situation has changed. The US is still facing high unemployment, but we''re now sufficiently out of the crisis so that an effort with the Chinese, I think, would not be viewed as a wrecker to the world economy, or even to the markets. I think people understand and actually expect the United States to pursue an initiative of this type.\"\u003cbr/\u003e6. Cutaway of committee \u003cbr/\u003e7. SOUNDBITE: (English) Niall Ferguson, Professor of Economic History, Harvard University:\u003cbr/\u003e\"And the reason that they''re not simply doing what we would like them to do is that they have good reason to be cautious about what could go wrong in their economy. And, if something goes wrong in China right now, it''s very bad news not only for the US, but for the whole world because China''s now the engine of growth.\" \u003cbr/\u003e8. Cutaway of committee \u003cbr/\u003e9. SOUNDBITE: (English) Bill Pascrell, Representative of New Jersey:\u003cbr/\u003e\"But this is an even bigger problem in terms of how our goods have become less competitive. And you tell this to the computer industry, the electronic equipment industry in the United States, and parts industries, that they have to continue to wait and be destroyed as the textile industry was destroyed in this country. And we think we''re going to solve all these problems diplomatically? I don''t think that works.\"\u003cbr/\u003e10. SOUNDBITE: (English) Niall Ferguson, Professor of Economic History, Harvard University:\u003cbr/\u003e\"I think an important issue that''s been raised in our discussion this morning is what''s the best channel to go through might be, and we''ve expressed scepticism about legislative action, retaliatory tariffs for good reason. You may dismiss the parallel with the 1930s as somehow irrelevant, but I can assure you any further blows to global demand dealt by errors of US fiscal, monetary or trade policy, would harm your constituents even more severely than they''ve so far been harmed.\"\u003cbr/\u003e11. Cutaway of committee \u003cbr/\u003e12. SOUNDBITE: (English) Niall Ferguson, Professor of Economic History, Harvard University:\u003cbr/\u003e\"The main beneficiaries of ending the renminbi-dollar peg would not, in fact, be the United States, but would be China''s trade competitors in emerging markets who are the real losers. They''re the ones who have been losing market share when you look at the structure of US imports.\"\u003cbr/\u003e13. Wide of end of hearing\u003cbr/\u003eA panel of economic experts told a US Congressional hearing on Wednesday that China''s undervaluation of its currency is distorting world markets and gives Beijing an unfair competitive advantage over trading partners.\u003cbr/\u003eMembers of the House Ways and Means Committee heard testimony from economists and an economic historian about the potential benefits and pitfalls of attempts to revalue the Chinese renminbi against the United States dollar.\u003cbr/\u003eThere was general agreement that Beijing is manipulating the value of the renminbi, or yuan as it is also known, against other currencies.\u003cbr/\u003eProfessor Niall Ferguson, an economic historian at Harvard University, said China''s currency was \"fundamentally misaligned\" with the US dollar. \u003cbr/\u003eChina has come in for increasing criticism over its exchange rate policy, which keeps the renminbi pegged to the US dollar.\u003cbr/\u003eBeijing faces rising pressure to ease the controls, which Washington and other trading partners say keep its currency undervalued, swelling its trade surplus and boosting exports. \u003cbr/\u003eFred Bergsten, Director of the Peterson Institute for International Economics, told the committee that Washington should \"pursue an initiative\" to deal with the problem.\u003cbr/\u003eHe said the worst of the global financial crisis was now over and an \"effort with the Chinese, I think, would not be viewed as a wrecker to the world economy, or even to the markets.\" \u003cbr/\u003eBut Ferguson warned that China had \"good reason to be cautious about what could go wrong in their economy\" if the renminbi was revalued, and said it would be \"bad news\" for the whole world if China''s economy suffered. \u003cbr/\u003eHe said there was \"good reason\" to be sceptical about taking legislative action or imposing \"retaliatory tariffs\" on Chinese exports to the US. \u003cbr/\u003e\"I can assure you any further blows to global demand dealt by errors of US fiscal, monetary or trade policy, would harm your constituents even more severely than they''ve so far been harmed,\" he said. \u003cbr/\u003eUS President Barack Obama has said he will press for an end to currency systems that he says depress export prices and hurt American companies.\u003cbr/\u003eThe four members of the expert panel said the US Congress should not attempt to legislate actions that might complicate the Obama administration''s efforts to reach a currency parity agreement.\u003cbr/\u003eOne economist suggested that the undervalued renminbi was one reason companies were choosing to locate new investments in China.\u003cbr/\u003eThe committee was told that a revaluation of even as much as five percent might be presented as flexibility on the part of China, but that this would have no real significance in terms of the distortion of the markets.\u003cbr/\u003eSeveral members of the panel pointed to estimates of increased unemployment in the United States as evidence of China''s distortion of the market.\u003cbr/\u003eChina''s central bank governor acknowledged earlier this month that Beijing was using its exchange-rate controls to cope with the global financial crisis and said it would be cautious about retreating from the policy.\u003cbr/\u003eChina has held the yuan steady against the US dollar since late 2008 in an apparent effort to help China''s exporters compete abroad, though authorities have never openly confirmed that.\u003cbr/\u003eSome American companies are pressing the US Congress to enact punitive tariffs on Chinese goods if Beijing fails to act. \u003cbr/\u003eCritics say the yuan is undervalued by up to 40 percent.\u003cbr/\u003eThe yuan''s value was tied to the dollar for decades, but Beijing broke that link in 2005 and allowed the currency to rise by about 20 percent through late 2008. \u003cbr/\u003eThat rise was halted after the global crisis hit.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv 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