Currency Events Headline Current Events
According to several news outlets, China may finally be making a change to the way it values its currency, an issue that has been stuck in the metalcasting industry’s craw for sometime now.
Casting industry lobbyists say the Chinese are able to offer cheap castings to U.S. customers because the country pegs the value of its currency to the dollar. And vice versa, that bit of economic tomfoolery makes U.S. goods more expensive in China, escalating the trade imbalance even further.
Recent rumblings out of China indicate the currency manipulation could at the very least be relaxed. But don’t take our word for it, check out these two reports in the popular press about the developments (we’ve provided one “conservative” and one “liberal” source for your reading/judgment-making pleasure):