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FOR IMMEDIATE RELEASE: December 15, 2005

Schumer Promises to Bring up China Currency Bill if Chinese Don't Revalue the Yuan

Senator Chuck Schumer informed the Administration that he will move forward with a vote on the Schumer-Graham China Currency bill when the Senate reconvenes if the Chinese do not make significant progress in the revaluation of the Yuan. In a phone call to Treasury Secretary Snow yesterday, Schumer was told that the Administration was optimistic the Chinese would move soon.

The following is a statement from Sen. Schumer:

"The Administration has told me that they are hopeful China will revalue its currency soon and that is why I am willing to put off our vote until next year. However, the patience of Americans is wearing thin. If there has not been additional movement by the Chinese before then, I will be forced to push for a vote on the Schumer-Graham bill when the Senate comes back into session next year.

"I am disappointed that China has not revalued its currency in response to President Bush’s visit and other public pressure and hope that a New Year will bring a new and fairer valuation for the Yuan."

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