6 the us congress and the chinese renminbi新.pdfVIP

6 The US Congress and the Chinese Renminbi GARY CLYDE HUFBAUER and CLAIRE BRUNEL In September 2003 Senators Charles Schumer (D-NY) and Lindsey Graham (R-SC) introduced the first congressional bill (S 1586) targeting the value of the renminbi, then RMB8.28 to the dollar. Schumer and Graham’s blunt remedy would have authorized a 27.5 percent US duty on all merchandise imports from China, if negotiations did not succeed in revaluing the ren- minbi. The 27.5 percent figure represented Sc