The American Iron and Steel Institute had strong words for a Treasury Department report that said China is not a currency manipulator and, while US construction-in-place values fell for the month, they are still well ahead of 2014’s pace.
AISI Condemns Treasury’s China Currency Policy
The Obama Administration’s announced yesterday, in a semi-annual Treasury Department report, that it would not label China as a currency manipulator.
The American Iron and Steel Institute issued a statement condemning the relabeling. AISI President and CEO Thomas J. Gibson said, ““China continues to intervene directly in foreign exchange markets to control the value of the yuan versus the US dollar, making its exports more competitive and imposing an additional barrier to imports. Yet, the Treasury Department continues to avoid acknowledgement of this fact. AISI is extremely disappointed that the US Treasury has once again side-stepped its obligation to address China’s currency manipulation. ”
To Gibson’s point, China’s central government most recently purposely devalued its own currency after stock markets hit record lows there earlier this year.
Value of New Construction Still Ahead of 2014’s Value
The value of new construction projects fell in September from August’s total but spending for 2015’s first 9 months continues to run ahead of the year-earlier level, Dodge Data and Analytics reported.
The latest data on construction put in place, released on Oct. 19, shows that US industry spending dipped 5% in September, to a seasonally adjusted annual rate of $523.7 billion.