IMF Adds Chinese Yuan to Reserve Currencies; Steel Caucus Urges ENFORCE Action

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There was major currency and anti-dumping news this morning.

IMF Adds Chinese Yuan to Reserve Currencies

China notched an economic milestone Monday, as the International Monetary Fund added the  yuan, also known as the renminbi, to its elite basket of reserve currencies, a move designed to spur greater liberalization in the world’s second-largest economy.

The Wall Street Journal reported the decision—effective next October—confers international status on China’s currency as the government starts to ease restrictions on its rigidly controlled exchange-rate and financial system.

Steel Caucus Wants Action on Customs Enforcement

The American Iron and Steel Institute (AISI) applauded the efforts of the Congressional Steel Caucus, led by Chairman Tim Murphy (R-PA) and Vice Chairman Pete Visclosky (D-IN), to emphasize the importance to the steel industry of overdue legislation to address the evasion of trade remedy orders.

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40 Members of the Steel Caucus recently sent a letter to the leaders of the House Ways and Means Committee, which has jurisdiction over trade issues, urging that the committee work with its Senate counterparts and make finalizing the Trade Facilitation and Trade Enforcement Act (H.R.644) a priority as Congress returns from the Thanksgiving holiday break.

The bill, also known as the Customs Reauthorization, should be the vehicle to pass the ENFORCE Act — which would ensure that current trade remedy laws are being fully enforced and that anti-dumping and countervailing duties are being accurately assessed and collected at the border, the Steel Caucus said. The House and Senate each passed different versions of the customs bill this summer; however, a conference to resolve differences in the legislation has been stalled.

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Rep. Murphy said, “We achieved historic success in the House with trade remedy language earlier this year, but we can’t rest on our laurels. The House Steel Caucus is working to ensure strong enforcement standards remain in the final conference report.”

A full copy of the letter to the Ways and Means committee can be found here.

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