Panel urges Congressional action on China currency manipulation.

In November, the bipartisan U.S.-China Economic and Security Review Commission provided evidence that China has been seriously inconsistent in meeting its obligations as a member of the World Trade Organization (WTO). The commission made 44 recommendations in its annual report to Congress, several of which are related to manufactured products. In connection with international trade issues, the commission pressed particularly hard for action on China's currency manipulation.

Specifically, the panel urged the administration to make complaints against China to the WTO and International Monetary Fund for artificially manipulating the value of its currency.

It also recommended that Congress pass legislation to modify requirements for the Treasury Department's biannual report on countries that practice currency manipulation, making it clear that countries that artificially peg their currency in order to gain a trade advantage are violating international trade rules. In addition, the commission urged Congress to pass legislation granting the U.S. Department of Commerce authority to impose countervailing duties against products imported from non-market economies.

The Commission was established by Congress in 2000 to investigate, analyze and provide recommendations on the economic and national security implications of relations between the U.S. and China.

The complete U.S.-China commission 2006 annual report can be accessed at. http.//www, uscc.gov/annual_ report/2006/annual_report full 06.pdf