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Leftist in Mexican presidential campaign falls behind in polls
From Reuters
Wednesday, May 3, 2006
http://news.yahoo.com/s/nm/20060503/bs_nm/economy_manufacturers_dollar
_dc_1
WASHINGTON -- A leading U.S. manufacturers' group said on Wednesday
the dollar is still overvalued by nearly 10 percent and that even a
fall of that magnitude would not be enough to bring global trade back
into balance. ?
"The last time we had a normal value of the dollar was in January of
1997," President John Engler said in a statement.
The industry lobby group said the dollar has dropped 13 percent since
its peak in February 2002.
"A further decline in the dollar is not a negative sign for the U.S.
economy. In fact, with a correctly valued dollar, we should see a
pickup in our exports, resulting in the growth of profits and jobs
for U.S. producers," Engler said.
The group has been pressing for action on the Chinese yuan currency,
which is kept under tight rein by Beijing and which U.S. exporters
say gives Chinese competitors an unfair edge in global trade.
Faced with record trade deficits in the United States that could pose
an economic threat if they correct too fast, finance officials from
the Group of Seven rich countries last month issued an unusually
specific call for China's yuan to rise.
Beijing has shifted from a dollar peg to a managed float with
reference to a basket of currencies but has so far shown little
inclination to hurry toward a market-set yuan.
"Since the dollar has been overvalued for almost a decade, merely
bringing it back to equilibrium level with another 10 percent drop
wouldn't create a sharp enough dent in the trade balance -- so the
dollar would probably have to fall below that level for some period
of time," Engler added.
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