The U.S. metalcasting industry recently criticized the U.S. Treasury Dept.'s annual report on international exchange rate policies in which the Treasury Dept. once again found that no major U.S. trading partner is manipulating its currency to gain an unfair trade advantage. The Treasury Dept. issued a similar finding last year to widespread criticism in Congress from members of both parties and the metalcasting industry. Many have blasted China, which pegs its currency, the yuan, at 8.28 to the U.S. dollar. Critics believe that a fixed rate gives China an unfair trade advantage by keeping its currency undervalued thereby making its exports cheaper and imports more expensive.
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