Snowe: End silence on currency manipulation

Posted Oct. 16, 2010, at 2:53 p.m.

PORTLAND, Maine — Maine Sen. Olympia Snowe said it’s time for the U.S. government to end its silence on China’s currency practices.

Snowe was already frustrated before the Obama administration announced Friday it will delay a scheduled report on whether China is manipulating its currency to gain trade advantages.

In Snowe’s mind, there’s no doubt that China is manipulating currency. She says that as the administration remains silent, factories in the U.S. are going silent. Maine’s congressional delegation is concerned about the impact of currency manipulation on Maine’s paper industry.

By manipulating currency, countries can gain an unfair advantage over U.S. manufacturers by effectively lowering the price of their exports and making American goods sold abroad more expensive.