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Hot Off the Press
China Currency Announcement
a "Small Step," says Service Center President
Wednesday, July 27, 2005
Regarding China’s announcement that it will float its currency within a narrow range as a response to international monetary markets, M. Robert Weidner III, president and CEO of the Metals Service Center Institute, calls it “a first, very small step toward the flexible market-based exchange-rate system that we and many others have advocated. (But it) does not go nearly far enough to respond to our concerns about the impact of Chinese currency manipulation on the North American manufacturing economy.”
In making his argument, Weidner cites studies showing that the Chinese yuan has been undervalued by as much as 40 percent. He criticizes as inadequate the Chinese decision to value the yuan at 8.11 to the U.S. dollar from a previous value of 8.28.
“Furthermore, a 0.3-percent defined-band trading range does not constitute a significant movement toward a flexible foreign-exchange-market valuation,” he says, calling that merely a decision by the People’s Bank of China to offer a China-managed exchange system in an attempt to reduce political pressure on that country.
As a solution, Weidner advocates passage of H.R. 1498, the China Currency Act of 2005, bi-partisan legislation that defines currency manipulation and makes it actionable under U.S. trade law.
High Production Technology Earns ISO Certification
Tuesday, July 26, 2005
High Production Technology (HPT), Napoleon, OH, a manufacturer of destackers and pressroom-automation equipment, has been granted ISO 9001:2000 certification. HPT, a wholly owned subsidiary of Automatic Feed Co., supplies automotive OEMs and Tier One suppliers. Learn more at www.hiprotech.com
American Trim Earns Whirlpool Recognition
Monday, July 25, 2005
Whirlpool managers recently presented the firm’s Innovation Award to American Trim, Lima, OH, for “Consumer Focused Innovation.” American Trim received the honor—its second consecutive year doing so—for eight innovation activities in 2004, one of which will be commercialized in 2005. American Trim manufactures decorative metal components, and operates 10 U.S. facilities and one plant in Monterrey, Mexico.