US Textile Organization Appealed To Congress To Pass Currency Bill

Representatives of the US textile industry are stepping up their call for a new monetary bill, which they believe will strike a country that underestimates its currency like China, thereby promoting employment opportunities in the United States.

Their S claims that the office of the US trade representative is in compliance with China's WTO rules.

Johnson Johnson, chairman of the National Textile Organization Committee (NCTO), said: "after ten years of accession to WTO, Chinese subsidies have always been entrenched in their textile and garment industries as a whole." (Cass)

"The Chinese government has subsidized the export of its textile and clothing exporters from 35% to 75%.

"In the past more than 10 years, China's textile and clothing exports to the United States increased by 489%, or close to $32 billion, while exports from other countries and regions in the world decreased by 10% to US exports.

China's market share increased from 10% to 40%.

Earlier this month, the US Senate voted to accept the 2011 Foreign Exchange Surveillance Act, which means

"We urge the house and Senate to accept this legislation quickly so that our country can return to economic prosperity.