Yuan envy...

House Members Ask President to Take Action on China's Currency Policy. The U.S. House of Representatives is urging President Bush to take action against China, saying that its policy of undervaluing the Yuan allows it to export goods below their fair market values. With the election coming up, Bush may face enough pressure to cave in to their demands. But I think the free-marketer within him will understand that the provision of cheap Chinese labor allowed by this undervaluing is a good thing for our economy.