Washington, DC - U.S. Senator Bob Casey (D-PA) released a statement after the International Monetary Fund approved the Chinese renminbi as one of the world's main central bank reserve currencies:
“This decision does nothing but validates China’s history of cheating on its currency. The international community shouldn’t reward China’s currency manipulation with a designation as an IMF reserve currency. China’s history of currency manipulation has had a direct and substantial impact on jobs and wages in Pennsylvania. Instead of rewarding China’s behavior the U.S. and the international community should be taking steps to hold China accountable for its repeated flouting of international currency norms."