From AP, via The New York Times:
Federal Reserve Chairman Alan Greenspan told lawmakers Thursday that there’s no credible evidence U.S. manufacturing activity or factory jobs would be helped by China revamping its currency system.
The Bush administration has been pressing Beijing to change its system.
Greenspan, in prepared testimony to the Senate Finance Committee, said some “mistakenly believe” that a marked increase in the value of the Chinese currency, the yuan, relative to the U.S. dollar “would significantly increase manufacturing activity and jobs in the United States.”
“I am aware of no credible evidence that supports such a conclusion,” he said.
Related Testimony is here.