Miscellaneous International Trade Notices
According to The Wall Street Journal, on July 21, 2005, China took only a small step away from its rigidly fixed currency system when it revalued the yuan to make the Chinese currency effectively 2.1% stronger against the American dollar than it had been for years. Using Singapore as its model, the article states that China aims to allow some market flexibility while maintaining many government controls. (WSJ, dated 07/22/05, www.wsj.com )
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1. China's Currency Decision Marks Small Shift Toward Flexibility
2. EC Initiates AD Proceeding against Footwear from China and Vietnam
The Hong Kong Trade Development Council (HKTDC) has issued a press release stating that on July 7, 2005, the European Commission (EC) published a notice of initiation in the Official Journal of an antidumping (AD) proceeding targeting certain footwear with uppers of leather or composition leather originating in the Chinese mainland and Vietnam. (HKTDC Pub, dated 07/07/05, available at http://www.tdctrade.com/alert/eu0514a.htm)
3. Treasury Secretary Testifies on Terrorism Risk Insurance Program
In testimony before Congress on the Treasury Department report on the Terrorism Risk Insurance Act (TRIA), which required Treasury to assess the effectiveness of the Terrorism Risk Insurance Program, Secretary Snow stated that consistent with TRIA's original purpose as a temporary program scheduled to end on December 31, 2005, and the need to encourage further development of the private market, the Administration cannot support a straight extension of TRIA. (JS-2630, dated 07/13/05, available at http://www.treas.gov/press/releases/js2630.htm)
4. Forum on Export Enforcement and Investigations to Be Held October 17-18
The American Conference Institute will hold a National Forum on Export Enforcement and Investigations on October 17-18, 2005 in Washington, DC in order for business, legal, and government officials to provide a review of the complex issues that arise during export control enforcement actions. Further information available at www.americanconference.com