No, that's not a quote from a U.S. Senator, but from a member of the People's Bank of China's monetary policy committee. Here's more from a Bloomberg article:
China's yuan rose beyond 7.4 to the dollar for the first time since a link to the U.S. currency was scrapped in 2005 before a European delegation arrives in Beijing next week to press for faster appreciation.
The People's Bank of China signaled it wanted the yuan to gain as it set the reference rate for the day's trading at 7.399 from the close of 7.4145 yesterday. Xie Fuzhan, a member of the central bank's monetary policy committee, said yesterday that China's currency is undervalued and increased flexibility is ``essential'' to make economic growth more stable.
UPDATE: The article at the link seems to have been updated or revised by Bloomberg since I first posted. The following link to a different version of the article has the "undervalued" quote: http://www.bloomberg.com/apps/news?pid=20601080&sid=a9rliePJB5dY&refer=asia
China's yuan is undervalued and increased currency flexibility is ``essential'' to make economic growth more stable, said Xie Fuzhan, the statistics bureau head.
Xie, a member of the central bank's monetary policy committee, spoke at a university in Beijing today. He wouldn't specify an appropriate level for the currency.
Just to be clear, though, the word "undervalued" was from the Bloomberg reporters, and I'm not 100 percent sure it was said by Xie Fuzhan.
