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FOR IMMEDIATE RELEASE

PLASTICS INDUSTRY CALLS FOR TOUGHER STANCE ON CHINA'S CURRENCY POLICY

WASHINGTON (November 29, 2005) - The Society of the Plastics Industry, Inc. (SPI) today expressed disappointment with the Department of Treasury for failing to cite China for currency manipulation in its latest congressional report on international economic and exchange rate policies.

"We are very disappointed that Treasury has reneged on signals it sent this past summer that the citation was forthcoming if China did not make a significant move by the release of this report," said SPI President Bill Carteaux. "The Chinese yuan has appreciated only by 0.3 percent, clearly not a significant move by any measure. Treasury's omission means that China will to continue to enjoy an unfair competitive edge driven by the distorted yuan-dollar relationship."

"U.S. plastics companies are already reeling from soaring natural gas prices. Many cannot pass on these higher costs because a large influx of Chinese plastics imports are priced at levels commensurate with the undervalued yuan. The industry is facing a tenuous cost-price squeeze, and thousands of U.S. jobs are at stake."

"Recently, President Bush urged China to implement more meaningful reforms. While we welcome the Administration's engagement, we still do not see the sense of urgency needed to remedy this problem." Carteaux said. "Our policy-makers must make it clear that China's policy is unacceptable and will no longer be tolerated. U.S. manufacturers need to see this leadership."

Founded in 1937, The Society of the Plastics Industry, Inc., is the trade association representing one of the largest manufacturing industries in the United States. SPI's members represent the entire plastics industry supply chain, including processors, machinery and equipment manufacturers and raw materials suppliers. The U.S. plastics industry employs 1.3 million workers and provides nearly $345 billion in annual shipments. For more information, visit SPI on the Web at www.plasticsindustry.org.

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