Baldrige Says Further Dollar Fall not Productive

The U.S. Secretary of Commerce Malcolm Baldrige said a further decline of the dollar would not be productive.

He told reporters here that Treasury Secretary James Baker “feels, and I feel the same way, that a further dollar fall would be counterproductive.”

Baldrige also said governments cannot determine long-term currency exchange rates and that currencies would eventually reflect underlying economic fundamentals.

The U.S. Commerce Secretary is in Hong Kong after stops in Peking and Seoul on an Asian trade tour.