Posted on 04/04/2010 5:23:21 AM PDT by TigerLikesRooster
US delaying currencies report amid China dispute
By MARCY GORDON, AP Business Writer Sat Apr 3, 11:04 pm ET
WASHINGTON – The Obama administration is delaying a report to Congress on currency policies amid calls from some lawmakers that it should cite China as a currency manipulator harmful to the U.S. economy.
Treasury Secretary Timothy Geithner said Saturday that he will delay publication of the report, due April 15, because several high-level international meetings in the coming months will be a better way to advance the United States' position.
Still, Geithner said in a statement that China should adopt "a more market-oriented exchange rate" to balance the U.S. trade deficit with China, which totaled $226.8 billion last year — the largest imbalance with any country. U.S. manufacturers say China's yuan is undervalued by as much as 40 percent and is a big reason for the massive trade deficit.
A stronger yuan versus the dollar would make U.S. products less expensive in China, while making Chinese goods more expensive for American consumers.
(Excerpt) Read more at news.yahoo.com ...
P!
The tax cheat Geithner doing his job, covering up the next currency problem.
Obama blinks.
I’ve written before that China could very well call the U.S. a “currency manipulator” with far more justification and evidence. I’ve lost count of how many meetings of FOMC minutes have come right out and talked openly of actively “supporting” the dollar, scheming with other countries, etc.
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