Posted on 04/07/2010 8:51:28 PM PDT by myknowledge
Treasury Secretary Timothy Geithner will press Vice Premier Wang Qishan on China's exchange-rate policy in Beijing Thursday, the latest signal the U.S. and China are trying to resolve the touchy issue of the Chinese currency's value.
In his visit, announced unexpectedly on Wednesday, Mr. Geithner is expected to outline the U.S. rationale for why China should allow its currency, the yuan, to rise, according to U.S. government officials. The U.S. doesn't expect to come out of Beijing with an explicit agreement on the currency, officials said. But they added there are "encouraging" signs the Chinese are preparing to let the yuan appreciate.
Last month, People's Bank of China Gov. Zhou Xiaochuan indicated that the yuan's de facto peg to the dollar since mid 2008 was a temporary response to the global financial crisis that would be lifted at some point. And while Chinese government officials and commentators have made clear that any change in currency policy must be driven by China's own interests, some have suggested China wants to avoid a showdown with the U.S. on the issue.
(Excerpt) Read more at online.wsj.com ...
Timothy Geithner, U.S. treasury secretary, speaks during a news conference with Montek Singh Ahluwalia, deputy chairman of the Planning Commission of India, in New Delhi, India, on Tuesday, April 6, 2010.
This Bilderberg member, former Federal Reserve board member and Secretary of Treasury is 'negotiating' on bloating America's already-overbloated foreign debt.
Everytime I see a picture of Geithner, I cringe. He reminds me of a high ranking official in the Gestapo that dutifully does what Hitler wants. Actually, that is not too far from the truth....
Maybe he can teach tiny-tim how to use turbotax.
Oh cr@p! Now we are in trouble!
Foreign demand came back for the ten year auction earlier today. I wonder how Tim convinced them to start buying again...
As if we were not already? Strange about nuke deals and little Timmy tax cheat in China.
I hope he gets the Netanyahu treatment there.
Yeah I saw that. “He haz hiss vays....”
I have felt for a while now that we are in bed with the Chinese. We buy their stuff, keeps their billion slaves happy, they use the money to buy our debt, we buy more of their stuff, etc. etc.... It’s in their interest as well as ours to keep the scam going as long as possible.
Timmy: Keep buying our s**t debt and we’ll keep buying your s**t products.
I’m sure that he will put to good use the kneepads he inherited from Hank Paulson.
The Chinese are getting way more out of this then our worthless T-bills. They are getting the technology base that the last 3 generations of Americans built up for pennies on the dollar. Once they have established technological parity, I would expect them to quickly wean themselves off the dollar.
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