Treasury's Geithner says China needs faster yuan rise

Reuters ^ | 01/12/11

[TigerLikesRooster]

Treasury's Geithner says China needs faster yuan rise

7:01am EST

WASHINGTON | Wed Jan 12, 2011 8:56am EST

WASHINGTON (Reuters) - China's yuan currency remains "substantially undervalued" and it is in Beijing's own interest to let it appreciate more rapidly to ward off inflation risks, U.S. Treasury Secretary Timothy Geithner said on Wednesday.

In a speech ahead of Chinese president Hu Jintao's state visit to Washington next week, Geithner held out the prospect of more cooperation on China's bid for high-tech goods if Beijing was willing to let its currency rise in value more swiftly.

"China still closely manages the level of its exchange rate and restricts the ability of capital to move in and out of the country," Geithner told an audience at Johns Hopkins University. "These policies have the effect of keeping the Chinese currency substantially undervalued."

[TigerLikesRooster]

Earlier, we had the following article:

China Vice Fgn Min: Would Welcome US Comment on Asset Safety

So is Geithner saying that China has to appreciate yuan if they really want U.S. to safeguard their assets in U.S.?

[TigerLikesRooster]

P!

[pnh102]

Yo Timmy... perhaps we should pay down some of our debts to China first, then we might be in a better position to go tell them what to do.

[Hoodat]

America’s last hope may rest on removing Timothy Geithner as Treasury Secretary and instead putting him in charge of Chinese monetary policy.

[dog breath]

“What you do not want done to yourself do not do unto others.”
Confucius

To make up a new Confucian like quote, “ Don’t try keep the lid on boiling water for too long.”

[KarlInOhio]

In a scene reminiscent of Oliver Twist, Little Timmy Geithner comes, empty bowl in hand and demands "Hey, not only do I want some more but I have to say that your gruel is crap. Give me a lobster!"

[The Comedian]

I wonder if little Timmy knows that outside his rarified DC bubble, Americans laugh at him, and Chinese treat him as a reverse barometer.

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[drypowder]

The US and Geithner nor Obozo can control China and how it handles it’s currency and words only serve to piss people off. But they can do what needs to be done to level the treading field. They can institute a tariff on all China goods that come into this country. Not to worry about a US tariff affecting the production job market, most jobs have already gone to China, Mexico or India. A tariff will help to bring them back.

[FromLori]

[the invisib1e hand]

Snot-nosed-little-sh!t alert.

Send this kid home. He's tipping his hand. A master of unsubtlety.

[TheBattman]

Thus from the same idiots that are screwing up US currency/financial policy. China should just tell thus fool to mind his own business.

Seems I once read the Holy Spirit- inspired words paraphrased here: before you try to remove the splinter from your neighbor’s eye, it’s best you remove the log from your own eye...

[DesertRhino]

China has resisted western banking,, can you blame them? They want to do for China what they have done for the rest of the world. Meanwhile, the chinese are moving towards a gold currency.

[preacher]

[M. Espinola]

Little Timmy at it again.

[AndyJackson]

First, you would think Giethner would show some humility and worry about our own failing economy which cannot be repaired without wisdom and temperance thrift and industry (I mean this both as a virtue and as an organized activity), before trying to instruct a very succesful economy on how to go about their affairs.

Second, I would think that little timmy would stay at home and not go appearing before an audience of really smart people (not all of whom drank the liberal Kool Aide) letting them know that our fortunes are in the hands of a blithering idiot.