US TO DECIDE IF CHINA IS CURRENCY MANIPULATOR IN SPRING
AFP, January 27, 2009
WASHINGTON (AFP) — President Barack Obama's new administration said it will determine in the coming months whether China is manipulating its currency, setting the stage for a new burst of trade friction.
White House spokesman Robert Gibbs said the administration had not decided its policy on the perennial controversy of the yuan's value, despite a stir caused by Treasury Secretary Timothy Geithner last week.
According to Gibbs, Geithner "was restating what the president had said during the (election) campaign," when he observed in congressional testimony that Obama believes China is manipulating its currency.
"I think it's safe to say this administration will determine in the spring what that means."
The Treasury Department issues twice-yearly reports on global currency policies. The next one is due in April, and a finding that China is "manipulating" its currency to gain a trade edge could trigger US sanctions.
Under the former administration of George W. Bush, the Treasury stopped short of that designation despite furious complaints in Congress that China does indeed artificially weaken the yuan's value to boost its exports.
(...) [artículo aquí]
AFP, January 27, 2009
WASHINGTON (AFP) — President Barack Obama's new administration said it will determine in the coming months whether China is manipulating its currency, setting the stage for a new burst of trade friction.
White House spokesman Robert Gibbs said the administration had not decided its policy on the perennial controversy of the yuan's value, despite a stir caused by Treasury Secretary Timothy Geithner last week.
According to Gibbs, Geithner "was restating what the president had said during the (election) campaign," when he observed in congressional testimony that Obama believes China is manipulating its currency.
"I think it's safe to say this administration will determine in the spring what that means."
The Treasury Department issues twice-yearly reports on global currency policies. The next one is due in April, and a finding that China is "manipulating" its currency to gain a trade edge could trigger US sanctions.
Under the former administration of George W. Bush, the Treasury stopped short of that designation despite furious complaints in Congress that China does indeed artificially weaken the yuan's value to boost its exports.
(...) [artículo aquí]
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