Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
US: China not manipulating its currency
+ -
08:21, April 16, 2009

 Related News
 It's the currency, stupid!
 S.Korean official says S.Korean currency overvalued against U.S. dollar
 Comment  Tell A Friend
 Print Format  Save Article
The Obama administration said Wednesday that no major trading partners had been found to be manipulating currencies to gain unfair trade advantage with the United States.

The American government "did not find that any major trading partner had manipulated its exchange rate for the purpose of preventing effective balance of payments adjustment or to gain unfair competitive advantage," Treasury Secretary Timothy Geithner said in a statement upon the release of the department's semi-annual report to Congress on International Economic and Exchange Rate Policies.

The report came after Geithner was reported to have said during his Senate confirmation hearings in January that President Barack Obama believed China was manipulating its currency, the Xinhua news agency said in a report.

On Wednesday, Geithner said that the U.S. government's conclusion that China, which has been highlighted in the report in recent years, does not manipulate its exchange rate is based on the following factors.
First of all, China has taken steps to enhance exchange rate flexibility.

And the Chinese currency appreciated by 16.6 percent in real effective terms between the end of June 2008 and the end of February 2009.

Meanwhile, statistics suggest the pace of China's foreign exchange reserve accumulation slowed in the fourth quarter of last year.

In addition, China has enacted a large fiscal stimulus package, at US$ 586 billion dollars, which should help spur domestic growth and rebalance the Chinese economy.

However, Geithner said that the Treasury Department remains of the view that the renminbi is undervalued.

By People's Daily online/Xinhua



  Your Message:   Most Commented:
Don't hate the rich, be one of them
Dalai Lama, a secessionist in disguise
Can Dalai Lama's lie deceive the world for long?
On Serfs Emancipation Day, celebration, recollection, and wishes from across China
India's drill report 'surprises' Chinese govt

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90857/90859/6638047.pdf