U.S. in favor of strong dollar: Geithner

10:53, April 27, 2011      

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The United States would never follow a strategy to weaken the dollar, Treasury Secretary Timothy Geithner said Tuesday.

"We will never embrace a strategy to weaken the dollar," Geithner said at conference organized by the Council of Foreign Relations. "Our policy has been and will always be, as long as I will be in office, that a strong dollar is in the interest of the country."

It was the first time this year that Geithner had publicly proclaimed a U.S. strong-dollar policy.

The dollar has been losing value since the burst of the financial crisis in fall 2008. The currency has weakened about 6.5 percent against a basket of major currencies since the beginning of this year.

Many economists have criticized the U.S. government and the Federal Reserve for implementing policies they say have increased inflation globally. A weaker dollar helps U.S. exporters to sell goods and products in the world and at the same time ease the country's fiscal pressure which faces a record deficit.

Source: Xinhua
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