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A group of U.S. senators, on the eve of Chinese President Hu Jintao’s arrival in the United States, said the time has come for U.S. congressional action on China’s currency policies.
Democratic Senator Charles Schumer said Beijing’s currency practices give Chinese companies an unfair trade advantage and have acted like “a boot on the throat” of U.S. economic recovery. Get the full story »
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. Get the full story »
Federal Reserve officials, taken aback by stinging criticism of their decision to print money and buy $600 billion in Treasury bonds, are counterpunching to defend themselves and, in some cases, to reinforce their commitment to the policy.
Charles Evans, president of the Federal Reserve Bank of Chicago and a strong supporter of the Fed’s easing policy, noted in an interview with The Wall Street Journal that the weak economy and low inflation warrants the Fed’s policy and that more such purchases might be needed in the months ahead if the economic outlook doesn’t turn.
“I would continue to want to apply accommodative monetary policy until I had some confidence that that situation was changing,” Evans said, noting that $600 billion is a “good place to start” the easing program. Get the full story »
China should let the yuan rise further to help its transition toward a consumption-based economy, although there is no clear evidence the currency is undervalued, a senior executive at Goldman Sachs said on Monday.
Higher inflation in China had contributed to rises in the yuan’s real exchange rate, said Jim O’Neill, chairman of Goldman Sachs asset management. Get the full story »
The dollar resumed its months-long slide Monday after weekend talks by finance officials of the Group of 20 nations promised to avoid “currency wars,” but offered few specifics on enforcement.
The Obama administration faces a tough call Friday whether to label China a currency manipulator, a move long demanded by many U.S. lawmakers but also a potentially big wrench in an important relationship. Get the full story »
China needs to take steps on foreign exchange reform and the Obama administration is monitoring Beijing’s progress on this issue, White House spokesman Robert Gibbs said Thursday.
“You have heard the secretary of treasury and the president and others in the administration discuss the need for China to take steps as it relates to its currency,” he told reporters. Get the full story »
