The yen soared to a record high against the dollar on Wednesday as concerns escalated over a nuclear crisis in Japan, and investors nervously watched to see if Japanese authorities will step in to stem the currency’s rise. Get the full story »
Inside these posts: Currency manipulation
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Senators threaten currency bill ahead of Hu visit
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 »
Geithner says China needs faster yuan rise
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 »
Evans, other Fed officials react to bonds criticism
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 »
Goldman to China: Allow stronger yuan
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 »
Dollar resumes slide on ‘currency wars’ promise
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.
Oct. 22, 2010 at 10:32 a.m.
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Filed under: China, Economy, International, Policy, Politics, Trade U.S. plan hits G20 headwinds
The United States struggled on Friday to win backing for its proposal of setting numerical targets for external imbalances as a way of pressing surplus countries such as China to let their exchange rates rise.
In a letter to fellow finance ministers of the Group of 20 leading economies, U.S. Treasury Secretary Timothy Geithner said countries should implement policies to reduce their current account imbalances below a specified share of national output. Get the full story »
Oct. 15, 2010 at 11:10 a.m.
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Filed under: China, Economy, International, Policy, Politics, Trade U.S. to judge China yuan policy as election nears
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 »
U.S.: Markets must be allowed to drive currencies
Failure by global institutions to make a coordinated push to persuade countries such as China to let their currencies’ value rise would endanger the global economy, U.S. Treasury Secretary Timothy Geithner said Wednesday. Get the full story »
House set to pass bill aimed at China’s yuan
The House was set to pass legislation Wednesday to put pressure on China to let its currency rise faster, fanning the flames of a long-running dispute over trade and jobs.
The bill, expected to get heavy support from Democrats but a mixed reaction from Republicans, treats China’s exchange rate as a subsidy. That would open the door to extra duties on Chinese goods entering the United States, some of which are already subject to special levies. Get the full story »
