Following heated debates about China’s suppressed currency value, the US government seems to have arrived at some sort of truce with the trading partner for now.
Treasury Secretary Geithner recently made an announcement placing China’s currency policy in a favorable light. The announcement comes after President Barack Obama’s meeting with the Chinese President Hu Jintao, leading to the impression that the outcome of the meeting may be positive to some extent. [Read more…]
Timothy Geithner, the US Treasury Secretary, has said that the government cannot force China to change its currency policies. He was responding to the recent criticism that the government was not doing enough to stop China from maintaining its currency at a depressed level. [Read more…]
Leading business news publisher, Forbes reported that Willy Lam, an Adjunct Professor of History at Hong Kong University opined that China is likely to appreciate its currency by 3-5% starting some time July or August, if the global economic situation looks stable. He said that China is likely to continue its policy of keeping the Yuan pegged to the important global currencies and will float Yuan in a narrow band. [Read more…]
China’s currency policy is likely to come under fire if a bill introduced by a bipartisan group of senators in the US is accepted into the legal framework of the country. The legislation is aimed at prompting Obama’s administration to take effective and immediate action against countries like China, which have been suspected, for some years, of purposely pressuring down its currency to gain an edge in the international trade. [Read more…]
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