China Won't Cave to "Pressure"
Posted by jeckert on 09/22/2010
A recent Bloomberg article on China's promise to let the yuan appreciate demonstrates what is missing from the equation: more pressure. Treasury Secretary Tim Geithner and the rest of the Obama Administration have done a poor job urging China to give up its unfair trade practices, and it has been left up to (a rather unhappy) Congress to pass legislation that forcefully encourages China to do so. President Obama spoke out against Chinese currency manipulation before heading to United Nations General Assembly in New York, which commences this afternoon. According to Bloomberg:
The yuan is “valued lower than market conditions say it should be” and that gives China “an advantage in trade,” Obama said ahead of scheduled talks with Premier Wen Jiabao at this week’s United Nations General Assembly in New York. “We are going to continue to insist that on this issue and all trade issues with China, it’s a two-way street.”It is time to hold China accountable and balance U.S. trade with China once and for all.
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