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China Rejects Currency Manipulation Charge

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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 12:03 PM
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China Rejects Currency Manipulation Charge
BEIJING The central bank of China on Saturday rejected an accusation by President Obamas nominee for Treasury secretary that China was manipulating its currency to give it an unfair advantage in exporting goods to the United States and other markets.

The assertion was made by the nominee, Timothy F. Geithner, in written remarks to the Senate Finance Committee as part of his confirmation hearing. The remarks were in documents made public on Thursday.

President Obama backed by the conclusions of a broad range of economists believes that China is manipulating its currency, Mr. Geithner said.

Xinhua, the state news agency, reported Saturday that Su Ning, the deputy governor of the Peoples Bank of China, the countrys central bank, said that Mr. Geithners accusation would sidetrack efforts to determine the real cause of the global financial crisis.

Also, we should avoid any excuse that might lead to the revitalization of trade protectionism, because it will do no good in the fight against the crisis, nor will it help the healthy and stable development of the global economy, Mr. Su said, according to Xinhua

http://www.nytimes.com/2009/01/25/world/asia/25beijing....
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MADem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 12:16 PM
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1. ......the real cause of the global financial crisis
That "real cause" is probably hiding out with that "real killer" of Nicole Brown who can never seem to be found.

It's easy to manipulate "value" of an item when you don't have to factor in LABOR COSTS. Prisoners over there don't get paid.
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