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Leave yuan to us, China tells Obama
http://www.reuters.com/article/idUSTRE62B0LX20100312
Langi Chiang and Simon Rabinovitch
BEIJING Fri Mar 12, 2010 3:12am EST
The latest rhetorical salvoes underlined how long-running friction caused by the yuan's de facto dollar peg could come to a head next month when President Barack Obama's administration decides whether to brand China as a "currency manipulator."
People's Bank of China Vice Governor Su Ning said the United States should look to itself to boost exports and not cast blame on other countries, when asked to comment on remarks on Thursday by Obama, who called on China to move to a "more market-oriented exchange rate."
"We always refuse to politicize the yuan exchange rate issue, and we never think that one country should ask another country for help in solving its own problems," he said.
Obama's rare comment about the currency comes as his administration mulls whether to use the "currency manipulator" label in a semi-annual Treasury Department report due on April 15, which could set in train punitive actions against China.
With Obama facing domestic pressure to take a tough line against China and Beijing clinging to its dollar peg, the report could act as a tipping point.
If China flinches, it may soon resume the yuan appreciation halted in mid-2008 to cushion the country from the global credit crunch. Speculation that Beijing could revalue its currency in the coming weeks briefly flattened the curve for offshore yuan forwards on Friday.
But if China keeps the yuan locked in place, then scattered trade spats between the two giants could escalate into a full-fledged dispute, with Washington even considering across-the-board tariffs against Chinese products.
China rejects Barack Obama's call to change yuan policy
http://news.bbc.co.uk/2/hi/business/8563083.stm
Page last updated at 07:59 GMT, Friday, 12 March 2010
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发表于 2010-3-12 23:26
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