{"id":512858,"date":"2010-04-04T10:43:39","date_gmt":"2010-04-04T14:43:39","guid":{"rendered":"http:\/\/firedoglake.com\/?p=76691"},"modified":"2010-04-04T10:43:39","modified_gmt":"2010-04-04T14:43:39","slug":"treasury-delays-report-on-chinese-currency-manipulation","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/512858","title":{"rendered":"Treasury Delays Report On Chinese Currency Manipulation"},"content":{"rendered":"
\"\"<\/p>\n

photo: KrisNFred via Flickr<\/p>\n<\/div>\n

As predicted by China’s warming to American foreign policy initiatives<\/a>, the Treasury Department delayed an April 15 report<\/a> that could have labeled China a currency manipulator. Timothy Geithner, who made the announcement on Saturday, tried to straddle the fence by vowing to press further for China to allow the renminbi to appreciate.<\/p>\n

\n
\n

However, Geithner also tried to soothe angry U.S. lawmakers by saying he will use upcoming meetings of the Group of 20 and a U.S.-China economic summit in Beijing in May to try to get China to move.<\/p>\n

“I believe these meetings are the best avenue for advancing U.S. interests at this time,” Geithner said in a statement issued at midday on the Easter holiday weekend.<\/p>\n

Treasury gave no indication when it will actually release the report.<\/p>\n<\/div>\n<\/blockquote>\n

Nice dry wit from CNBC there. “Midday on the Easter holiday weekend” indeed.<\/p>\n

Manufacturing interests and labor unions will be disappointed with the move. They blame China’s currency manipulation for the loss of millions of US jobs and an impossibility to compete on a level playing field.<\/p>\n

In his statement, Geithner appeared to agree with this, saying that “China’s inflexible exchange rate has made it difficult for other emerging-market economies to let their currencies appreciate” and “A move by China to a more market-oriented exchange rate will make an essential contribution to global rebalancing.”<\/p>\n

I wouldn’t expect this to stop lawmakers pushing for China to un-peg their currency from the dollar. Chuck Schumer and Lindsey Graham said they would seek a vote on their legislation offering penalties for China’s “currency misalignment” in the coming months.<\/p>\n

\"Share <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

photo: KrisNFred via Flickr As predicted by China’s warming to American foreign policy initiatives, the Treasury Department delayed an April 15 report that could have labeled China a currency manipulator. Timothy Geithner, who made the announcement on Saturday, tried to straddle the fence by vowing to press further for China to allow the renminbi to […]<\/p>\n","protected":false},"author":4406,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-512858","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/512858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4406"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=512858"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/512858\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=512858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=512858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=512858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}