The U.S. will not weaken the dollar in order to boost its exports, Treasury Secretary Timothy Geithner promised. “It is not going to happen in this country,” Geithner told Silicon Valley business leaders of devaluing the dollar…
Treasury Secretary Timothy Geithner said the U.S. favors a “gradual, but still significant” appreciation of the yuan.
Geithner said the U.S. would prefer China let market forces drive up the value of the currency, The Wall Street Journal said. Geithner noted that the yuan had strengthened by about 2.5% in six weeks.
“What we want to do is to maximize the incentives they have to let…
Continue reading Geithner Says U.S. Favors Significant Yuan Appreciation
Geithner Says U.S. Favors Significant Yuan Appreciation originally appeared on DailyFinance on Wed, 13 Oct 2010 09:03:00.
After countless angry political speeches and the threat of economic collapse, the government’s $700 billion bailout of banks, insurance companies and auto companies draws to a close Sunday – and it will likely cost only a fraction of what was expected….
A bill, passed by the U.S. House of Representatives Wednesday, would let U.S. companies petition for duties on Chinese imports — a move that would hurt the global economy if it became law, the Chinese government said.
…
The Chinese yuan hit a post-revaluation high against the dollar Monday after the People’s Bank of China set the yuan’s reference rate for trading at its highest level since the central bank began publishing the daily fix in 199…