The U.S. trade deficit unexpectedly jumped to $46.3 billion in August, as the nation’s deficit with China surged to a record $28 billion. Oil prices were the other key culprit as the petroleum deficit surged 5.7%.
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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.
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