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But China's vice minister of commerce, Chen Deming, said a weakening US dollar was a bigger global economic concern than the value of the yuan.
"(The yuan) is not the key issue. Currently my focus is more on the depreciation of the US dollar and its possible impact and repercussions for the world economy," Chen told reporters on the sidelines of the conference.
Originally posted by marg6043
I have the feeling that China doesn't really want the US to fall economically as I thought before.
Wu also warned that proposed US trade legislation to punish China for alleged unfair trade practices would be a mistake.
"I am particularly concerned about the 50 or so protectionist China-related bills introduced in the US Congress," said Wu, the country's highest-profile trade official.
"I need to be quite candid about this: If these bills are adopted, they will severely undermine US business ties with China."
XIANGHE, China (AFP) — The United States vowed on Thursday to maintain pressure on China over alleged unfair trade practices, as the world powers wrapped up two days of tense economic talks.
“As long as China keeps cheating, both the U.S. trade deficit with that country will keep rising and U.S. manufacturing jobs will keep disappearing, said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
“Both the Democratic leadership in Congress and the Bush Administration’s Treasury Department deserve grades of “F” this year for failing to act to stop the problem,” Tantillo continued.
Americans spend much, much more than they probably should and rely heavily on debt to fund their purchases. A huge amount of this debt is funded by foreign investors who enjoy the relative stability of American markets. As a result, we have an enormous account deficit -- nearly $800 billion per year.
Fed Bypasses Procedures to Gain Auction Authority in Rare Move
The Federal Reserve took advantage of emergency powers to authorize the auctions that officials felt were necessary to ease a credit squeeze, concluding it otherwise lacked legal permission to do so.
The Fed bypassed requirements for prior notice and public comment when writing the regulations to implement today's agreement with the European Central Bank and three other central banks. The Fed's official notice today said any delay caused by following standard procedures would have been "contrary to the public interest."
The Administrative Procedure Act requires federal agencies to give public notice and solicit comments on regulatory changes though with exceptions, Ireland said.
Such notice wasn't needed in this case, the Fed said, because the decision relates to "public loans" and because there's "good cause" to justify no delay.
Originally posted by marg6043
Can this mess be stopped?
Originally posted by Gools
Wow... they didn't just "co-ordinate their efforts" they went into full blown emergency mode:
“What we are witnessing,” says Bill Gross of the bond manager Pimco, “is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.”