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Economy US likely to label China 'currency manipulator'

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posted on Mar, 24 2010 @ 02:52 AM
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Economy US likely to label China 'currency manipulator'


www.chinadaily.com.cn

The US Treasury Department is highly likely to label China a currency manipulator in a report due out in mid-April, but the move will be "more symbolic than substantive" to win mid-term Congressional elections in the fall, former US trade representative Susan Schwab told China Daily on Tuesday.


Obama would probably give the nod to the move if only to win over voters," he said.

The US' unemployment rate has been around 10 percent since the onset of the global financial crisis and is expecte
(visit the link for the full news article)


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[edit on 24/3/10 by plumranch]




posted on Mar, 24 2010 @ 02:52 AM
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"Last week, China sent a team led by the vice-minister of commerce to the US, seeking consultations and negotiations on trade-related issues.


But many do not pin much hope on such efforts. "There is little room and time to convince the US that China is not a currency manipulator," said Huo Jianguo, dean of the Trade Research Institute affiliated to the Ministry of Commerce."


As the mid-term election campaign looms, the Obama administration could "easily make China a scapegoat by blaming the country for their own problems," Huo said


Great point!

Obama does not find himself favored by the US public right now with the failure of HC passage to raise his poles. He may find a scapegoat outside of the US like China (or Israel, or Iran) as political cover.

www.chinadaily.com.cn
(visit the link for the full news article)

[edit on 24/3/10 by plumranch]



posted on Mar, 24 2010 @ 03:06 AM
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Meanwhile in the U.S. I heard something about the federal reserve manipulating the value of our money. Not sure if this is true but I am sure someone can prove it on here later.



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