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Chinese President Hu Jintao has said the international currency system dominated by the US dollar is a "product of the past".
Mr Hu also said China was taking steps to replace it with the yuan, its own currency, but acknowledged that would be a "fairly long process".
The remarks to two US newspapers come ahead of a state visit by the Chinese leader to Washington this week
Originally posted by LDragonFire
I really really want to know how the FED will react to this, it would seem unacceptable to them....
This international financial crisis has reflected the absence of regulation in financial innovation. Its root cause lies in the serious defects of the existing financial system. . . .
Originally posted by randomname
the only reason there is poverty it because of international currency manipulation.
someone picks a banana and gets paid 10/hr but in another country, doing the same task with the same effort, gets paid 3x less. the guy can't feed his family because the international financial community says his country's currency is worth less.
i believe it's all based on racism, since the darker the skin tone of the people, the less their money is valued.
"There's no bigger step we can take to preserve the American dream and promote job creation, particularly in the manufacturing sector ... than to confront China's manipulation of its currency," Democratic Senator Charles Schumer said.
The message to Hu is "we are fed up with your government's intransigence on currency manipulation. If you refuse to play by the same rules, we will force you to do so," Schumer said in a conference call with reporters.
Beijing's currency practices give Chinese companies an unfair price advantage in trade and have acted like "a boot on the throat" of U.S. economic recovery, Schumer said.