The AsiaBizBlog shows the Renmibi manipulation comment didn't go unnoticed and picks up this article from the Wall Street Journal, published a mere 8 hours later after the news of Thimothy Geitner's written comment (discussed here).
"Sure enough, the Chinese have fired back" and answered the RMB fixing accusation.
"A Chinese ministry Saturday strongly denied Obama administration claims that
China "manipulates" its currency, as the first contact between the new administration and China takes a markedly sour tone. "
China "manipulates" its currency, as the first contact between the new administration and China takes a markedly sour tone. "
The quoted article, published in the Wall Street Journal, says "a top official in China's central bank said the charge that Beijing manipulates its currency was inaccurate and implied there were bigger issues to address in the global financial crisis."
In addition, the comment was not taken lightly, as it was written and not verbal - a clear " a serious view of intent." The journalist adds that while not necessarily surprising, given Obama's stances, "Mr. Geithner's comments marked a significant escalation in U.S. criticism of China's exchange-rate system."
Way to go as the first communication between the new US government and China!
The article then talks about how China has been managing its exchange rate and its interactions with the dollar. If you'd like to read more on that, click here.
The article then talks about how China has been managing its exchange rate and its interactions with the dollar. If you'd like to read more on that, click here.
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