Administration: China not currency manipulator

Source: Associated Press

updated 5/27/2011 8:08:14 PM ET 2011-05-28T00:08:14

WASHINGTON — The Obama administration on Friday declined to cite China for manipulating its currency to gain trade advantages against the United States but said the pace of the currency's rise against the dollar needs to be accelerated.

The Treasury Department noted that China has been allowing its currency to rise against the dollar since last June, but it said Beijing needs to make more rapid progress. America's trade deficit with China hit a record high last year.

The department's finding came in a report it must submit to Congress every six months determining whether other countries are manipulating their currencies. American manufacturers have been pushing for China to be cited. That could result in penalty tariffs on Chinese imports.

U.S. manufacturers believe China's currency is undervalued against the dollar by as much as 40 percent. This makes Chinese goods cheaper in the U.S. market and American products more expensive in China.

Read more: http://www.msnbc.msn.com/id/43198434/ns/business-eye_on_the_economy/

x

They don't really love the Renmenbi, they just keep it hangin' on...

http://www.youtube.com/watch?v=KKQbcJyVKR0

Denial and appeasement.

It has cost us single payer.
It keeps us at war.
It threatens any economic recovery.

It offends me that the spin mongers expect us to continue to buy this b.s.

Logic is apparently not required in journalism.... resulting in shitty headlines that defy logic.