China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (3084)	4/17/2004 3:27:20 PM
From: RealMuLan	Read Replies (1) of 6370

U.S. finds no currency manipulation by Japan, China Thursday, April 15, 2004 11:01:37 PM afxpress.com WASHINGTON (AFX) - None of the United States' major trading partners have manipulated their currencies in a way that would require retaliation, the Treasury Department concluded Thursday in its semiannual report to Congress. "No major trading partner of the United States met the technical requirements for designation under the Omnibus Trade and Competitiveness Act of 1988 during the second half of 2003," the report said However, the report acknowledges massive intervention by Japan totaling $119 billion in the second half of the year. And the report concludes that China's policy of pegging its currency to the U.S. dollar "is not appropriate for a major economy." However, "a peg or intervention does not in and of itself satisfy the statutory test," the report said Earlier this week, Treasury Secretary John Snow appointed Paul Speltz as his special envoy to Beijing to assist China in floating its currency "China has taken many steps to prepare for a flexible exchange rate regime," the report said fxstreet.com

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