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Politics : Formerly About Advanced Micro Devices

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To: RetiredNow who wrote (547840)	2/4/2010 8:20:36 AM
From: RetiredNow	Read Replies (1) of 1576862

Finally, we're getting serious about our issues with Chinese currency manipulations. It seems that Obama is taking our most important threats seriously, unlike Bush who had nothing but Al Qaeda on the brain. China Shows Little Patience for U.S. Currency Pressure nytimes.com Mr. Ma was reacting to remarks on trade that Mr. Obama made on Wednesday when he met with Democratic senators in Washington. Mr. Obama stopped short of saying China manipulates its currency, but his words on China’s economic policies were harsh — the United States, he said, has “to make sure our goods are not artificially inflated in price and their goods are not artificially deflated in price; that puts us at a huge competitive disadvantage.” Economists agree with that assessment. They say that the Chinese currency, the renminbi, is undervalued by 25 to 40 percent compared to the dollar and other currencies. The gap is wider than at any time since July 2005, when the Chinese government, under pressure from the Bush administration, decided to the do away with the renminbi’s peg to the dollar and allow the currency to float in a narrow band against the dollar and other currencies. The sharp exchange over China’s currency is only the latest symptom of rising tensions in American relations with China. Internet censorship, hacking attacks directed at American companies, arms sales to Taiwan and the pending visit of the Dalai Lama to Washington have all cropped up in the last month as points of conflict. China is exhibiting a brash sense of confidence as its economy continues to boom while much of the world remains mired in a recession.

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