Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Haim R. Branisteanu who wrote (72825)	3/14/2010 7:35:19 AM
From: Haim R. Branisteanu	Read Replies (1) of 74559

Wen Rebuffs Yuan Calls, Is ‘Worried’ About Dollar (Update1) By Bloomberg News (is trade war brewing?) March 14 (Bloomberg) -- Chinese Premier Wen Jiabao rebuffed calls for the yuan to appreciate and sought assurances that the U.S. will protect the value of China’s dollar assets. “I don’t think the yuan is undervalued,” Wen said at a press conference in Beijing marking the end of China’s annual parliamentary meetings. Dollar volatility is a “big” concern and “I’m still worried” about China’s U.S. currency holdings, he said. Wen urged America to “take concrete steps to reassure investors” about the safety of dollar assets, repeating concerns that he expressed a year ago, sparked by a growing U.S. fiscal deficit. Treasury Department figures show China’s holdings of Treasury securities dropped for a second month in December to $894.8 billion. Wen’s comments come as lawmakers in the U.S. call for retaliatory trade measures to compel appreciation. On March 11, President Barack Obama urged the nation to move toward a more “market-oriented exchange rate.” Economist Paul Krugman said March 12 that global growth would be about 1.5 percentage points higher if China stopped restraining the value of its currency and running trade surpluses. bloomberg.com

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