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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (30915)	5/27/2005 8:12:10 PM
From: Crimson Ghost	Read Replies (2) \| Respond to of 116555

So things have gone so far that even Greenie and his Fed bubble blowers are worried. So why did they allow this latest drop in TNX to near 4%? I suspect they could have stopped it if they really wanted to.

To: CalculatedRisk who wrote (30915)	5/27/2005 8:21:08 PM
From: mishedlo	Respond to of 116555

White House rejects investigation into China currency Friday, May 27, 2005 10:07:36 PM afxpress.com WASHINGTON (AFX) - The Bush administration rejected a request by 35 members of Congress to investigate China for alleged unfair trade practices in undervaluing its currency For the third time, the Bush administration has rejected a so-called Section 301 petition on China's currency, the U.S. Trade Representative's Office said Friday. Section 301 of the trade act gives the USTR authority to investigate unfair trade practices and to impose sanctions on violators The petition was filed on April 20 by the Congressional China Currency Action Coalition and signed by 35 members of Congress. Two other petitions were filed in September 2004 and quickly rejected The April 20 petition was signed by House Minority Leader Nancy Pelosi, D-Calif., Rep. Charles Rangel, D-N.Y., Sen. Charles Schumer, D-N.Y., Sen. Lindsey Graham, R-S.C., and 31 others, all Democrats The administration "shares the goal of many of the proponents of the April 20 Section 301 petition: a flexible, market-based exchange rate system in China," the USTR said in a statement. "However, we do not believe that a Section 301 action is an appropriate or a productive way to achieve that goal." USTR said Treasury Secretary John Snow's diplomacy is the proper venue for pressuring China to revalue. Snow has said repeatedly that China is now ready to move to a more flexible exchange rate and must do so without delay On Thursday, senators on the Senate Banking Committee criticized Snow for being too soft on China, saying he should have branded Beijing as a currency manipulator in the Treasury's semiannual report. Snow has made it clear that China will be branded as a manipulator if it does not act in the next six months U.S. labor and manufacturing interests say China is keeping the renminbi undervalued to encourage its own exports at the expense of American-made goods, costing hundreds of thousands of jobs