April 16, 2009

GOOLSBEE WINS A ROUND:

US retreats from yuan manipulation claims (Krishna Guha and Alan Beattie, April 16 2009, Financial Times)

The Obama administration on Wednesday rowed back from claims that China is manipulating its currency, declining to cite Beijing in a closely watched report to Congress.

The move avoids a confrontation with Beijing at a moment when world leaders are trying to present a united front against the economic crisis. [...]

Analysts said the decision not to cite China...represented a retreat by President Barack Obama – who suggested China was a currency manipulator on the campaign trail – and by Treasury Secretary Tim Geithner, who reiterated the charge on January 22 during his confirmation process.

Posted by Orrin Judd at April 16, 2009 6:08 AM
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