U.S. Warns China on Currency

From the New York Times:

The Bush administration warned China on Tuesday that its currency policies were distorting world trade, and it brandished the threat of retaliation against the country’s exports if Chinese leaders did not change course in the next year.

In language far harsher than it has used before, the Treasury Department declared that China’s fixed exchange rate between its currency, the yuan, and the dollar posed a risk to its economy and the economies of much of the rest of the world.

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