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Lew’s Lunch Tab Highlights China Visit

After a Tuesday meeting with Chinese president Xi Jinping, new U.S. treasury secretary Jacob Lew discussed economic reforms with premier Li Keqiang on Wednesday as he wrapped up a two day visit to China. From Reuters: “It...

CDT Money: Uneasy Status Quo?

In a week dominated by the political drama surrounding the dismissal of embattled Chongqing party secretary Bo Xilai, speculation continued over possible monetary easing despite mixed messages from officials as they seek to...

US Says China Yuan Undervalued, But Not Manipulated

While the U.S. Treasury Department has ruled that the Chinese government is not manipulating its currency, it still maintains that China must allow its currency to appreciate more quickly. From Reuters: Although the Obama...

Obama Says China Must Stop Manipulating Currency

Reuters reports that presidential candidate Barack Obama is saying China’s trillion dollar surplus is “directly related to its manipulation of its currency’s value” in a letter written to the U.S....

Persistence of RMB/Dollar Currency Issue

Both U.S. Presidential candidates have stressed the need for China’s currency revaluation in their recent policy positions, reported earlier on CDT here.  But are their proposals economically sound? Obama writes at AmCham:...

The Political Conflict Behind the Revaluation of Chinese Yuan – The Epoch Times

From The Epoch Times: China and the United States started to conflict over the Chinese yuan revaluation before China’s leader Hu Jintao visited the United States. After Hu’s visit, the Chinese communist regime soon announced that it would be “accelerating the adjustment of the RMB exchange rate and speeding the appreciation of RMB.” It may […]

China ends currency restriction on firms – Rob Delaney and Yanping Li

From Bloomberg News via the International Herald Tribune: In another step toward a more freely traded currency, the government on Thursday said that it would remove restrictions on how much foreign exchange domestic companies can buy to fund overseas acquisitions or expansion. Companies may use their own holdings, buy foreign exchange from regulators or borrow […]

China to promote currency reform – China Daily

From China Daily via China Economic Net (link) China’s central bank has asserted anew its commitment to push for a more flexible yuan as it seeks to remedy shortcomings in its financial markets. In its 2005 report taking stock of the country’s financial reforms, the People’s Bank of China said liberalization of its exchange rate […]

Beware wishes that could come true – Guardian Unlimited

From Guardian Unlimited (link): The world, it seems, wants a dearer yuan. The assumption is that if the yuan strengthens, it would weaken China’s unbeatable export competitiveness, narrow trade deficits, and preserve more jobs at home. Chinese goods would become more expensive, and consumers in Europe, the United States and elsewhere will start buying locally-made […]

Yuan rebounds to 8-plus per USD – Xinhua

From Xinhuanet (link) China’s official exchange rate weakened significantly on Tuesday, the central bank announced, defying a gain the day before that helped break through the psychologically important 8 yuan per U.S. dollar level. The dollar, measured by the central parity rate announced by the People’s Bank of China before the market opens each business […]

China’s renminbi rises past psychological barrier – Richard McGregor

From the Financial Times (link) China’s currency crept past 8.00 to the dollar for the first time on Monday, passing what the market had designated a psychological barrier for the renminbi, but still moving too slowly to arrest a surge in money supply and new loans. The renminbi closed at 7.9984 in the wake of […]

Yuan Rises Past 8; China May Allow Gains After Treasury Report – Bloomberg

From Bloomberg News (link) The yuan strengthened beyond 8 to the dollar for the first time since July’s revaluation as traders bet China’s government will allow faster gains to win U.S. support for its currency policy. The U.S. Treasury Department decided against accusing China of tampering with its exchange rate in a May 10 report […]

U.S. says China moving on forex flexibility but slow – Reuters

From Reuters (link) The U.S. Treasury Department is convinced China is moving toward adopting increased currency flexibility though Treasury would like to see it do so faster, a spokesman said on Monday. “If you look at what China is doing in exercising their commitment on putting in place a foreign exchange regime that has greater […]

Senator wants China revaluation by end-2006 – Reuters

From the Washington Post (link) The co-author of a U.S. Senate bill that would punish China if it doesn’t revalue its currency said on Wednesday that a 7-10 percent rise in the Chinese yuan by year’s end would show Beijing was serious about reform. “My hope is that between now and the end of the […]

Zhou Says China Is Taking Steps to Reduce Surplus – Bloomberg

From Bloomberg News (link) China’s central bank governor said his country is adjusting its currency and taking other steps to reduce its trade surplus, and called on developed nations to do more to remedy lopsided flows of goods and investment. China “is adopting further measures to expand domestic demand, encourage consumption, open its markets, improve […]

Group of 7 Chides China on Currency – Rueters

From the New York Times (link) Finance chiefs from the world’s most powerful nations on Friday singled out China as a country that needs to pursue more exchange rate flexibility to help restore balance in the global economy. In a final communiqu√© and in a separate one-page annex, the finance ministers and central bankers from […]

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