The US Treasury is expected to issue its semi-annual report on 15 April. Will it declare China a “currency manipulator”? This would be “for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.” This could lead to the imposition of countervailing duties on Chinese imports. The possibility of [...]
Writing in BusinessWeek on 12 March, Nobel Prize-winning economist Paul Krugman said global economic growth would be about 1.5% higher if China stopped restraining the value of its currency and running trade surpluses. “We should not be afraid of what the Chinese might do if we pressure them to stop this currency manipulation,” Krugman said. [...]
The US Treasury, in its semi-annual report delivered every April and October, can formally label China as a “currency manipulator” on account of the yuan’s substantial undervalue. This would allow the Department of Commerce to impose countervailing duties on a wide range of Chinese products. US Treasury Secretary-designate Timothy Geithner told the Senate Finance Committee [...]
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