Thursday, March 18, 2010

Obama To China: Change Value Of Your Currency

Align Center

Chinese President Hu Jintao

China has balked at request from U.S. President Barack Obama, to change the value of their currency, due to the financial crisis in America and the worsening national economy.

It was not appropriate that he made such a request. If another nation's government made a similar request to the White House, it would be rebuffed and scoffed at, as it is asking another country to damage their economy, in favor of another one.

What Mr. Obama needs to do is raise his game and not ask others to take a step down. As the site has stated for many months, the U.S. government needs to focus on rebuilding the U.S. economy and return to the days when America was a key exporter in the world.

China digs in heels on yuan as U.S. raises pressure

Tue, Mar 16 2010 - (Reuters) - China said on Wednesday it "could not be any clearer" in its repeated commitment to a stable exchange rate after the U.S. Congress threatened to levy duties on some Chinese exports unless it revalues its currency.

The temperature in the long-running dispute over China's exchange rate regime is rising quickly, with a bipartisan bill introduced on Tuesday in the U.S. Senate that aims to get Beijing to let the yuan rise.

Focusing on the yuan will not help to solve problems in the Sino-U.S. bilateral trade relationship, a Chinese Commerce Ministry official told Reuters.

"We oppose the over-emphasis on the yuan's exchange rate," the official said, when asked about the bill. "The yuan's exchange rate is not a magic potion for solving global economic imbalances." ...