Preamble to a trade battle?
Sept. 16, 2010 – It’s time for China to allow “significant, sustained appreciation” of its yuan, US Treasury Secretary Tim Geithner is expected to say on Capital Hill today. Geithner’s call on China to accelerate the yuan’s appreciation will be the strongest remarks to date in regards to the country’s currency controls.
If China doesn’t relax control on the yuan, the US will seek other remedies. Lawmakers are expected to question Geithner on what new approaches should be taken to get China to allow its currency to strengthen. Some lawmakers are calling for trade tariffs on Chinese imports.
Geithner’s comments come as China’s currency struck a new high against the dollar on Thursday.
For more on the battle over the yuan, read Forex Trading News Today. Located at http://forex.einnews.com, Forex Trading News Today is a forex media monitoring service from EIN News.
