Balancing Act Tried With China |
| Wall Street Journal - Oct 15, 2010 |
The Obama administration, employing a good-cop, bad-cop approach to China, applauded Beijing's recent currency moves but opened a new fight over whether the Chinese improperly subsidize clean-technology manufacturers.
The moves were coordinated at the White House, which is balancing conflicting international and domestic interests. It wants to encourage Beijing to change its policies while convincing voters at home that it isn't soft on Chinese trade practices that voters suspect take U.S. jobs.
On Friday, the U.S. Treasury took a soft line with Beijing—for the moment—by delaying the release of a report on whether China and other nations "manipulate" their currencies. The Treasury said the yuan has climbed more than 1% a month since Sept. 2, a pace that "if sustained...would help correct" what the U.S. considers an undervalued currency. Treasury Secretary Timothy Geithner has talked approvingly of the 20% appreciation of the yuan between 2006-08, and has indicated that branding China a manipulator wouldn't accomplish anything.
Read Full Article from Wall Street Journal
- Posted: 2010-10-15 23:02:36
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