China Fights Back on US Charges of Currency Manipulation
March 16, 2010 at 13:08 UTC || By Forex Playmaker
The Financial Times is reporting Chinese displeasure with US lawmakers over politicizing currency and trade issues:
China pushed back on Tuesday against mounting US criticism of its currency policy, saying that the country’s trade surplus was not the result of its exchange rate and warning the US not to “politicise” the issue.
“The trade imbalance is not something that the exchange rate can resolve and politicising exchange-rate issues is counterproductive to global efforts in tackling the financial crisis,” said Yao Jian, spokesman for the Chinese commerce ministry at a briefing.
As I previously wrote, the current approach being taken by US lawmakers, while sure to please their constituency, will further serve to anger the Chinese. Still, it’s Mr. Jian’s statement below on free trade that raises eyebrows:
“We hope that in surmounting the crisis and reviving its economy, the United States should be a promoter of free trade, not an obstacle to it.”
I’ve never actually heard a pot speak to a kettle, but I’m sure it would sound something like that.
Full Article: China pushes back at currency criticism
