Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Paulson Resists Labeling China a 'Manipulator'

Congress stews as Beijing keeps yuan weak vs. dollar

By Ben Worthen, Newser User

Posted Jun 13, 2007 7:23 AM CDT

(Newser) – Treasury Secretary Henry Paulson has denied congressional requests for a formal accusation of currency manipulation against China, the Wall Street Journal reports. China's tight restrictions have kept the yuan artificially low against the dollar for decades, but recent record highs, combined with signs that Beijing may plan to let up on currency controls, have helped reduce tension.

In a report out today, Paulson is expected to strengthen the demand that China allow the yuan to rise faster against the dollar. Bloomberg reports that bipartisan legislation coming out of the Senate Banking Committee reflects the lawmakers' frustration with Beijing and will simplify the process of ruling against countries that manipulate their currencies to secure trade advantage.

Treasury Secretary Henry Paulson gestures while speaking on "The Long-Term US-China Economic Relationship (Associated Press)

A currency exchange teller counts out Chinese Yuan alongside... (Getty Images (by Event))

A Chinese vendor displays notes during a cash transaction in... (Getty Images)

Treasury Secretary Henry Paulson gestures while speaking on "The Long-Term US-China Economic Relationship (Associated Press)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Japan, China Cut Currency Deal, Shun Dollar

Leaders also discuss North Korea

(NEWSER) - Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually been converted to dollars first. Japan will also hold yuan in its typically dollar-dominated foreign-exchange reserves. More»

Apple Now Takes Chinese Currency for Apps

It welcomes the yuan, and a huge new market

(NEWSER) - iPhone, iPod, and iPad apps can now be paid for with Chinese yuan. Customers of more than 20 Chinese banks are now able to use the yuan to purchase apps for their Apple devices, while previously they were required to use a dual-currency credit card—an obstacle that encouraged many users to hack their phones instead. Apple's welcoming of the Chinese currency signals a wider expansion of the tech company into the enormous growth market of China, reports the Wall Street Journal . More»

Senate Warns China of Sanctions Over Currency

But measure is likely to die on the House

(AP) - The Senate voted today to threaten China with higher tariffs on Chinese products made cheap through an artificially undervalued currency, which lawmakers blame for destroying American jobs. The House of Representatives, though, is unlikely to take up the bill, which some American businesses warn could trigger a trade war. The 63-35 vote showed a broad bipartisan consensus that it is time to end diplomatic niceties with China and confront it over its aggressive trade policies. More»

China Threatens 'Trade War' Over Senate Bill

Bill would place tariff on countries that depress their currencies

(NEWSER) - A senior Chinese official warned today that the US is in for a “trade war” if it enacts a Senate bill that would punish China for artificially keeping its currency low. The bill “in no way represents the reality of the economic and trade relationship between China and the US,” a Chinese foreign minister tells Reuters . “The only result would be a trade war … that would be a lose-lose situation for both sides." More»

China Sets Yuan Rate at New High

Central bank hopes worldwide risk-aversion won't hurt at home: expert

(NEWSER) - China has set the guiding rate for the yuan at its highest yet, despite investors worldwide pushing the currency downward, the Wall Street Journal reports. The move points to China’s central bank’s resolve not to let global economic concerns foil its long upward push for the yuan, a shift which ups consumption, works against inflation, and could help turn the yuan into a more global currency. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Paulson Resists Labeling China a 'Manipulator'

Congress stews as Beijing keeps yuan weak vs. dollar

OTHER STORIES ON OUR RADAR

China • inflation • currency • Henry Paulson • currency exchange • money • yuan • manipulation

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Japan, China Cut Currency Deal, Shun Dollar

Leaders also discuss North Korea

Apple Now Takes Chinese Currency for Apps

It welcomes the yuan, and a huge new market

Senate Warns China of Sanctions Over Currency

But measure is likely to die on the House

China Threatens 'Trade War' Over Senate Bill

Bill would place tariff on countries that depress their currencies

China Sets Yuan Rate at New High

Central bank hopes worldwide risk-aversion won't hurt at home: expert

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Paulson Resists Labeling China a 'Manipulator'

Congress stews as Beijing keeps yuan weak vs. dollar

Bookmark & Share

OTHER STORIES ON OUR RADAR

China • inflation • currency • Henry Paulson • currency exchange • money • yuan • manipulation

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Japan, China Cut Currency Deal, Shun Dollar

Leaders also discuss North Korea

Apple Now Takes Chinese Currency for Apps

It welcomes the yuan, and a huge new market

Senate Warns China of Sanctions Over Currency

But measure is likely to die on the House

China Threatens 'Trade War' Over Senate Bill

Bill would place tariff on countries that depress their currencies

China Sets Yuan Rate at New High

Central bank hopes worldwide risk-aversion won't hurt at home: expert

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?