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Paulson Resists Labeling China a 'Manipulator'
Congress stews as Beijing keeps yuan weak vs. dollar
By Ben Worthen
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Posted Jun 13, 07 7:23 AM CDT
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(Newser)
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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.