February 14, 2012 |
America's trade deficit with China hit a record high last year, unleashing a chorus of howls from U.S. labor and other groups ahead of this week's visit by Chinese Vice President Xi Jinping. But it's become increasingly difficult to point the finger at one of Washington's primary targets for that trade imbalance: the Chinese currency. Long deemed a cornerstone of unfair Chinese trade practices, the yuan has gained steadily in value against the dollar in recent years, reducing much of the advantage that a cheaper currency gives Chinese exporters in selling their goods overseas.
October 3, 2011 |
Legislation targeting China that would crackdown on countries found to be manipulating the value of their currency is expected to advance in the Senate on Monday. Democrats have positioned the bill as an effort to preserve jobs in the United States. They estimate that nearly 2 million U.S. manufacturing jobs have been lost during the last decade due to increased import trade from China. But the bill's chances are less certain in the GOP-controlled House, where Majority Leader Eric Cantor of Virginia raised concerns Monday about igniting a trade war that could lead to higher prices for U.S. consumers.
May 11, 2011 |
China reported an unexpectedly large trade surplus in April, highlighting tension with the U.S. over the value of China's currency as the two countries hold high-level talks in Washington this week. China's trade surplus grew to $11.4 billion in April after the country recorded a rare quarterly trade deficit of a little more than $1 billion in the first three months of the year. The pace of imports slowed as policymakers unleashed tightening measures in the banking and real estate sectors.
January 13, 2011 |
With China's president set to arrive in Washington next week, Treasury Secretary Timothy F. Geithner on Wednesday laid out a list of concerns that he says the U.S. has with the rapidly rising Asian nation, including unfair government subsidies, theft of intellectual property and its undervalued currency. In a speech ahead of Hu Jintao's state visit next Wednesday, Geithner said that China presents "enormous opportunities for the United States. " U.S. exports to China, he pointed out, are growing at twice the rate of exports to the rest of the world.
November 19, 2010 |
Federal Reserve Chairman Ben S. Bernanke, in text for a upcoming speech, strongly criticized China and other emerging countries that he said were stunting a balanced global economic recovery by manipulating their currencies. "Some economies have fully recouped their losses while others have lagged behind," Bernanke said in a speech to be delivered Friday in Frankfurt, Germany. "But at a deeper level, the tensions arise from the lack of an agreed-upon framework to ensure that national policies take appropriate account of interdependencies across countries and the interests of the international system as a whole.
September 25, 2010 |
Most Americans have never traveled abroad. U.S. economic policy may guarantee that your dream trip remains deferred. If something's got to be sacrificed to put the domestic economy on the road to a sustainable recovery, the dollar's value against other currencies seems a good candidate. That's what the Federal Reserve signaled this week — and what Congress, in no uncertain terms, is telling the Chinese. A new devaluation of the buck carries risks. Always high on any Wall Street list of potential calamities is the idea of a sudden collapse of the dollar.