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BUSINESS
June 10, 2010 | By Kevin G. Hall
Democratic and Republican senators alike pilloried Treasury Secretary Timothy Geithner on Thursday for refusing to label China a currency manipulator, and for ignoring a congressional mandate to issue a report on China's exchange-rate practices. Few issues spark bipartisan agreement in Congress like criticism of administrations for refusing to get tough with China over its fixed exchange rate. Critics charge that China sets the yuan at an unfairly low rate against the U.S. dollar, making American products more expensive in China and Chinese products cheaper here, exacerbating the U.S. trade deficit and holding down U.S. export-driven jobs.
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NEWS
October 22, 2012 | By Jim Puzzanghera
President Obama and Mitt Romney both talked tough on trade relations with China during Monday's debate. But they sparred over how best to get China's currency more in line with the U.S. dollar. U.S. officials have complained for years that China was keeping its currency, the renminbi, too low relative to the dollar in order to make Chinese goods less expensive for U.S. consumers. Some in Congress have pushed the Treasury Department to formally declare China a currency manipulator, which would trigger negotiations with Beijing over the issue.
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BUSINESS
May 25, 2012 | By Don Lee
WASHINGTON -- The Obama administration may be getting tougher with China on trade, but its approach in dealing with Beijing on the thorny currency issue remains patient diplomacy. The Treasury Department, in its semiannual report Friday on exchange-rate policies, once again refrained from labeling China a currency manipulator -- an accusation that would embarrass Beijing and trigger negotiations and possibly even lead to U.S. sanctions. The Treasury report made plain that U.S. officials believe that China's currency, the yuan, remains “significantly undervalued.” An artificially cheaper yuan gives Chinese exporters an extra price advantage in selling their goods in the U.S. But Treasury still declined to cite China, saying that the Chinese have made progress in correcting currency and related imbalances and also have assured the U.S. that they would move more quickly to adopt a more flexible, market-based exchange-rate system.
BUSINESS
May 25, 2012 | By Don Lee
WASHINGTON -- The Obama administration may be getting tougher with China on trade, but its approach in dealing with Beijing on the thorny currency issue remains patient diplomacy. The Treasury Department, in its semiannual report Friday on exchange-rate policies, once again refrained from labeling China a currency manipulator -- an accusation that would embarrass Beijing and trigger negotiations and possibly even lead to U.S. sanctions. The Treasury report made plain that U.S. officials believe that China's currency, the yuan, remains “significantly undervalued.” An artificially cheaper yuan gives Chinese exporters an extra price advantage in selling their goods in the U.S. But Treasury still declined to cite China, saying that the Chinese have made progress in correcting currency and related imbalances and also have assured the U.S. that they would move more quickly to adopt a more flexible, market-based exchange-rate system.
BUSINESS
March 12, 1999 | HENRY CHU, TIMES STAFF WRITER
Trying to assuage renewed fears that China plans to devalue its currency, the country's top banking official reiterated Thursday that the yuan will remain stable in 1999. Dai Xianglong, governor of the People's Bank of China, pledged to maintain the yuan's current value and denied rumors that the Communist government has secretly been studying ways to devalue.
BUSINESS
June 14, 2007 | Molly Hennessy-Fiske, Times Staff Writer
Congressional leaders are pushing the Bush administration to sanction China for undervaluing its currency, a move economists and business leaders say risks antagonizing the Chinese. China's currency, the yuan, is undervalued by as much as 40%, according to the China Currency Coalition, an alliance of American industry, labor and agricultural groups. The tactic puts U.S. exporters at a disadvantage by effectively increasing the prices of their products in China, the group says. On Wednesday, Sen.
BUSINESS
December 2, 1992 | JOHN M. BRODER, TIMES STAFF WRITER
The Bush Administration on Tuesday accused China and Taiwan of manipulating their exchange rates to gain unfair advantage in international trade. In a report to Congress, the Treasury Department said Beijing and Taipei artificially depress the value of their currencies, thereby keeping the prices of their products low and inflating their export sales to the United States and other nations. The result is widening U.S. trade deficits and shrinking U.S. exports to the two nations, officials said.
BUSINESS
November 30, 1992 | From Times Staff and Wire Reports
Chinese Currency Devaluation Rumored: China's currency is expected to continue dropping in value against the U.S. dollar, as rumors swirl that Beijing is contemplating making the renminbi ("people's currency") freely convertible. The official exchange rate has slid from 5.54 yuan to the dollar on Nov. 1 to 5.71 now, but the black market rate is said to be 7.7.
BUSINESS
January 14, 1989 | DAVID HOLLEY, Times Staff Writer
China is prepared to accept sharply reduced economic growth and increased unemployment in 1989 in a bid to reduce inflation, which was 26% last year, a government spokesman said Friday. The government is aiming this year for an increase of 7.5% in the gross national product, after a rise of 11.2% last year, State Council spokesman Yuan Mu said at a news conference. (The State Council is China's equivalent of a Cabinet.
NEWS
November 30, 1997
A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.
BUSINESS
February 14, 2012 | By Don Lee and David Pierson, Los Angeles Times
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.
NEWS
October 3, 2011 | By Lisa Mascaro, Washington Bureau
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.
BUSINESS
May 11, 2011 | By David Pierson, Los Angeles Times
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.
BUSINESS
January 13, 2011 | By Don Lee, Los Angeles Times
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.
BUSINESS
November 19, 2010 | By David Pierson, Los Angeles Times
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.
BUSINESS
September 25, 2010 | Tom Petruno, Market Beat
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.
BUSINESS
August 8, 1998 | MARK MAGNIER, TIMES STAFF WRITER
The mother of all currency devaluations--by China--is being treated as increasingly likely across Asia as the Chinese economy deteriorates, Japan withers and speculators ramp up pressure on the Hong Kong dollar. Such a step would probably trigger a string of competitive devaluations across Asia, with devastating consequences for the region and the U.S. and global economies.
BUSINESS
July 29, 1998 | Bloomberg News, Times Staff
China continues to insist it won't devalue its currency, but many foreign investors don't buy it. On Tuesday, Chinese stocks continued to dive on currency worries, with shares available only to foreign investors suffering the brunt of the decline. The sell-off sent the Shanghai B-share index of stocks available to foreign investors down 3.5% to a record low of 32.81. The Shanghai A-share index, which tracks stocks available only to Chinese investors, lost 0.3% to 1,401.85.
BUSINESS
September 17, 2010 | By Jordan Steffen, Los Angeles Times
The Obama administration is considering a tougher stance on the Chinese government's policies concerning currency and trade, Treasury Secretary Timothy F. Geithner told lawmakers Thursday. With economic tensions growing, and midterm elections approaching, members of both parties have expressed support for cracking down on China. Geithner criticized the Chinese government for preventing appreciation of its currency, which has made Chinese exports cheaper abroad and increased prices of goods imported by China.
BUSINESS
June 10, 2010 | By Kevin G. Hall
Democratic and Republican senators alike pilloried Treasury Secretary Timothy Geithner on Thursday for refusing to label China a currency manipulator, and for ignoring a congressional mandate to issue a report on China's exchange-rate practices. Few issues spark bipartisan agreement in Congress like criticism of administrations for refusing to get tough with China over its fixed exchange rate. Critics charge that China sets the yuan at an unfairly low rate against the U.S. dollar, making American products more expensive in China and Chinese products cheaper here, exacerbating the U.S. trade deficit and holding down U.S. export-driven jobs.
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