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When U.S. Treasury Secretary Tim Geithner last visited Beijing about a year ago, he elicited guffaws from an audience of college students when he assured them that China's massive investments in U.S. government debt was sound. Today's spur of the moment trip to Beijing, where he met with Wang Qishan, China's point man on international economics, was not a moment for more public appearances, let alone yuks. This was business...
...dream of protectionists in Congress - China is sending signals that it will soon allow its currency, the renminbi, to appreciate. "The Chinese know very well it's in their own interest to allow the RMB to rise a bit," a source close to Treasury in Washington said just before Geithner's surprise Beijing trip. "But they weren't going to be browbeaten into it." (See pictures of the making of modern China...
...both Geithner and Wang Qishan well understand, there are other compelling reasons for the RMB to rise. A revaluation will help China rebalance its economy by increasing the attractiveness of imports from everywhere; both developing nations like Vietnam and Thailand, whose own industrial development has been stunted by an undervalued RMB, to traditional manufacturing powers like Japan and South Korea will all likely benefit. That fact might not win votes in rust belt America - and the U.S. Congress may be only temporarily appeased - but it is a fact: The global economy desperately needs China to pull more weight...
...bank recapitalization have led to a much more sound and secure financial system, Obama has yet to publicize these developments, to his own detriment. Just a year ago, there were talks of a potential second Great Depression, but the aggressive actions taken by the Fed and Treasury Secretary Timothy Geithner have led financial analyst Richard Bove to conclude that “U.S. banks now have more capital as a percentage of assets than in any year since 1935.” Nevertheless, the perception remains that Washington is making all the wrong moves; critics on the left suspect...
...visit to Washington will come just days before an April 15 deadline for U.S. Treasury Secretary Timothy Geithner to issue a semiannual report that could label China a currency manipulator. China's currency, the renminbi, has been pegged to the dollar, and many economists say it is undervalued, giving Chinese exporters an advantage over their competitors in the U.S. and elsewhere. Some U.S. lawmakers have been pushing Geithner to declare China a manipulator, which would force talks between the two sides and the International Monetary Fund and could create momentum for Washington to adopt protectionist measures...