Word: renminbi
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...ensure its access to natural resources. In Afghanistan, China's $3 billion copper-mine investment is the country's largest single investment, but the stability of the war-torn region didn't merit a mention in Hu's 20-minute address. Neither did appreciation of China's currency, the renminbi, which Obama called "an essential contribution to the global rebalancing effort." Hu did, however, say that China and the U.S. "need to oppose and reject protectionism in all its manifestations in an even stronger stand," reinforcing China's view that recent U.S. tariffs pose a greater threat to the global...
...Currency During his confirmation hearings in January, U.S. Treasury Secretary Tim Geithner accused China of manipulating its currency, driving down the value of the renminbi to make Chinese exports cheap. That provoked a furious response from Beijing, and since then Geithner has toned down his message. While he expressed a belief commonly held by economists, an official finding of currency manipulation by the U.S. government would trigger negotiations with China and possibly duties on Chinese imports. In October, the Treasury Department said that the renminbi was undervalued, but that China was not a currency manipulator...
...argue the low value of China's currency helped contribute to the global imbalances that precipitated last year's financial crisis. China has rejected that idea, and instead points the finger at the U.S.'s profligate spending and weak control of financial markets. Obama is expected to raise the renminbi issue during his visit to China, but with China trying to prop up an export sector that has suffered from the downturn, there is little hope that it will allow its currency to appreciate anytime soon...
...dollar face the prospect that their exports would become pricier in world markets, a situation policymakers wish to avoid as their economies are just now crawling out of recession. China, one of the world's largest holders of dollars, doesn't appear likely to allow its currency, the renminbi, to significantly appreciate against the dollar any time soon, despite increasing political pressure from Washington to do so. China's Commerce Minister, Chen Deming, said at the recent Canton Trade Fair, a major showcase for China's manufacturers, that the "basic stability" of the yuan exchange rate needed to be maintained...
...obvious example, which will be front and center when U.S. President Barack Obama makes his first visit to China on Nov. 15, is the exchange rate of Beijing's currency, the renminbi (RMB). After allowing it to rise against the dollar by about 15% earlier this decade, China has since the onset of the crisis kept the RMB's value tightly pegged at about 6.8 to $1. Economists differ on how greatly undervalued the RMB is. The International Monetary Fund and World Bank contend that it's about 15%-25% below where it would be if it were allowed...