US steps back from trade war with China
The United States has retreated from a potentially explosive confrontation and dropped its accusations that China ‘manipulates’ its currency.
The US Treasury secretary, Timothy Geithner, conceded that while the Chinese yuan remains “undervalued”, Beijing has “taken steps to enhance exchange rate flexibility”.
He said there were no grounds to accuse China of illegally manipulating its currency, an accusation that would have prompted the opening of negotiations and a call to the International Monetary Fund for redress.
His comments, in a report on trade by the US Treasury, represent an about-turn from his position at the end of last year and highlight the political and diplomatic constraints that the US faces in dealing with China
Daily Telegraph – 17th April.
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