The Obama administration on Thursday declined to name China as a country that is manipulating its currency to gain unfair trade advantages.
The Treasury Department did say it has “serious concerns” about a lack of flexibility in the value of China’s currency against other currencies, and the country’s rapid accumulation of foreign exchange reserves including U.S. dollars.
China is calling for a new global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week’s London summit on the financial crisis.
The surprise proposal by Beijing’s central bank governor reflects unease about its vast holdings of U.S. government bonds and adds to Chinese pressure to overhaul a global financial system dominated by the dollar and Western governments. Both the United States and the European Union brushed off the idea.
March 25, 2009
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