Chinese PM Redirects Blame for Currency Rates to Washington
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Chinese Prime Minister Wen Jiabao has rejected pressure for exchange rate reforms and criticized the United States for not doing its part to keep the dollar from weakening.
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Treasury Secretary Henry Paulson on Friday tried to wave off U.S. lawmakers' bid to tighten the screws on China over its currency policy by warning that it could make it harder to settle turbulent markets.
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Tuesdayâs report said the Chinese had made strides in revaluing their currency, but that the progress was âconsiderably less than is needed.â
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U.S. Federal Reserve Chairman Ben  Bernanke said on Friday that Chinese policy-makers risk losing  control of their economy unless they let their yuan currency  rise in value and strengthen their financial system.
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U.S. Treasury Secretary Henry Paulson  urged China on Thursday to work toward a freely floating  currency, only to be told that America fails to understand how  Beijing is making headway on economic reform.
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The dollar seesawed sharply against the yen on Friday as the market struggled to digest comments by a Chinese official that the time was ripe for China to move gradually toward a more flexible exchange rate regime.
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President George W. Bush and U.S. lawmakers on Thursday pressed China for more action to cut its trade surplus but Vice Premier Wu Yi pushed back, saying the Chinese currency was not the main reason for the gap and that Washington should ease high-tech export curbs.
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Since last year, the Bush administration has been publicly urging the Chinese government to move to a more flexible exchange rate regime.
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China&#39;s policy of fixing the value of its currency to the dollar has made government efforts to slow its economy more difficult, the US Treasury Department said in a semi-annual report
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Beijing is not ready to loosen its currency peg to the US dollar, a People&#39;s Bank of China governor said Saturday at the Group of 20 economic summit in Berlin.
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The Bush administration lobbied Chinese economic officials on Thursday to overhaul a currency regime that American manufacturers contend gives China a huge competitive advantage.
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China's central bank on Sunday poured  cold water on the idea that the country's economy can decouple  from the United States.
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China on Monday emphasized its determination to keep its currency stable despite ongoing pressure from the United States.
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WASHINGTON -- For the sake of the global economy, China needs to accelerate the pace of currency reform and overhaul its economy to be less dependent on exports, Treasury Secretary Henry Paulson said Wednesday.
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WASHINGTON -- Treasury Secretary Henry Paulson urged China to undertake a broad range of economic reforms and said the country's failure to overhaul its currency system could raise the threat of a protectionist backlash.
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DAVOS, Switzerland  - China has lost faith in the stability of the U.S. dollar and its first priority is to broaden the exchange rate for its currency from the dollar to a more flexible basket of currencies, a top Chinese economist said Wednesday at the World Economic Forum.
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Chinese President Hu Jintao says he plans to loosen the yuan&#39;s decade-old peg to the US dollar, but only under the right conditions.