Chinese diplomat rejects U.S. yuan criticism (Khaleej Times)
January 28, 2009 by admin · Leave a Comment
LONDON – The United States has enough evidence to know that China does not manipulate its currency’s exchange rate and it would be unfair for Washington to change its view suddenly and say that it does, a Chinese diplomat said on Wednesday.
U.S. Treasury Secretary Timothy Geithner said last week, before taking office, that President Barack Obama believed China was “manipulating” its yuan currency.
However, the White House has said a formal decision on the issue would probably be made in the spring.
The Chinese diplomat, speaking to reporters on condition of anonymity before Premier Wen Jiabao visits London, said the U.S. Treasury has consistently refrained from saying China manipulates its currency to boost its exports.
“I don’t think it’s fair all of a sudden to change the position of the U.S. government,” he said in response to a question on Geithner’s comment. “They have enough evidence to show that China did not and does not manipulate the renminbi (yuan) exchange rate.”
China’s central bank has called the U.S. accusation of manipulation misleading.
