Geithner_to_Meet_With_the_Chinese_Vice_Premier

Geithner_to_Meet_Wit - Geithner to Meet With the Chinese Vice Premier By VIKAS BAJAJ and KEITH BRADSHER MUMBAI In a sign of improving economic

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Geithner to Meet With the Chinese Vice Premier By VIKAS BAJAJ and KEITH BRADSHER MUMBAI — In a sign of improving economic relations between the United States and China, the Treasury secretary, Timothy F. Geithner, will meet with China’s vice premier, Wang Qishan, in Beijing on Thursday on his way back to the United States from India, a Treasury spokesmen said here on Wednesday. Treasury Secretary Timothy F. Geithner during a meeting with Indian entrepreneurs in Mumbai on Wednesday. The unexpected meeting comes amid a flurry of diplomatic activity between Washington and Beijing to avoid a confrontation on China’s policy of keeping its currency, the renminbi, pegged to the U.S. dollar at a nearly fixed exchange rate of about 6.827. Critics in Congress and elsewhere say the policy artificially bolsters Chinese exports at the expense of American jobs by making them cheaper. Economists estimate that the value of the renminbi could be 20 percent to 40 percent higher against the dollar if Beijing allowed the currency to trade freely. On Saturday, the Treasury Department delayed a report on foreign exchange rates to Congress beyond an April 15 deadline. Many lawmakers in Washington had been pushing the Treasury to declare China a currency manipulator in that report, which would have been largely symbolic but could eventually have allowed Washington to retaliate against Chinese policies. China has also made overtures to Washington in recent days. Last week, Beijing said that President Hu Jintao would visit Washington on Monday and Tuesday for a nuclear security meeting, just before the April 15 deadline that Treasury later put off. Earlier this week, a Chinese agency appeared to warn exporters about protecting themselves, presumably from a revaluation
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/07/2011 for the course BUS 1302 taught by Professor Falcon during the Spring '11 term at University of Texas at Dallas, Richardson.

Page1 / 3

Geithner_to_Meet_Wit - Geithner to Meet With the Chinese Vice Premier By VIKAS BAJAJ and KEITH BRADSHER MUMBAI In a sign of improving economic

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online