Spotlight_Complicates_China_Steps_on_Currency - Spotlight...

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Spotlight Complicates China Steps on Currency By KEITH BRADSHER Published: April 13, 2010 HONG KONG — Even as China’s leaders appear to have reached a consensus that the nation’s currency policy must change, the timing of any shift has been complicated by surging nationalism, a media frenzy in China over the issue and visits by top officials on each side to Beijing and Washington in recent days. China has spent several trillion renminbi over the past 21 months to prevent its currency from rising against the U.S. dollar. American lawmakers have become increasingly critical of the policy, complaining that it keeps Chinese exports artificially cheap. The Chinese news media, which have far more freedom to report on economic issues than political ones, have framed the currency issue mainly in terms of protecting Chinese sovereignty. That has prompted a series of assurances by Chinese officials over the past four days that China will not be pushed by foreign pressure into doing anything against its own interests. President Hu Jintao told President Barack Obama in Washington on Monday that China would set its currency policy according to its own social and economic development needs, according to Xinhua, the official China news agency. Xinhua, the People’s Daily newspaper and Chinese state television all gave prominent coverage to what they described as an assurance by Mr. Obama to Mr. Hu that the United States respected Chinese sovereignty regarding the currency. White House officials confirmed that the two leaders had talked about the currency but provided
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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.

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Spotlight_Complicates_China_Steps_on_Currency - Spotlight...

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