More Currency Conflict ahead for U.S. and China

December 9, 2008 at 6:43 pm

Maybe Hank Paulson, the Bush Administration’s Old China Hand and friend of Beijing, won’t get such a warm reception on his final trip to China as treasury secretary. Paulson is now on his way to Beijing for two days of meetings grandly called the “Strategic Economic Dialogue.” In a preview, he yesterday gave a speech calling for China to allow its currency, the yuan (also known as the renminbi, or just RMB), to appreciate more against the dollar. “Continued reform of China’s exchange rate policies is an integral part of this broader reform process,” Reuters reported Paulson saying. “China has appreciated the RMB over 20 percent against the dollar since 2005 — this is important and significant, but it is important that the process continue.” B. Einhorn, December 03, 2008, BusinessWeek Asia

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Entry filed under: Asia.

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