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 布什是哥们，Obama Deems China ‘Manipulating’ Yuan, Geithner Says |
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漫天云
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加入时间: 2006/03/24
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作者：漫天云 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By Rebecca Christie and Mark Drajem
Jan. 22 (Bloomberg) -- Timothy Geithner, President Barack Obama’s nominee for Treasury secretary, said the new U.S. administration believes China is “manipulating” its currency.
Geithner also said, in written responses to questions from Senate Finance Committee members, that there are “no current plans” to request more financial-bailout funds. He played down any need to nationalize U.S. banks, without specifically ruling out the option.
The remarks on China’s exchange rate policy may presage a tougher line with the nation that is the biggest foreign investor in U.S. government debt. Former Treasury Secretary Henry Paulson preferred diplomacy over confrontation with China to resolve disputes and, in semiannual reports, refrained from labeling it an illegal “manipulator” of its currency.
“President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency,” Geithner said in the remarks, which were posted on the Senate Finance Committee Web site today. “The new economic team will forge an integrated strategy on how best to achieve currency realignment in the current economic environment.”
Senate Vote
The finance panel approved Geithner’s nomination today in an 18-5 vote. Democratic Senator Max Baucus, who chairs the committee, said he’d like a full Senate vote today to complete the confirmation, though that may not be possible.
Characterizing China’s policy as manipulation is “a very substantial change” by the Obama administration, said Nicholas Lardy, an economist who specializes in China at the Peterson Institute for International Economics in Washington. “It sounds also like he’s giving himself a little bit of wiggle room, saying we’ll take it up when we think it’ll be most effective.”
Treasuries slid after Geithner’s remarks fueled concern that foreign demand for U.S. debt may ease. Yields on benchmark 10-year notes climbed to 2.61 percent at 11:48 a.m. in New York, from 2.55 percent late yesterday.
Officials at the People’s Bank of China couldn’t be reached for comment.
Using a form of the word “manipulation” has legal implications. The Treasury is required to report to Congress on whether other countries are using their currency to gain an unfair trade advantage. Some lawmakers have sought legislation to expand U.S. sanctions against countries with currencies perceived as undervalued.
Senator’s Reaction
“That is music to my ears,” said Senator Lindsey Graham, who was a co-sponsor of a 2007 measure that would have allowed U.S. companies to ask for steeper tariffs against goods coming in from countries such as China that were found to have misaligned their currency.
The U.S. China Business Council, which represents large exporters such as Caterpillar Inc., Cargill Inc. and Ford Motor Co., has urged the U.S. to refrain from sanctioning China through legislation and instead continue the Bush administration’s effort to engage the U.S.’s second-largest trading partner.
“A single-minded focus on China’s currency is a distraction,” the group said in a report on Jan. 14. “China’s exchange rate is not the significant factor in the bilateral trade balance many make it out to be.”
Obama Bill
In May, Obama signed on as a co-sponsor of legislation aimed at China that would give U.S. companies the ability to petition for import duties to compensate for the effect of a weak currency.
Geithner’s comments may not lead to “the short-term results they are looking for,” said William Reinsch, the president of the National Foreign Trade Council and a member of the U.S.-China Economic and Security Review Commission.
“Labeling doesn’t produce immediate consequences,” Reinsch said. “But always with the Chinese you need a plan. It needs to be a piece of a larger puzzle.”
Geithner said that in the short term, China should pursue “more aggressive” efforts to boost economic growth, in concert with a similar American stimulus package. He also reiterated that the U.S. should use “the full arsenal of tools available to get credit flowing again” to households and businesses.
The Obama administration is continuing to weigh a proposal to spur home buying by driving down mortgage rates, he said.
Mortgage Proposal
“The primary objective of the proposal to provide 4.5 percent mortgages is to assure that affordable mortgages are available to qualified borrowers,” Geithner said. “We share the objective and will continue examining proposals aimed at increasing the flow of credit to qualified borrowers.”
One version of the proposal would use Fannie Mae and Freddie Mac, the federally chartered mortgage finance companies seized by the government in September, to reduce 30-year fixed home-loan rates to around 4.5 percent, from a current average of about 4.96 percent.
Asked whether nationalizing banks is needed to rescue the economy, Geithner responded that “the best outcome for the economy is a financial system that resides in private hands.” He added that “we nonetheless face a situation in which the U.S. government is currently providing extraordinary support” to prevent a “catastrophic collapse in the functioning of the system and in the flow of credit to households and businesses.”
The administration will seek to replace government capital “as quickly as possible,” he said.
“We have no current plans to request further resources” for the TARP, Geithner also said. “However, if we determine that further resources may become necessary, we will be clear with the Congress as to why these resources are necessary.”
作者：漫天云 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 布什是哥们，Obama Deems China ‘Manipulating’ Yuan, Geithner Says -- 漫天云 - (5676 Byte) 2009-1-23 周五, 01:43 (2017 reads)
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