China is manipulating its currency: Obama Administration takes the hard-line
Carol Gibson
Jan. 23, 2009

Finally the free lunch for China is over. Currency manipulation has to come to an end. Geithner, Obama’s nominee for Treasury secretary, also told senators the administration will press China to “adopt a more aggressive stimulus package” to boost its domestic economy and not look to US to dump its goods by artificially manipulating its currency.

Geithner’s comments triggered a drop in Treasuries on concern that demand from China, the largest foreign investor in U.S. government debt, may wane. They may also re-ignite calls among some U.S. lawmakers for measures to punish trading partners perceived to have undervalued exchange rates.

“What they can’t work out diplomatically we can work out legislatively,” said Representative Charles Rangel of New York, who chairs the House Ways and Means Committee, which has jurisdiction over trade issues, in an interview. “The committee has been saying for years” that China has manipulated the Yuan’s value.

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