US is delaying currencies report as lawmakers press government to cite China as manipulator
By APSaturday, April 3, 2010
US delaying currencies report amid China dispute
WASHINGTON — A U.S. official says the Obama administration is delaying a report to Congress on currency policies that some lawmakers have insisted should cite China as a currency manipulator hurting the American economy.
Treasury Secretary Timothy Geithner said Saturday he has decided to delay publication of the report, due April 15, because several high-level international meetings in the coming months will be a better way to advance the United States’ position.
Still, Geithner said in a statement that China should adopt “a more market-oriented exchange rate.” U.S. manufacturers say China’s yuan is undervalued by as much as 40 percent and is a big reason for the massive U.S. trade deficit with China.
